LLDPE：震荡为主
Guo Tai Jun An Qi Huo·2025-10-27 02:23

Report Industry Investment Rating - The investment rating for LLDPE is "Oscillation-based" [1] Report's Core View - The LLDPE market is in an oscillating trend. The short - term downward driving force is weak due to the rebound of crude oil prices at the raw material end, cost changes of PE, and strong rigid demand support from downstream industries, but the supply - side pressure will gradually increase later [1][2] Summary by Relevant Catalogs Fundamental Tracking - Futures: The closing price of L2601 yesterday was 6969, with a daily decline of 0.07%. The trading volume was 229,753, and the open interest decreased by 2302 [1] - Basis and Spread: The basis of the 01 contract was - 59 yesterday, compared with - 99 the day before; the spread between the 01 and 05 contracts was - 52 yesterday, compared with - 45 the day before [1] - Spot Prices: In the north, the price was 6910 yuan/ton yesterday (6900 yuan/ton the day before); in the east, it was 6980 yuan/ton yesterday (6950 yuan/ton the day before); in the south, it was 7180 yuan/ton yesterday (7100 yuan/ton the day before) [1] Spot News - The market price of LLDPE fluctuated slightly, with a range of 10 - 50 yuan/ton. The linear futures opened higher but oscillated weakly during the session. The market atmosphere was cautious, and traders quoted prices according to their own inventories. The enthusiasm of downstream buyers declined, and transactions were negotiated [1] Market Condition Analysis - Raw Material: The price of crude oil at the raw material end rebounded, and PE followed the cost changes [2] - Supply: The maintenance volume in October decreased compared with September, and Guangxi Petrochemical may start trial production, so the supply - side pressure will gradually increase later [2] - Inventory: The market trading atmosphere improved, and the inventory was successfully transferred downstream. The inventories of production enterprises and social sample warehouses both decreased, but the impact of the China - US talks on market purchasing sentiment needs attention [2] Trend Intensity - The trend intensity of LLDPE is 0, indicating a neutral trend [3]