20251121申万期货品种策略日报-聚烯烃（LL&PP）-20251124

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - Polyolefin futures are trading at low levels. Although the overall operating rate of the downstream demand side is high and demand is steadily released, market sentiment is still affected by the weakness of crude oil and commodities as a whole. In the short term, the valuation of polyolefins is low, and the market may continue to fluctuate at low levels [2] Group 3: Summary of Related Catalogs Futures Market - LL Futures: The previous day's closing prices for January, May, and September contracts were 6835, 6883, and 6923 respectively, with price changes of 2, 0, and -2, and price change rates of 0.03%, 0.00%, and -0.03%. The trading volumes were 312525, 83531, and 370, and the open interests were 516737, 138934, and 2291, with open interest changes of -11929, 3573, and 39 [2] - PP Futures: The previous day's closing prices for January, May, and September contracts were 6400, 6513, and 6546 respectively, with price changes of -34, -19, and -18, and price change rates of -0.53%, -0.29%, and -0.27%. The trading volumes were 334339, 63404, and 1884, and the open interests were 617955, 161714, and 9736, with open interest changes of -2378, -1252, and 815 [2] - Spreads: For LL, the current spreads of January - May, May - September, and September - January are -48, -40, and 88 respectively; for PP, they are -113, -33, and 146 respectively [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, and mulch film are 2023 yuan/ton, 5940 yuan/ton, 559 dollars/ton, 5600 yuan/ton, 6200 yuan/ton, and 8700 yuan/ton respectively [2] - Spot Market: For LL, the current prices in the East China, North China, and South China markets are 6900 - 7400 yuan/ton, 6800 - 7050 yuan/ton, and 7000 - 7400 yuan/ton respectively; for PP, they are 6250 - 6500 yuan/ton, 6200 - 6450 yuan/ton, and 6400 - 6550 yuan/ton respectively [2] Market News - On Thursday (November 20), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $59.14 per barrel, down $0.30 or 0.50% from the previous trading day, with a trading range of $58.86 - $60.33. The settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $63.38 per barrel, down $0.13 or 0.20% from the previous trading day, with a trading range of $62.94 - $64.40 [2]