20251208申万期货品种策略日报-聚烯烃（LL&PP）-20251208

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Polyolefin futures declined. On the spot market, prices of linear LL and拉丝 PP from Sinopec and PetroChina remained stable. From a fundamental perspective, the overall operating rate of downstream demand seems to have reached its peak, and demand is steadily being released. However, market sentiment is still affected by the weakness of crude oil and the overall commodity market. In the short term, the valuation of polyolefins is at a low level, and after the current rebound, they generally remain in a low - level oscillation process [2] Group 3: Summary by Related Catalogs Futures Market - Price Changes: For LL futures, the prices of contracts in January, May, and September decreased by -1.51%, -1.27%, and -1.15% respectively compared to the previous two days; for PP futures, the decreases were -1.13%, -1.08%, and -0.96% respectively [2] - Trading Volume: The trading volumes of LL futures contracts in January, May, and September were 282,287, 144,721, and 1,390 respectively; for PP futures, they were 259,821, 108,437, and 2,085 respectively [2] - Open Interest: The open interests of LL futures contracts in January, May, and September were 393,540, 294,817, and 4,703 respectively, with changes of +7,056, +25,032, and +250; for PP futures, they were 434,508, 306,888, and 17,796 respectively, with changes of -15,691, +14,332, and +78 [2] - Spreads: For LL futures, the spreads of January - May, May - September, and September - January were -68, -46, and 114 respectively; for PP futures, they were -95, -38, and 133 respectively [2] Spot Market - Raw Materials and Semi - products: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder materials, and mulch film were 2,081 yuan/ton, 6,050 yuan/ton, 585 dollars/ton, 5,600 yuan/ton, 6,100 yuan/ton, and 8,700 yuan/ton respectively [2] - Mid - stream Market: The current price ranges of LL in the East China, North China, and South China markets were 6,800 - 7,150 yuan/ton, 6,650 - 6,950 yuan/ton, and 6,800 - 7,150 yuan/ton respectively; for PP, they were 6,200 - 6,350 yuan/ton, 6,150 - 6,300 yuan/ton, and 6,250 - 6,450 yuan/ton respectively [2] News - On Friday (December 5th), the settlement price of West Texas Intermediate crude oil futures for January 2026 on the New York Mercantile Exchange was $60.08 per barrel, up $0.41 or 0.69% from the previous trading day, with a trading range of $59.42 - $60.50. The settlement price of Brent crude oil futures for February 2026 on the London Intercontinental Exchange was $63.75 per barrel, up $0.49 or 0.77% from the previous trading day, with a trading range of $63.06 - $64.09 [2]