建信期货聚烯烃日报-20251010

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Futures prices of plastics and PP decreased, with plastics L2601 closing at 7077 yuan/ton, down 79 yuan/ton (-1.1%), and PP2601 at 6745 yuan/ton, down 128 yuan (-1.86%). This weakened the spot trading atmosphere, causing some prices to loosen. The post - holiday social inventory increased, and the demand in October had some resilience but limited new orders. The cost support from crude oil was weak, putting pressure on polyolefins [3][4]. 3. Summary by Directory 3.1 Market Review and Outlook - Plastics L2601 opened lower, fluctuated downward during the session, and closed lower. PP2601 also dropped. The futures' weak performance affected the spot market, with traders offering discounts. The post - holiday inventory increase and limited new orders led to high de - stocking pressure. Crude oil's supply expectation adjustment reduced cost support for polyolefins [3][4]. 3.2 Industry News - On October 9, 2025, the major producers' inventory was 860,000 tons, a 270,000 - ton increase (45.76%) from before the holiday, compared to 930,000 tons in the same post - holiday period last year. PE market prices were weak, while the mainstream price of propylene in the Shandong market rose 90 yuan/ton. PP market prices declined [5]. 3.3 Data Overview - Multiple figures were presented, including L and PP basis, L - PP spread, crude oil futures settlement price, two - oil inventory, and its year - on - year change rate, with data sources from Wind and Zhuochuang Information [7][13][15].