LPG：仓单压制，大幅下挫，丙烯：现货持稳，主力跟随成本下探

Report Title - LPG: Suppressed by Warehouse Receipts, Sharp Decline [1] - Propylene: Spot Prices Stable, Main Contracts Decline Following Costs [2] Report Date - December 12, 2025 [1] Fundamental Data Futures Prices - PG2601: Yesterday's closing price was 4,220, with a daily decline of 0.52%; night - session closing price was 4,108, with a decline of 2.65% [2] - PG2602: Yesterday's closing price was 4,143, with a daily decline of 0.29%; night - session closing price was 4,040, with a decline of 2.49% [2] - PL2601: Yesterday's closing price was 5,950, with a daily decline of 0.15%; night - session closing price was 5,966, with an increase of 0.27% [2] - PL2602: Yesterday's closing price was 5,785, with a daily increase of 0.28%; night - session closing price was 5,741, with a decline of 0.76% [2] - PL2603: Yesterday's closing price was 5,749, with a daily increase of 0.19%; night - session closing price was 5,702, with a decline of 0.82% [2] Position and Trading Volume - PG2601: Yesterday's trading volume was 57,027, a decrease of 42,633 from the previous day; yesterday's open interest was 40,904, a decrease of 4,284 from the previous day [2] - PG2602: Yesterday's trading volume was 32,586, a decrease of 8,814 from the previous day; yesterday's open interest was 72,929, an increase of 2,165 from the previous day [2] - PL2601: Yesterday's trading volume was 9,718, an increase of 9,207 from the previous day; yesterday's open interest was 2,467, a decrease of 520 from the previous day [2] - PL2602: Yesterday's trading volume was 8,311, a decrease of 24,584 from the previous day; yesterday's open interest was 8,476, an increase of 452 from the previous day [2] - PL2603: Yesterday's trading volume was 22,659, a decrease of 38,071 from the previous day; yesterday's open interest was 17,774, an increase of 212 from the previous day [2] Spreads - Guangzhou domestic gas to PG01 contract spread: Yesterday's spread was 250, compared to 258 the previous day [2] - Guangzhou imported gas to PG01 contract spread: Yesterday's spread was 310, compared to 318 the previous day [2] - Shandong propylene to PL01 contract spread: Yesterday's spread was 140, compared to 131 the previous day [2] - East China propylene to PL01 contract spread: Yesterday's spread was 25, compared to 16 the previous day [2] - South China propylene to PL01 contract spread: Yesterday's spread was -25, compared to -34 the previous day [2] Key Industrial Chain Data - PDH operating rate: This week it was 72.9%, compared to 70.2% last week [2] - MTBE operating rate: This week it was 69.8%, compared to 70.0% last week [2] - Alkylation operating rate: This week it was 37.5%, compared to 37.9% last week [2] Trend Intensity - LPG trend intensity: 0; Propylene trend intensity: -1. The range of trend intensity values is an integer within the [-2, 2] interval. The strength levels are classified as weak, relatively weak, neutral, relatively strong, and strong. -2 indicates the most bearish, and 2 indicates the most bullish [6] Market News - On December 11, 2025, the January CP paper cargo price for propane was 525 US dollars per ton, an increase of 9 US dollars per ton from the previous trading day; the price for butane was 517 US dollars per ton, an increase of 8 US dollars per ton from the previous trading day. The February CP paper cargo price for propane was 511 US dollars per ton, an increase of 3 US dollars per ton from the previous trading day [7] - There are multiple domestic PDH plant maintenance plans and domestic liquefied gas plant maintenance plans detailed in the report [7][8]