20251205申万期货品种策略日报-聚烯烃（LL&PP）-20251205

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Polyolefin futures declined slightly. On the spot market, prices of linear LL and拉丝 PP from Sinopec and PetroChina remained stable. Fundamentally, the overall operating rate of downstream demand is high, with demand steadily released. However, 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 at a low level, and after the rebound, they generally maintain a low - level oscillation process. Future attention should be paid to 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 6776, 6829, and 6867 respectively, down -0.47%, -0.65%, and -0.67% from the day before the previous day. For PP, the corresponding prices were 6359, 6452, and 6482, down -0.36%, -0.40%, and -0.32%. - Trading Volume: The trading volumes of LL for January, May, and September contracts were 210139, 118193, and 1134 respectively. For PP, they were 206027, 87292, and 1646. - Open Interest: The open interests of LL for January, May, and September contracts were 386484, 269785, and 4453 respectively, with changes of -16226, 14989, and 180. For PP, they were 450199, 292556, and 17718, with changes of -9702, 10392, and 161. - Spreads: For LL, the current spreads of January - May, May - September, and September - January were -53, -38, and 91 respectively, compared with -66, -39, and 105 previously. For PP, they were -93, -30, and 123, compared with -96, -25, and 121 previously [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 were 2116 yuan/ton, 6065 yuan/ton, 583 dollars/ton, 5600 yuan/ton, 6150 yuan/ton, and 8700 yuan/ton respectively. - Mid - stream: In the LL market, the current prices in East China, North China, and South China were 6850 - 7250 yuan/ton, 6700 - 7000 yuan/ton, and 6900 - 7200 yuan/ton respectively. In the PP market, they were 6250 - 6400 yuan/ton, 6150 - 6300 yuan/ton, and 6300 - 6450 yuan/ton [2] News - On Thursday (December 4), the settlement price of West Texas Intermediate crude oil futures for January 2026 on the New York Mercantile Exchange was $59.67 per barrel, up $0.72 or 1.22% from the previous trading day, with a trading range of $58.81 - $60.02. The settlement price of Brent crude oil futures for February 2026 on the London Intercontinental Exchange was $63.26 per barrel, up $0.59 or 0.94%, with a trading range of $62.53 - $63.62 [2]