20251117申万期货品种策略日报-聚烯烃（LL&PP）-20251117

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating [1][2] 2. Core View of the Report - Polyolefin futures rebounded slightly. Spot prices of linear LL and拉丝PP remained stable for Sinopec and PetroChina. The overall operating rate of the downstream demand side is at a high level, with demand steadily releasing. However, there are concerns about the January contract as the peak - demand season enters the second half, leading to a cooling market sentiment and mainly downward - trending futures. After continuous declines since November released short - selling pressure, the market may gradually stabilize [2] 3. Summary by Relevant Catalogs Futures Market - Prices and Changes: For LL, the previous day's closing prices for January, May, and September contracts were 6853, 6915, and 6956 respectively, with price increases of 35, 22, and 18, and percentage increases of 0.51%, 0.32%, and 0.26%. For PP, the previous day's closing prices for January, May, and September contracts were 6474, 6575, and 6613 respectively, with price changes of - 6, - 2, and 1, and percentage changes of - 0.09%, - 0.03%, and 0.02% [2] - Trading Volume and Open Interest: The trading volumes of LL for January, May, and September contracts were 347525, 54367, and 707 respectively, and the open interests were 540755, 113633, and 2285 respectively, with open - interest changes of - 40847, 1248, and - 4. For PP, the trading volumes were 308865, 62940, and 1407 respectively, and the open interests were 622052, 154690, and 8990 respectively, with open - interest changes of - 6371, 7458, and 757 [2] - Spreads: For LL, the current spreads of January - May, May - September, and September - January were - 62, - 41, and 103 respectively, compared to previous values of - 75, - 45, and 120. For PP, the current spreads were - 101, - 38, and 139 respectively, compared to previous values of - 97, - 35, and 132 [2] Raw Materials and Spot Market - Raw Materials: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder materials, and mulch film were 2061 yuan/ton, 5800 yuan/ton, 553 dollars/ton, 5600 yuan/ton, 6230 yuan/ton, and 8700 yuan/ton respectively, with some price changes compared to the previous values [2] - Spot Market: In the LL spot market, the current price ranges in the East China, North China, and South China markets were 6350 - 6550, 6950 - 7450, and 6800 - 7050 respectively. In the PP spot market, the current price ranges in the East China, North China, and South China markets were 7050 - 7400, 6250 - 6450, and 6400 - 6550 respectively [2] News - On Friday (November 14), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $60.09 per barrel, up $1.40 or 2.39% from the previous trading day, with a trading range of $58.71 - $60.65. The settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $64.39 per barrel, up $1.38 or 2.19% from the previous trading day, with a trading range of $63.36 - $64.87 [2]