Report Industry Investment Rating - No relevant content provided Core View of the Report - The plastics supply and demand pattern remains unchanged, the trading atmosphere is weak, and there is no further macro - level positive news. It is expected that plastics will show a weak and volatile trend in the near future [1] Summary by Related Catalogs Market Analysis - On December 4th, new maintenance devices such as Yulong Petrochemical's HDPE Line 2 restarted, and the plastics operating rate rose to around 89%, at a neutral level. As of the week ending November 28th, the downstream operating rate of PE decreased by 0.39 percentage points to 44.3% week - on - week. The agricultural film season is coming to an end, orders are decreasing, and the overall downstream operating rate of PE is still at a relatively low level compared to the same period in previous years. Petrochemical inventory is at a relatively high level compared to the same period in previous years. The cost - end crude oil price is oscillating at a low level. With new production capacity put into operation, it is expected that the downstream operating rate will decline, downstream purchasing willingness is insufficient, and traders are cautious about the future market. Although relevant meetings have given some boost to bulk commodities, the overall supply - demand pattern of plastics remains unchanged [1] Futures and Spot Market Conditions Futures - The plastics 2601 contract decreased in position, oscillated, and declined. The lowest price was 6,753 yuan/ton, the highest price was 6,818 yuan/ton, and it finally closed at 6,776 yuan/ton, below the 60 - day moving average, with a decline of 0.53%. The position volume decreased by 16,226 lots to 386,484 lots [2] Spot - Most of the PE spot market declined, with price changes ranging from - 50 to + 0 yuan/ton. LLDPE was reported at 6,740 - 7,070 yuan/ton, LDPE at 8,520 - 9,180 yuan/ton, and HDPE at 6,850 - 7,600 yuan/ton [3] Fundamental Tracking - Supply: On December 4th, new maintenance devices such as Yulong Petrochemical's HDPE Line 2 restarted, and the plastics operating rate rose to around 89%, at a neutral level [4] - Demand: As of the week ending November 28th, the downstream operating rate of PE decreased by 0.39 percentage points to 44.3% week - on - week. The agricultural film season is coming to an end, orders are decreasing, and the overall downstream operating rate of PE is still at a relatively low level compared to the same period in previous years [1][4] - Inventory: On Thursday, the early petrochemical inventory decreased by 15,000 tons to 685,000 tons week - on - week, 65,000 tons higher than the same period last year. Currently, petrochemical inventory is at a relatively high level compared to the same period in previous years [4] - Raw materials: The Brent crude oil 02 contract oscillated around $63/barrel. The price of Northeast Asian ethylene remained flat at $720/ton week - on - week, and the price of Southeast Asian ethylene also remained flat at $740/ton week - on - week [4]
塑料日报：震荡下行-20251204
Guan Tong Qi Huo·2025-12-04 11:01