申万期货品种策略日报：聚烯烃（LL、PP）-20251022

Report Industry Investment Rating - No relevant information provided Core Viewpoints of the Report - Polyolefin futures continued to be weak. The prices of linear LL and拉丝PP from Sinopec and PetroChina remained stable. The weakness of polyolefins was due to the drag of crude oil and the need to digest spot goods after the long holiday. With the continuation of the China-US game, crude oil was under pressure, weakening cost support. In the short term, polyolefin prices fluctuated passively with the cost side, and market sentiment was cautious. However, after continuous declines in chemicals, the decline speed might slow down [2] Summary by Relevant Catalogs Futures Market - Prices and Changes: For LL, the previous day's closing prices of January, May, and September contracts were 6883, 6917, and 6952 respectively, with changes of 4, -4, and 0 and percentage changes of 0.06%, -0.06%, and 0.00%. For PP, the corresponding closing prices were 6583, 6627, and 6647, with changes of 18, 9, and -3 and percentage changes of 0.27%, 0.14%, and -0.05% [2] - Trading Volume and Open Interest: The trading volumes of LL's January, May, and September contracts were 286298, 25219, and 168, and the open interests were 561965, 63064, and 850, with changes of -135, 1569, and 20. For PP, the trading volumes were 318981, 27402, and 831, and the open interests were 649100, 122304, and 4736, with changes of -5749, 2797, and 215 [2] - Spreads: The current spreads of LL's 1 - 5 months, 5 - 9 months, and 9 - 1 months were -34, -35, and 69, compared with previous values of -42, -31, and 73. For PP, the current spreads were -44, -20, and 64, compared with previous values of -53, -32, and 85 [2] Spot Market - Raw Materials: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2270 yuan/ton, 6010 yuan/ton, 522 dollars/ton, 5600 yuan/ton, 6450 yuan/ton, and 8800 yuan/ton respectively [2] - Mid - stream Products: The current price ranges of LL in East China, North China, and South China markets were 6900 - 7450, 6850 - 7150, and 7100 - 7500. For PP, the price ranges were 6450 - 6650, 6450 - 6550, and 6450 - 6600 [2] News - On Tuesday (October 21), the settlement price of WTI crude oil futures for November 2025 on the New York Mercantile Exchange was $57.82 per barrel, up $0.30 or 0.52% from the previous trading day, with a trading range of $56.99 - $58.28. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $61.32 per barrel, up $0.31 or 0.51%, with a trading range of $60.35 - $62.09 [2]