申万期货品种策略日报：聚烯烃（LL&PP）-20251031
Shen Yin Wan Guo Qi Huo·2025-10-31 05:07

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - Polyolefins follow the trend of crude oil. The overall operating rate of the downstream demand side is at a high level, and demand is steadily released. Currently, the supply - demand pressure of polyolefins is temporarily limited. After a short - term rebound in the market, it may start to fluctuate in the future [2]. Group 3: Summary of Relevant Catalogs Futures Market - LL Futures: The previous day's closing prices for January, May, and September were 6729, 6968, and 7030 respectively, with price drops of - 41, - 45, and - 39 compared to two days ago. The trading volumes were 214616, 21528, and 268 respectively. The January - May, May - September, and September - January spreads were - 62, - 36, and 98 respectively, with changes from the previous values [2]. - PP Futures: The previous day's closing prices for January, May, and September were 7066, 6651, and 6721 respectively, with price drops of - 34, - 44, and - 33 compared to two days ago. The trading volumes were 237497, 32465, and 619 respectively. The January - May, May - September, and September - January spreads were - 70, - 8, and 78 respectively, with changes from the previous values [2]. Spot Market - Raw Materials and (Semi -) Products: The current values of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder materials, and plastic film were 2221, 5940, 550, 5600, 6460, and 8700 respectively, with some changes compared to the previous values [2]. - Mid - stream: The current price ranges in the East China, North China, and South China markets for LL were 7000 - 7500, 6900 - 7150, and 7200 - 7500 respectively; for PP, they were 6550 - 6650, 6450 - 6550, and 6500 - 6650 respectively, remaining the same as the previous values [2]. Market News - On Thursday (October 30), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $60.57 per barrel, up $0.09 or 0.15% from the previous trading day. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $65.00 per barrel, up $0.08 or 0.12% from the previous trading day [2].