Report Summary 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core View of the Report - Polyolefin futures continued to rebound. With the easing of the external environment and the rebound of crude oil prices, polyolefins followed the crude oil trend. Currently, the supply - demand pressure is temporarily limited, and the market may maintain a short - term volatile rebound trend [2]. 3. Summary According to Related Catalogs Futures Market - LL (Linear Low - Density Polyethylene) Futures: The previous day's closing prices for January, May, and September contracts were 6999, 7044, and 7058 respectively, with price increases of 63, 66, and 49 and percentage increases of 0.91%, 0.95%, and 0.70% respectively. The trading volumes were 253296, 26147, and 495, and the open interests were 531489, 62406, and 1129, with changes of - 18375, 487, and 194 respectively. The current spreads between January - May, May - September, and September - January were - 45, - 14, and 59, compared to previous values of - 42, - 31, and 73 [2]. - PP (Polypropylene) Futures: The previous day's closing prices for January, May, and September contracts were 6691, 6740, and 6734 respectively, with price increases of 72, 75, and 54 and percentage increases of 1.09%, 1.13%, and 0.81% respectively. The trading volumes were 320558, 28822, and 1586, and the open interests were 618484, 126580, and 6035, with changes of - 14771, 1854, and 1037 respectively. The current spreads between January - May, May - September, and September - January were - 49, 6, and 43, compared to previous values of - 46, - 15, and 61 [2]. Spot Market - Raw Materials and Semi - finished Products: Methanol futures were at 2294 yuan/ton, Shandong propylene at 6010 yuan/ton, South China propane at 542 dollars/ton, PP recycled materials at 5600 yuan/ton, North China powder at 6510 yuan/ton, and plastic film at 8800 yuan/ton. Most prices remained stable compared to the previous day [2]. - Mid - stream Products: The spot prices of LL in the East China, North China, and South China markets were 6900 - 7450, 6850 - 7150, and 7100 - 7500 yuan/ton respectively. The spot prices of PP in the East China, North China, and South China markets were 6450 - 6650, 6450 - 6550, and 6450 - 6600 yuan/ton respectively, remaining unchanged from the previous day [2]. News - On Thursday (October 23, 2025), the settlement price of WTI crude oil December 2025 futures on the New York Mercantile Exchange was $61.79 per barrel, up $3.29 or 5.62% from the previous trading day, the largest increase since June 13. The trading range was $59.64 - $62.20. The settlement price of Brent crude oil December 2025 futures on the London Intercontinental Exchange was $65.99 per barrel, up $3.40 or 5.43% from the previous trading day, with a trading range of $63.86 - $66.36 [2].
申万期货品种策略日报：聚烯烃（LL、PP）-20251024
Shen Yin Wan Guo Qi Huo·2025-10-24 02:42