20260120申万期货品种策略日报-聚烯烃（LL&PP）-20260120

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the content. Group 2: Report's Core View - The polyolefin futures closed with a negative line. For linear LL, Sinopec kept prices stable while PetroChina lowered some prices by 100. For拉丝PP, both Sinopec and PetroChina kept prices stable. The market currently focuses on the expectation of supply improvement, and the macro - impact on commodities has increased. The rebound of international crude oil prices continues to support chemicals at the cost end. However, the short - term oscillation of crude oil after the rebound has an impact on chemicals. Polyolefins may oscillate in the short term after a continuous rebound [2]. Group 3: Summary by Relevant Content Futures Market - Price and Change: For linear LL, the previous day's closing prices for January, May, and September contracts were 6720, 6667, and 6691 respectively, with price changes of 200, - 28, and - 32 and percentage changes of 3.07%, - 0.42%, and - 0.48% respectively. For拉丝PP, the previous day's closing prices for January, May, and September contracts were 6496, 6482, and 6515 respectively, with price changes of 261, - 14, and - 19 and percentage changes of 4.19%, - 0.22%, and - 0.29% respectively [2]. - Volume and Open Interest: For linear LL, the trading volumes for January, May, and September contracts were 52, 411938, and 23413 respectively, and the open interests were 42, 485464, and 48779 respectively, with open interest changes of 42, 13977, and 2347 respectively. For拉丝PP, the trading volumes for January, May, and September contracts were 539, 302551, and 21307 respectively, and the open interests were 507, 470494, and 89339 respectively, with open interest changes of 507, - 15239, and - 678 respectively [2]. - Spreads: For linear LL, the current spreads of January - May, May - September, and September - January were 53, - 24, and - 29 respectively, compared to previous values of - 175, - 28, and 203. For拉丝PP, the current spreads of January - May, May - September, and September - January were 14, - 33, and 19 respectively, compared to previous values of - 261, - 38, and 299 [2]. Raw Material 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 2215 yuan/ton, 6145 yuan/ton, 598 dollars/ton, 5600 yuan/ton, 6370 yuan/ton, and 8700 yuan/ton respectively. The previous prices were 2235 yuan/ton, 6145 yuan/ton, 592 dollars/ton, 5600 yuan/ton, 6430 yuan/ton, and 8700 yuan/ton respectively [2]. - Mid - stream Products: The current price ranges of LL in East China, North China, and South China markets were 6750 - 7100 yuan/ton, 6650 - 6950 yuan/ton, and 6800 - 7150 yuan/ton respectively. The previous price ranges were the same. The current price ranges of PP in East China, North China, and South China markets were 6350 - 6500 yuan/ton, 6350 - 6500 yuan/ton, and 6300 - 6550 yuan/ton respectively, and the previous price ranges were also the same [2]. News - On Monday (January 19), due to a US public holiday, the 2026 February WTI had no settlement price, and the electronic trading range was $58.70 - $59.65 per barrel. The 2026 March Brent crude oil futures on the London Intercontinental Exchange settled at $63.94 per barrel, down $0.19 or 0.30% from the previous trading day, with a trading range of $63.26 - $64.39 [2].