建信期货聚烯烃日报-20251031

Group 1: General Information - Report title: Polyolefin Daily Report [1] - Report date: October 31, 2025 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Market Quotes - L2601 opened higher, oscillated downward during the session, and closed down at 6,968 yuan/ton, down 20 yuan/ton (-0.29%), with a trading volume of 215,000 lots and an open interest decrease of 3,569 lots to 508,700 lots [5] - PP2601 closed at 6,651 yuan/ton, down 14 yuan (-0.21%), with an open interest increase of 677 lots to 613,335 lots [5] - On October 30, 2025, the inventory level of major producers was 695,000 tons, a decrease of 15,000 tons (-2.11%) from the previous working day; the inventory in the same period last year was 720,000 tons [7] - PE market prices were weakly sorted. The LLDPE prices in North China, East China, and South China were 6,910 - 7,150 yuan/ton, 7,030 - 7,500 yuan/ton, and 7,250 - 7,500 yuan/ton respectively [7] - The mainstream price of propylene in the Shandong market was temporarily 5,930 - 5,950 yuan/ton, down 45 yuan/ton from the previous working day [7] - The PP market was mainly sorted, with individual prices slightly loosening. The mainstream prices of North China, East China, and South China were 6,450 - 6,540 yuan/ton, 6,530 - 6,620 yuan/ton, and 6,470 - 6,630 yuan/ton respectively [7] Group 3: Core Viewpoint - The futures opened higher and oscillated, but the market atmosphere was limitedly boosted. Traders quoted prices according to the market, and some quoted prices weakened. Downstream buyers mainly replenished stocks at low prices [5] - The expected output of the new Guangxi Petrochemical plant in November is expected to increase, and the impact of maintenance from November to December will decrease. Although the downstream operating rate remains high, the concentrated demand will decrease later, and the demand support will weaken [5] - Affected by the new round of US sanctions, the market sentiment is cautious, the oil price is under pressure, and the weak supply - demand fundamentals of polyolefin itself will cause the price to oscillate at a low level [5]