20251124申万期货品种策略日报-聚烯烃（LL&PP）-20251124

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Polyolefin futures are trading at low levels. Spot prices of linear LL and拉丝PP are stable. Fundamentally, the overall operating rate of the downstream demand side is at a high level, and demand is steadily released. However, market sentiment is still affected by the weakness of crude oil and the overall commodity market. In the short term, the valuation of polyolefins is low, and the market may continue to fluctuate at low levels in the future [2] Group 3: Summary According to the Catalog Futures Market - LL Futures: The previous day's closing prices for January, May, and September contracts were 6770, 6831, and 6877 respectively, with price drops of -65, -52, and -46 and declines of -0.95%, -0.76%, and -0.66%. The trading volumes were 244504, 77484, and 923, and the open interests were 512746, 150752, and 2559, with changes of -3991, 11818, and 268. The current spreads for January - May, May - September, and September - January were -61, -46, and 107 [2] - PP Futures: The previous day's closing prices for January, May, and September contracts were 6357, 6474, and 6517 respectively, with price drops of -43, -39, and -29 and declines of -0.67%, -0.60%, and -0.44%. The trading volumes were 233476, 43286, and 1299, and the open interests were 626835, 161953, and 9867, with changes of 8880, 239, and 131. The current spreads for January - May, May - September, and September - January were -117, -43, and 160 [2] Raw Material and Spot Market - Upstream Raw Materials: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, and North China powder were 2021 yuan/ton, 5940 yuan/ton, 554 dollars/ton, 5600 yuan/ton, and 6180 yuan/ton respectively, with the price of agricultural film at 8700 yuan/ton [2] - Midstream Spot: The current prices of LL in the East China, North China, and South China markets were 6900 - 7350, 6800 - 7050, and 7000 - 7400 respectively. The current prices of PP in the East China, North China, and South China markets were 6250 - 6450, 6200 - 6450, and 6400 - 6550 respectively [2] News - On Friday (November 21), the settlement price of WTI crude oil futures for January 2026 on the New York Mercantile Exchange was $58.06 per barrel, down $0.94 or 1.59% from the previous trading day, with a trading range of $57.38 - $58.80. The settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $62.56 per barrel, down $0.82 or 1.29% from the previous trading day, with a trading range of $61.87 - $63.10 [2]