聚烯烃日报：油价支撑转强，聚烯烃震荡整理-20251113

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The polyolefin market is characterized by an overall pattern of oscillation and consolidation. The PE market maintains an oscillation and consolidation pattern, while the PP market shows an oscillation and weakening trend in the short - term. The cost support has strengthened slightly, but the upward movement is still restricted by supply - demand factors [3][4] 3. Summary by Relevant Catalogs 3.1 Market News and Important Data - Price and Basis: The closing price of the L main contract is 6,788 yuan/ton (+28), and that of the PP main contract is 6,460 yuan/ton (+31). The spot prices of LL in North China and East China are 6,800 yuan/ton (+0) and 6,850 yuan/ton (+0) respectively. The spot price of PP in East China is 6,480 yuan/ton (-20). The basis of LL in North China and East China is 12 yuan/ton (-28) and 62 yuan/ton (-28) respectively, and the basis of PP in East China is 20 yuan/ton (-51) [2] - Upstream Supply: The PE operating rate is 82.6% (+1.7%), and the PP operating rate is 77.8% (+0.7%) [2] - Production Profit: The PE oil - based production profit is 101.2 yuan/ton (-82.1), the PP oil - based production profit is - 488.8 yuan/ton (-82.1), and the PDH - based PP production profit is - 105.8 yuan/ton (+1.9) [2] - Imports and Exports: The LL import profit is - 72.5 yuan/ton (+2.5), the PP import profit is - 165.6 yuan/ton (+2.4), and the PP export profit is - 5.7 US dollars/ton (-0.3) [2] - Downstream Demand: The operating rate of PE downstream agricultural film is 50.0% (+0.4%), the operating rate of PE downstream packaging film is 50.8% (-0.5%), the operating rate of PP downstream plastic weaving is 44.5% (+0.3%), and the operating rate of PP downstream BOPP film is 62.5% (+0.9%) [2] 3.2 Market Analysis - PE: The pattern of strong supply and weak demand persists. The supply pressure is large due to high operating rates, new capacity releases, and some device restarts. The downstream demand is limited, with the agricultural film's demand expected to shrink and the packaging film's operating rate declining. The cost support from oil prices is weak, and PE is expected to maintain an oscillation and consolidation pattern in the short - term [3] - PP: There are still supply - demand contradictions. The cost support has strengthened slightly, but the supply surplus pattern remains. The downstream demand has a slow recovery, and the demand support is limited. PP is expected to continue an oscillation and weakening pattern in the short - term, but the downward drive is also limited [4] 3.3 Strategy - Unilateral: Adopt a wait - and - see approach; the market may maintain a bottom - oscillation pattern in the short - term [5] - Inter - delivery Spread: Consider reverse arbitrage when the L01 - 05 and PP01 - 05 spreads are high [5] - Inter - commodity Spread: No relevant strategy provided [5]