液化石油气日报：局部现货上涨，氛围边际改善-20251111

Report Industry Investment Rating - Unilateral: Neutral, with a short - term focus on waiting and seeing. No recommendations for inter - period, cross - variety, spot - futures, or options trading [2] Core View - With the increase in external market and domestic spot prices, the futures market showed a slightly stronger and volatile trend yesterday. The spot market was stable with a slight upward trend, supported by tight regional supply. The overall combustion demand was weak, while the chemical demand was relatively stable, but profit margins restricted further growth in raw material demand. Currently, the LPG market has a mix of bullish and bearish factors, the supply - demand pattern remains loose, and the market may continue to fluctuate in the short term [1] Market Analysis - On November 10, the regional prices were as follows: Shandong market, 4320 - 4400 yuan/ton; Northeast market, 3630 - 4050 yuan/ton; North China market, 4200 - 4400 yuan/ton; East China market, 4200 - 4400 yuan/ton; Yangtze River market, 4590 - 4760 yuan/ton; Northwest market, 4100 - 4200 yuan/ton; South China market, 4400 - 4500 yuan/ton [1] - In the first half of December 2025, the CIF prices of frozen propane and butane in East China were 543 US dollars/ton and 542 US dollars/ton respectively, both up 1 US dollar/ton, equivalent to 4236 yuan/ton and 4228 yuan/ton respectively, both up 9 yuan/ton. In South China, the CIF prices of frozen propane and butane were 538 US dollars/ton and 537 US dollars/ton respectively, both up 2 US dollars/ton, equivalent to 4197 yuan/ton and 4189 yuan/ton respectively, both up 17 yuan/ton [1] - The spot market was stable with a slight upward trend, and tight regional supply supported prices. Overseas arrivals were delayed, leading to tight supply in some domestic regions. The overall combustion demand was weak, while the chemical demand was relatively stable, but profit margins restricted further growth in raw material demand. The LPG market had a mix of bullish and bearish factors, the supply - demand pattern remained loose, and the market may continue to fluctuate in the short term [1] Strategy - Unilateral: Neutral, with a short - term focus on waiting and seeing [2] - Inter - period: No recommendation [2] - Cross - variety: No recommendation [2] - Spot - futures: No recommendation [2] - Options: No recommendation [2]