建信期货聚烯烃日报-20251107

Group 1: Report Information - Report Name: Polyolefin Daily Report [1] - Date: November 7, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Quotes - Plastic 2601: Opened at 6810 yuan/ton, closed at 6805 yuan/ton, down 26 yuan/ton (-0.38%), with a trading volume of 305,000 lots and an increase in open interest of 25,025 lots to 578,172 lots [5] - Plastic 2605: Opened at 6891 yuan/ton, closed at 6886 yuan/ton, down 25 yuan/ton (-0.36%), with an open interest of 84,049 lots and an increase of 4,698 lots [5] - Plastic 2609: Opened at 6930 yuan/ton, closed at 6935 yuan/ton, down 28 yuan/ton (-0.40%), with an open interest of 2,088 lots and an increase of 68 lots [5] - PP2601: Opened at 6490 yuan/ton, closed at 6471 yuan/ton, down 37 yuan/ton (-0.57%), with an open interest of 652,784 lots and an increase of 8,183 lots [5] - PP2605: Opened at 6605 yuan/ton, closed at 6592 yuan/ton, down 25 yuan/ton (-0.38%), with an open interest of 147,404 lots and an increase of 1,154 lots [5] - PP2609: Opened at 6624 yuan/ton, closed at 6622 yuan/ton, down 30 yuan/ton (-0.45%), with an open interest of 7,179 lots and a decrease of 46 lots [5] Group 3: Market Review and Outlook - LianSu L2601 opened lower, fluctuated during the session, and closed down at 6805 yuan/ton, down 26 yuan/ton (-0.38%), with a trading volume of 305,000 lots and an increase in open interest of 25,025 lots to 578,172 lots. PP2601 closed at 6471 yuan/ton, down 37 yuan/ton (-0.57%), with an open interest of 652,800 lots and an increase of 818,000 lots [6] - Futures remained weak, which was negative for market sentiment. Most trade offers fell, and downstream purchasing enthusiasm was low, with only rigid demand purchases [6] - There are no new investment plans in November. Some maintenance devices will be restarted one after another, and the device operating load may continue to increase, and the pressure of new capacity expansion will intensify the imbalance between supply and demand [6] - The seasonal peak of agricultural film production has passed, and the demand for pipes has increased first and then decreased. The production of PP woven bags has been boosted by packaging demand, and BOPP enterprises are mainly digesting inventory. The downstream is dominated by fear of falling prices, and the willingness to stock up is low, which further drags down the transaction price [6] - In general, under the dual effects of weak cost support and continuous loose supply and demand, the downward pressure on polyolefin prices is expected to continue [6] Group 4: Industry News - On November 6, 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 at the same time last year was 720,000 tons [7] - The PE market price continued to be weak. The price of LLDPE in North China was 6,780 - 7,000 yuan/ton, in East China was 6,900 - 7,500 yuan/ton, and in South China was 7,150 - 7,500 yuan/ton [7] - The mainstream price of propylene in the Shandong market was temporarily referred to as 5,650 - 5,650 yuan/ton, a decrease of 100 yuan/ton from the previous working day. The downstream demand continued to be weak, and the willingness of production enterprises to sell at a discount was obvious. The decline of propylene price widened, and the downstream factories were more wait - and - see, and the overall market transaction was still average [7] - The PP market remained weak, and the prices of some grades dropped by 30 - 50 yuan/ton. The mainstream price of North China drawstring was 6,220 - 6,450 yuan/ton, in East China was 6,330 - 6,550 yuan/ton, and in South China was 6,390 - 6,550 yuan/ton [7]