20251127申万期货品种策略日报-聚烯烃（LL&PP）-20251127

Report Industry Investment Rating - Not provided Core View of the Report - Polyolefin futures have returned to a weak trend. Although the overall operating rate of the downstream demand side is at a high level 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 themselves is at a low level, and the market may continue to fluctuate at a low level in the future [2] Summary by Relevant Catalogs Futures Market Linear Low - Density Polyethylene (LL) - Price Changes: The previous day's closing prices for January, May, and September contracts were 6707, 6768, and 6812 respectively, down 55, 52, and 43 from the prices two days ago, with declines of -0.81%, -0.76%, and -0.63% [2] - Trading Volume and Open Interest: The trading volumes were 396126, 147085, and 1807 respectively, and the open interests were 497599, 221698, and 3858 respectively. The changes in open interest were +9240, +22622, and +574 [2] - Spreads: The spreads of January - May, May - September, and September - January were -61, -44, and 105 respectively, compared with -58, -35, and 93 previously [2] Polypropylene (PP) - Price Changes: The previous day's closing prices for January, May, and September contracts were 6265, 6367, and 6430 respectively, down 52, 53, and 48 from the prices two days ago, with declines of -0.82%, -0.83%, and -0.74% [2] - Trading Volume and Open Interest: The trading volumes were 442760, 138529, and 3752 respectively, and the open interests were 586572, 243957, and 11593 respectively. The changes in open interest were -19187, +35651, and +1074 [2] - Spreads: The spreads of January - May, May - September, and September - January were -102, -63, and 165 respectively, compared with -103, -58, and 161 previously [2] Raw Materials and Spot Market Raw Materials - Prices: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and plastic film were 2098 yuan/ton, 6075 yuan/ton, 564 dollars/ton, 5600 yuan/ton, 6140 yuan/ton, and 8700 yuan/ton respectively, compared with 2071 yuan/ton, 6025 yuan/ton, 561 dollars/ton, 5600 yuan/ton, 6160 yuan/ton, and 8700 yuan/ton previously [2] Spot Market - LL: The current prices in the East China, North China, and South China markets were 6900 - 7350 yuan/ton, 6700 - 7000 yuan/ton, and 7000 - 7350 yuan/ton respectively, remaining the same as before except for a slight change in the South China market's upper - limit price [2] - PP: The current prices in the East China, North China, and South China markets were 6250 - 6450 yuan/ton, 6150 - 6350 yuan/ton, and 6350 - 6550 yuan/ton respectively, remaining unchanged from before [2] Consumption Information - On Wednesday (November 26), the settlement price of WTI crude oil futures for January 2026 on the New York Mercantile Exchange was $58.65 per barrel, up $0.70 from the previous trading day, a 1.21% increase, with a trading range of $57.66 - $58.72. The settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $63.13 per barrel, up $0.65 from the previous trading day, a 1.04% increase, with a trading range of $62.11 - $63.20 [2]