申万期货品种策略日报：聚烯烃（LL、PP）-20251027

Report Industry Investment Rating - Not provided in the report Core View - Polyolefin futures declined slightly. Spot prices of linear LL and拉丝PP remained stable for Sinopec and PetroChina. Fundamentally, polyolefins have gradually stopped falling. With the easing of the external environment and the stop - fall and rebound of crude oil, polyolefins follow the crude oil trend. Currently, the supply - demand pressure is temporarily limited, and the market may maintain a short - term oscillatory rebound trend [2] Summary by Relevant Catalogs Futures Market - LL Futures: The previous day's closing prices for January, May, and September contracts were 6969, 7021, and 7050 respectively, with changes of - 30, - 23, and - 8, and corresponding percentage changes of - 0.43%, - 0.33%, and - 0.11%. The trading volumes were 229753, 23556, and 105, and the open interests were 529187, 62588, and 1136, with changes of - 2302, 182, and 7 respectively. The current spreads of 1 - 5 months, 5 - 9 months, and 9 - 1 months were - 52, - 29, and 81, compared to previous values of - 45, - 14, and 59 [2] - PP Futures: The previous day's closing prices for January, May, and September contracts were 6662, 6719, and 6728 respectively, with changes of - 29, - 21, and - 6, and corresponding percentage changes of - 0.43%, - 0.31%, and - 0.09%. The trading volumes were 229145, 19734, and 517, and the open interests were 608100, 126861, and 6141, with changes of - 10384, 281, and 106 respectively. The current spreads of 1 - 5 months, 5 - 9 months, and 9 - 1 months were - 57, - 9, and 66, compared to previous values of - 49, 6, and 43 [2] Raw Materials and 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 2274 yuan/ton, 6025 yuan/ton, 537 dollars/ton, 5600 yuan/ton, 6500 yuan/ton, and 8800 yuan/ton respectively, compared to previous values of 2295 yuan/ton, 6010 yuan/ton, 542 dollars/ton, 5600 yuan/ton, 6510 yuan/ton, and 8800 yuan/ton [2] - Spot Market: For LL, the current prices in East China, North China, and South China markets were 6500 - 6650 yuan/ton, 7000 - 7450 yuan/ton, and 6900 - 7150 yuan/ton respectively, compared to previous values of 6450 - 6600 yuan/ton, 6900 - 7450 yuan/ton, and 6850 - 7150 yuan/ton. For PP, the current prices in East China, North China, and South China markets were 7150 - 7500 yuan/ton, 6550 - 6650 yuan/ton, and 6500 - 6600 yuan/ton respectively, compared to previous values of 7100 - 7500 yuan/ton, 6450 - 6650 yuan/ton, and 6450 - 6550 yuan/ton [2] News - On Friday (October 24), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $61.5 per barrel, down $0.29 or 0.47% from the previous trading day, with a trading range of $61.21 - $62.59. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $65.94 per barrel, down $0.05 or 0.08% from the previous trading day, with a trading range of $65.41 - $66.78 [2]