建信期货聚烯烃日报-20251114

Group 1: General Information - Report title: Polyolefin Daily Report [1] - Report date: November 14, 2025 [2] - Energy and Chemical Research Team: Peng Jinglin (Polyolefins), Li Jie (Crude Oil and Fuel Oil), Ren Junchi (PTA, MEG), Peng Haozhou (Urea, Industrial Silicon), Liu Youran (Pulp), Feng Zeren (Glass and Soda Ash) [4] Group 2: Futures Market Quotes - Plastic 2601: Opened at 6780 yuan/ton, closed at 6818 yuan/ton, up 34 yuan/ton (0.5%), with a trading volume of 278,000 lots and a decrease in open interest of 5317 lots to 581,602 lots [5] - Plastic 2605: Opened at 6855 yuan/ton, closed at 6893 yuan/ton, up 28 yuan/ton (0.41%), with an increase in open interest of 16,282 lots to 112,385 lots [5] - Plastic 2609: Opened at 6905 yuan/ton, closed at 6938 yuan/ton, up 23 yuan/ton (0.33%), with an increase in open interest of 27 lots to 2289 lots [5] - PP2601: Opened at 6445 yuan/ton, closed at 6480 yuan/ton, up 25 yuan/ton (0.39%), with a decrease in open interest of 8169 lots to 628,423 lots [5] - PP2605: Opened at 6565 yuan/ton, closed at 6577 yuan/ton, up 9 yuan/ton (0.14%), with an increase in open interest of 3798 lots to 147,232 lots [5] - PP2609: Opened at 6600 yuan/ton, closed at 6612 yuan/ton, down 1 yuan/ton (-0.02%), with an increase in open interest of 632 lots to 8233 lots [5] Group 3: Market Review and Outlook - Lian su L2601 opened lower, fluctuated slightly higher during the session, and closed higher at 6818 yuan/ton, up 34 yuan/ton (0.5%). PP2601 closed at 6480 yuan/ton, up 25 yuan/ton (0.39%). The futures market opened higher, but the market trading atmosphere was not significantly boosted. Traders focused on selling, and downstream buyers made small and cautious purchases at low prices [6] - There are no new production plans in November. The products from previous production have entered the market, significantly increasing the supply of spot resources and intensifying the imbalance between supply and demand. The operating rate of the agricultural film industry has peaked seasonally and declined. The demand for pipes has increased first and then decreased. The operating rate of the PP woven bag industry has been boosted by packaging demand, while BOPP enterprises are mainly digesting inventory, and the subsequent orders are expected to weaken, mostly short - term small orders. The support for raw materials has weakened [6] - The expectation of oversupply in the crude oil market has resurfaced, leading to a sharp decline in oil prices. The cost side has led the decline and weakened the support for the plastic and chemical sectors. The downward pressure on polyolefin prices is expected to continue [6] Group 4: Industry News - On November 13, 2025, the inventory level of major producers was 665,000 tons, a decrease of 25,000 tons (3.62%) from the previous working day. The inventory at the same time last year was 670,000 tons [7] - The PE market prices have partially declined. The LLDPE prices in North China are in the range of 6750 - 7000 yuan/ton, in East China 6900 - 7400 yuan/ton, and in South China 7000 - 7400 yuan/ton [7] - The mainstream price of propylene in the Shandong market is temporarily in the range of 5760 - 5800 yuan/ton, up 15 yuan/ton from the previous working day. The market is in a state of supply - demand game, and the directional trend is still unclear. Downstream factories are cautious about purchasing, and production enterprises are mainly stabilizing prices for sales, with a small number of offers rising slightly [7] - The PP market has remained generally stable with minor fluctuations. The mainstream prices of North China drawn yarn are in the range of 6200 - 6450 yuan/ton, in East China 6300 - 6600 yuan/ton, and in South China 6400 - 6540 yuan/ton [7] Group 5: Data Overview - The report includes figures such as L basis, PP basis, L - PP spread, crude oil futures main contract settlement price, two - oil inventory, and two - oil inventory year - on - year increase/decrease rate, with data sources from Wind and Zhuochuang Information [9][13][16]