建信期货聚烯烃日报-20250930

Report Information - Report Date: September 30, 2025 [2] - Report Type: Polyolefin Daily Report [1] Investment Rating - Not provided Core Viewpoints - The futures market opened higher and fluctuated. The market trading atmosphere was average, with traders adjusting prices slightly. Spot prices were mainly stable, and downstream buyers made small - quantity replenishments. The approaching double - festivals increased packaging demand, but market confidence was insufficient, resulting in limited demand drive, weak rebound, and low - level weak fluctuations [6] Summary by Directory 1. Market Review and Outlook - Plastic Futures: L2601 opened higher, fluctuated slightly up during the session, and closed up at 7181 yuan/ton, up 18 yuan/ton (0.25%). Trading volume was 197,000 lots, and open interest decreased by 16,900 lots to 537,691 lots. PP2601 closed at 6903 yuan/ton, up 3 yuan (0.04%), and open interest decreased by 7,767 lots to 602,003 lots [5][6] 2. Industry News - Inventory: On September 29, 2025, the inventory level of major producers was 560,000 tons, an increase of 5,000 tons (0.90%) from the previous working day. The inventory in the same period last year was 660,000 tons [7] - PE Market: PE market prices fluctuated slightly. Linear futures opened higher and fluctuated. The trading atmosphere was average. Traders adjusted prices slightly, and spot prices were mainly stable. Downstream buyers made small - quantity replenishments. The LLDPE prices in North China were 7,100 - 7,350 yuan/ton, in East China were 7,220 - 7,700 yuan/ton, and in South China were 7,250 - 7,700 yuan/ton [7] - Propylene Market: The mainstream price of propylene in Shandong market was temporarily 6,370 - 6,500 yuan/ton, a decrease of 15 yuan/ton from the previous working day. Some major producers restarted, increasing short - term supply. Downstream factories were waiting and buying at low prices. The transaction of producers improved little, with most offers stable and some slightly discounted [7] - PP Market: Most PP market prices fluctuated slightly. The mainstream price of North China drawstrings was 6,630 - 6,750 yuan/ton, in East China was 6,680 - 6,800 yuan/ton, and in South China was 6,650 - 6,800 yuan/ton [7] 3. Data Overview - The report provided figures on L basis, PP basis, L - PP spread, crude oil futures settlement price, two - oil inventory, and two - oil inventory year - on - year increase/decrease rate, with data sources including Wind and Zhuochuang Information [9][15][17]