PP：趋势仍偏弱

Report Industry Investment Rating - The PP trend strength is -1, indicating a weak trend [3] Report's Core View - The domestic PP market continues to decline weakly, with a decline of 20 - 50 yuan/ton. Factors such as the weakening of PP futures at night, cost, and external tariff news affect the spot market sentiment, leading to a decline in the offer price and weak real - time trading [2] - Trade wars, a significant drop in oil prices, and high PP supply suppress market prices, and a fundamental reversal is difficult to see in the short term. The market will continue to be weak, but attention should be paid to the rhythm of trade wars [2] Summary by Relevant Catalogs Fundamental Tracking - Futures Data: The closing price of PP2601 is 6722, with a daily decline of 0.41%. The trading volume is 251,636, and the position changes by 11,295 [1] - Spread Data: The basis of the 01 contract is - 142 (previous day: - 125), and the 01 - 05 contract spread is - 40 (unchanged from the previous day) [1] - Important Spot Prices: In North China, the price range is 6540 - 6650 yuan/ton (previous day: 6540 - 6620); in East China, it is 6580 - 6700 yuan/ton (previous day: 6620 - 6750); in South China, it is 6550 - 6700 yuan/ton (previous day: 6600 - 6750) [1] Spot News - The domestic PP market continues to decline weakly, with a decline of 20 - 50 yuan/ton. PP futures at night weaken, and news such as cost and external tariffs affect the spot market sentiment. Sellers' confidence is frustrated, offer prices decline, and there are many low - price offers. Downstream factories mostly adopt a wait - and - see attitude, and real - time trading is weaker than the previous day [2] Market Condition Analysis - Trade wars, a significant drop in oil prices, and high PP supply suppress market prices, and a fundamental reversal is difficult to see in the short term. The market will continue to be weak, but attention should be paid to the rhythm of trade wars [2] Trend Strength - The PP trend strength is -1, with the range of trend strength being integers in the [-2, 2] interval. -2 means the most bearish, and 2 means the most bullish [3]