20260126申万期货品种策略日报-聚烯烃（LL&PP）-20260126

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Polyolefin futures continued to rebound. The fundamentals of the market are currently focused on the expectation of improved supply, and the impact of macro factors on commodities has increased. The rebound in international crude oil prices also provides cost support for chemicals. Currently, the spot drive of polyolefins is relatively limited, and the market pays more attention to the driving rhythm of macro factors [2] Group 3: Summary According to Relevant Catalogs Futures Market - LL Futures - The previous day's closing prices for January, May, and September were 6886, 6865, and 6887 respectively. The prices increased by 21, 51, and 42 compared to the day before, with percentage increases of 0.31%, 0.75%, and 0.61% respectively. The trading volumes were 71, 719797, and 45855, and the open interests were 152, 519056, and 64964, with increases of 29, 3532, and 11154 respectively. The current spreads between January - May, May - September, and September - January were 21, -22, and 1, compared to previous values of 51, -31, and -20 [2] - PP Futures - The previous day's closing prices for January, May, and September were 6645, 6656, and 6688 respectively. The prices increased by 46, 32, and 39 compared to the day before, with percentage increases of 0.70%, 0.48%, and 0.59% respectively. The trading volumes were 806, 555332, and 41610, and the open interests were 1998, 498932, and 99254, with increases of 473, 12150, and 8633 respectively. The current spreads between January - May, May - September, and September - January were -11, -32, and 43, compared to previous values of -25, -25, and 50 [2] 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 2298 yuan/ton, 6175 yuan/ton, 612 dollars/ton, 5600 yuan/ton, 6460 yuan/ton, and 8700 yuan/ton respectively. The previous day's prices were 2261 yuan/ton, 6175 yuan/ton, 620 dollars/ton, 5600 yuan/ton, 6370 yuan/ton, and 8700 yuan/ton [2] - Midstream - The current prices of LL in the East China, North China, and South China markets were 6800 - 7050 yuan/ton, 6700 - 7000 yuan/ton, and 6850 - 7100 yuan/ton respectively, remaining the same as the previous day. The current prices of PP in the East China, North China, and South China markets were 6450 - 6600 yuan/ton, 6400 - 6500 yuan/ton, and 6350 - 6650 yuan/ton respectively, also remaining the same as the previous day [2] News - On Friday (January 23rd), the settlement price of West Texas Intermediate crude oil futures for March 2026 on the New York Mercantile Exchange was $61.07 per barrel, up $1.71 or 2.88% from the previous trading day, with a trading range of $59.52 - $61.36. The settlement price of Brent crude oil futures for March 2026 on the London Intercontinental Exchange was $65.88 per barrel, up $1.82 or 2.84% from the previous trading day, with a trading range of $64.29 - $66.24 [2]