建信期货聚烯烃日报-20251105

Group 1: Report Overview - Report Title: Polyolefin Daily Report [1] - Date: November 5, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Quotes - Futures Market Quotes: Plastic 2601 opened at 6888 yuan/ton, closed at 6879 yuan/ton, down 33 yuan/ton (-0.48%); PP2601 closed at 6560 yuan/ton, down 43 yuan/ton (-0.65%) [5] Group 3: Market Review and Outlook - Market Performance: Futures opened lower and fluctuated, downstream procurement was on - demand, and actual transactions were negotiated individually [6] - Supply Situation: In October, Guangxi Petrochemical's device produced products smoothly, and there are no new production plans in November. Some maintenance devices will restart, and PP maintenance losses will decline month - on - month [6] - Demand Situation: Agricultural film production reached a seasonal peak and declined, pipe demand increased first and then decreased, PP woven production was boosted by packaging demand, and BOPP enterprises focused on inventory digestion [6] - Price Trend: Polyolefin prices are expected to remain under pressure, and may be weakly supported by phased restocking demand due to low absolute prices, but will generally fluctuate in the bottom range [6] Group 4: Industry News - Inventory Level: On November 4, 2025, the inventory level of major producers was 69.5 million tons, a decrease of 1.5 million tons (-2.11%) from the previous working day, compared with 72 million tons in the same period last year [7] - PE Market: PE market prices continued to be weak, with LLDPE prices in different regions ranging from 6830 - 7500 yuan/ton [7] - Propylene Market: The mainstream price of propylene in Shandong was 5830 - 5840 yuan/ton, down 5 yuan/ton from the previous day. Some PDH device maintenance supported supply, but downstream demand declined [7] - PP Market: The PP market was weakly sorted, with some prices down 20 - 30 yuan/ton, and mainstream prices in different regions ranging from 6360 - 6610 yuan/ton [8] Group 5: Data Overview - Data Graphs: Include L basis, PP basis, L - PP spread, crude oil futures settlement price, two - oil inventory, and two - oil inventory year - on - year change graphs [15][17][18]