20251128申万期货品种策略日报-聚烯烃（LL&PP）-20251128

Group 1: Report Investment Rating - No relevant content found Group 2: Core Viewpoints - Polyolefin futures continued to be weak. Spot prices: some linear LL from PetroChina were lowered by 200, while Sinopec kept stable; some拉丝 PP from PetroChina were lowered by 50, with Sinopec remaining stable. Downstream demand had a high overall开工 rate with steady release, but market sentiment was affected by the weakness of crude oil and commodities. Polyolefin's own valuation was low in the short - term, and future focus should be on marginal consumption, supply, and production scheduling levels [2] Group 3: Summary by Related Catalogs Futures Market - Prices: For LL, the previous day's closing prices for January, May, and September contracts were 6699, 6763, and 6804 respectively, with changes of - 8, - 5, and - 8 and percentage changes of - 0.12%, - 0.07%, and - 0.12%. For PP, the prices were 6295, 6393, and 6435, with changes of 30, 26, and 5 and percentage changes of 0.48%, 0.41%, and 0.08% [2] - Trading Volume: For LL, the trading volumes for January, May, and September contracts were 270004, 103306, and 1204. For PP, they were 306411, 95171, and 2239 [2] - Open Interest: For LL, the open interests for January, May, and September contracts were 495726, 232562, and 4234, with changes of - 1873, 10864, and 376. For PP, they were 557253, 263547, and 12254, with changes of - 29319, 19590, and 661 [2] - Spreads: For LL, the spreads of January - May, May - September, and September - January were - 64, - 41, and 105 (current values), compared to - 61, - 44, and 105 (previous values). For PP, they were - 98, - 42, and 140 (current values), compared to - 102, - 63, and 165 (previous values) [2] Spot Market - Raw Materials and Semi - finished Products: Methanol futures were at 2118 yuan/ton (previous value 2100), Shandong propylene at 6050 yuan/ton (previous value 6075), South China propane at 574 dollars/ton (previous value 564), PP recycled materials at 5600 yuan/ton (unchanged), North China powder at 6140 yuan/ton (unchanged), and mulch film at 8700 yuan/ton (unchanged) [2] - Mid - stream: For LL, the prices in East China, North China, and South China markets were 6900 - 7350, 6700 - 7000, and 7000 - 7350. For PP, they were 6250 - 6450, 6150 - 6350, and 6350 - 6550 [2] Information - Due to the US Thanksgiving holiday, trading was light. International oil prices continued to rise in volatility. WTI for January 2026 was at 59.10 dollars/barrel in electronic trading, up 0.45 dollars or 0.77%. Brent crude for January 2026 settled at 63.34 dollars/barrel, up 0.21 dollars or 0.33% [2]