建信期货聚烯烃日报-20251127

Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The futures market of polyolefins opened low and fluctuated. The spot prices were weak due to cautious trading sentiment. The supply may increase week - on - week, while the demand is at the end of the peak season with slow follow - up orders. With the easing of geopolitical risks, crude oil prices declined, and the polyolefin market is under pressure with a weak downward price trend [3][4] 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - The plastic L2601 contract closed at 6,707 yuan/ton, down 89 yuan/ton (-1.31%), with an increase in open interest. The PP2601 contract closed at 6,265 yuan/ton, down 90 yuan (-1.42%), with a decrease in open interest. The supply may increase week - on - week as the restarted plants' load - up is slow and there is no new maintenance this week. The demand is at the end of the peak season, and downstream procurement enthusiasm is weakening. Crude oil prices are under pressure due to potential inventory build - up, and the polyolefin market is facing cost and fundamental pressures [3][4] 3.2 Industry News - On November 26, 2025, the major producers' inventory was 655,000 tons, a decrease of 30,000 tons (-4.38%) from the previous workday, compared with 605,000 tons in the same period last year. PE market prices were weakly adjusted. The LLDPE prices in North, East, and South China were in the ranges of 6,720 - 7,000 yuan/ton, 6,900 - 7,300 yuan/ton, and 6,980 - 7,350 yuan/ton respectively. The mainstream price of propylene in Shandong market rose 50 yuan/ton to 6,050 - 6,100 yuan/ton, putting pressure on PP costs. The PP market was weakly sorted, with some prices loosening by 10 - 30 yuan/ton. The mainstream prices of North, East, and South China were in the ranges of 6,140 - 6,320 yuan/ton, 6,240 - 6,430 yuan/ton, and 6,330 - 6,500 yuan/ton respectively [5] 3.3 Data Overview - The report presents multiple figures including L and PP basis, L - PP spread, crude oil futures settlement price, two - oil inventory, and its year - on - year change amplitude, but specific data values are not described in detail in the text [7][10][14]