建信期货聚烯烃日报-20260107

Report Information - Report Name: Polyolefin Daily Report [1] - Date: January 7, 2026 [2] Investment Rating - No investment rating information provided in the report. Core Viewpoints - The commodity market has a strong bullish sentiment, and the chemical sector started in the afternoon. Plastics and PP were boosted to rise. However, considering the supply recovery, the entry of demand into the off - season inventory digestion cycle, and the unchanged oversupply pattern of crude oil due to overseas geopolitical conflicts, the rebound of polyolefins should be treated bearishly [6]. Summary by Directory 1. Market Review and Outlook - The market had a bullish atmosphere, and the chemical sector rose in the afternoon, driving plastics and PP up. L2605 opened lower, fluctuated higher during the session, and closed up at 6,579 yuan/ton, up 85 yuan/ton (1.31%), with a trading volume of 458,000 lots and a decrease of 1,038 lots in positions to 507,885 lots. PP2605 closed at 6,423 yuan/ton, up 69 yuan, a gain of 1.09%, and the positions increased by 13,100 lots to 521,600 lots. The supply pressure increased month - on - month due to the decline in maintenance losses during the new capacity window period, and the demand was weak due to the seasonal off - season [6]. 2. Industry News - On January 6, 2026, the inventory level of major producers was 690,000 tons, a decrease of 20,000 tons (2.82%) from the previous working day, compared with 590,000 tons in the same period last year. - PE market prices partially declined. LLDPE prices in North China were 6,300 - 6,500 yuan/ton, in East China were 6,380 - 6,800 yuan/ton, and in South China were 6,500 - 6,800 yuan/ton. - The mainstream price of propylene in the Shandong market was temporarily referred to as 5,730 - 5,820 yuan/ton, an increase of 45 yuan/ton from the previous working day. The demand for propylene was fair, and the production enterprises had smooth shipments. - The PP market rose slightly. The mainstream price of North China drawstrings was 6,080 - 6,200 yuan/ton, in East China was 6,150 - 6,350 yuan/ton, and in South China was 6,140 - 6,400 yuan/ton [7]. 3. Data Overview - The report provides multiple charts including L basis, PP basis, L - PP spread, crude oil futures main contract settlement price, two - oil inventories, and two - oil inventory year - on - year increase/decrease rate, with data sources mainly from Wind and Zhuochuang Information [9][12][17]