建信期货聚烯烃日报-20251120

Group 1: Report Overview - Report Name: Polyolefin Daily Report [1] - Date: November 20, 2025 [2] Group 2: Industry Investment Rating - No information provided regarding the industry investment rating Group 3: Core Viewpoints - Polyolefin prices are expected to remain under pressure due to weak cost support and a continuously loose supply - demand situation, but may be weakly supported by periodic restocking demand and will likely oscillate in the bottom range [6] Group 4: Analysis by Section 1. Market Review and Outlook - Futures opened low and fluctuated, with subdued market trading. Traders adjusted prices downward, and downstream buyers restocked at low prices. Supply losses from maintenance decreased, and weekly production increased as expected. Demand is expected to weaken in November, and downstream buyers have returned to purchasing based on rigid demand. Cost support is hard to find as OPEC+ pauses production increases in Q1 2026 but can't reverse the oversupply situation [6] - L2601 closed at 6833 yuan/ton, up 15 yuan/ton (0.22%), with 280,000 lots traded and a decrease of 19,678 lots in positions. PP2601 closed at 6434 yuan/ton, up 7 yuan (0.11%), with a decrease of 18,039 lots in positions [6] 2. Industry News - On November 19, 2025, major producers' inventory was 700,000 tons, a decrease of 10,000 tons (1.41%) from the previous workday, compared to 660,000 tons in the same period last year [7] - PE market prices are weak. LLDPE prices in North China are in the range of 6800 - 7050 yuan/ton, in East China 6900 - 7400 yuan/ton, and in South China 7000 - 7400 yuan/ton [7] - The mainstream price of propylene in Shandong is 5920 - 5980 yuan/ton, up 65 yuan/ton from the previous workday. Downstream factory procurement is active, demand support is strong, supply is tight, and some enterprises control volume and offer at a premium [7] - PP market prices fluctuate slightly. The mainstream price of North China drawn wire is 6200 - 6380 yuan/ton, in East China 6280 - 6500 yuan/ton, and in South China 6400 - 6540 yuan/ton [7] 3. Data Overview - The report includes figures such as L basis, PP basis, L - PP spread, crude oil futures settlement price, two - oil inventory, and two - oil inventory year - on - year increase/decrease rate, with data sources from Wind and Zhuochuang Information [9][12][15]