20260202申万期货品种策略日报-聚烯烃（LL&PP）-20260202

Group 1: Report Industry Investment Rating - There is no information provided regarding the report industry investment rating. Group 2: Core View of the Report - Polyolefin futures continued to rebound. The fundamentals suggest that the market is currently focused on the expectation of supply improvement, and the influence of macro factors on commodities has increased. The rebound in international crude oil prices also provides cost - side support for chemical products. Overall, the current spot drivers for polyolefins are relatively limited, and the market pays more attention to the driving rhythm of macro factors [2]. Group 3: Summary of Relevant Data Futures Market - LL Futures: The previous day's closing prices for January, May, and September contracts were 7095, 7014, and 7069 respectively, with price drops of 21, 35, and 35, and declines of - 0.30%, - 0.50%, and - 0.49% respectively. Trading volumes were 133, 784328, and 53479, and open interest was 332, 503743, and 72509, with changes of 31, - 9081, and - 1224 respectively. The current spreads of January - May, May - September, and September - January were 81, - 55, and - 26 respectively [2]. - PP Futures: The previous day's closing prices for January, May, and September contracts were 6801, 6824, and 6857 respectively, with price drops of 39, 46, and 45, and declines of - 0.57%, - 0.67%, and - 0.65% respectively. Trading volumes were 1086, 704541, and 73813, and open interest was 2701, 529952, and 111350, with changes of 137, - 26732, and - 4066 respectively. The current spreads of January - May, May - September, and September - January were - 23, - 33, and 56 respectively [2]. Raw Materials 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 2321 yuan/ton, 6400 yuan/ton, 627 dollars/ton, 5600 yuan/ton, 6600 yuan/ton, and 8700 yuan/ton respectively, with some prices remaining unchanged from the previous values [2]. - Mid - stream Spot: The current price ranges in the East China, North China, and South China markets for LL were 6900 - 7250, 6800 - 7100, and 7050 - 7300 respectively, and for PP were 6650 - 6750, 6600 - 6700, and 6650 - 6850 respectively, with some prices remaining unchanged from the previous values [2]. Market News - On Friday (January 30), the settlement price of WTI crude oil futures for March 2026 on the New York Mercantile Exchange was $65.21 per barrel, down $0.21 or 0.32% from the previous trading day, with a trading range of $63.64 - $66.11. The settlement price of Brent crude oil futures for March 2026 on the London Intercontinental Exchange was $70.69 per barrel, down $0.02 or 0.03% from the previous trading day, with a trading range of $69.15 - $70.92 [2].