申万期货品种策略日报：聚烯烃（LL、PP）-20251023

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - Polyolefin futures rebounded slightly. Spot prices of linear LL from Sinopec remained stable, while some prices from PetroChina were raised by 50. For drawn wire PP, Sinopec's prices were stable, and some prices from PetroChina were lowered by 50. Fundamentally, polyolefin prices have gradually stopped falling and the price center has shifted downwards, influenced by both crude oil and the need for self - digestion in the fundamentals. After continuous declines, polyolefins started to rebound following crude oil, and market sentiment gradually stabilized [2] Group 3: Summary According to Related Catalogs Futures Market Polyolefin Futures (LL&PP) - Price Changes: For LL, the previous day's closing prices for January, May, and September contracts were 6936, 6978, and 7009 respectively, with increases of 53, 61, and 57 compared to the prices two days ago, and涨幅 of 0.77%, 0.88%, and 0.82% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 6619, 6665, and 6680 respectively, with increases of 36, 38, and 33 compared to the prices two days ago, and涨幅 of 0.55%, 0.57%, and 0.50% respectively [2] - Trading Volume and Open Interest: The trading volumes of LL for January, May, and September contracts were 234079, 20723, and 235 respectively, and the open interests were 549864, 61919, and 935 respectively, with open interest changes of - 12101, - 1145, and 85 respectively. For PP, the trading volumes for January, May, and September contracts were 253179, 22456, and 866 respectively, and the open interests were 633255, 124726, and 4998 respectively, with open interest changes of - 15845, 2422, and 262 respectively [2] - Spreads: For LL, the current spreads of January - May, May - September, and September - January were - 42, - 31, and 73 respectively, compared to previous values of - 34, - 35, and 69. For PP, the current spreads of January - May, May - September, and September - January were - 46, - 15, and 61 respectively, compared to previous values of - 44, - 20, and 64 [2] Raw Materials and Spot Market Raw Materials - Prices: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2264 yuan/ton, 6010 yuan/ton, 537 dollars/ton, 5600 yuan/ton, 6490 yuan/ton, and 8800 yuan/ton respectively. The previous prices were 2270 yuan/ton, 6010 yuan/ton, 523 dollars/ton, 5600 yuan/ton, 6450 yuan/ton, and 8800 yuan/ton respectively [2] Spot Market - LL Spot Prices: In the East China market, the price range was 6900 - 7450 yuan/ton; in the North China market, it was 6850 - 7150 yuan/ton; in the South China market, it was 7100 - 7500 yuan/ton. The previous price ranges were the same except for an incorrect record in the North China market (8100 - 8250 yuan/ton was wrongly added) [2] - PP Spot Prices: In the East China market, the price range was 6450 - 6650 yuan/ton; in the North China market, it was 6450 - 6550 yuan/ton; in the South China market, it was 6450 - 6600 yuan/ton, and the previous price ranges were the same [2] Market News - On Wednesday (October 22, 2025), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $58.50 per barrel, up $1.26 or 2.20% from the previous trading day, with a trading range of $57.34 - $59.83. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $62.59 per barrel, up $1.27 or 2.07% from the previous trading day, with a trading range of $61.38 - $64.17 [2]