20260205申万期货品种策略日报-聚烯烃（LL&PP）-20260205

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Polyolefin futures rebounded slightly and fell back at night. Sinopec and PetroChina kept the prices of linear LL and拉丝PP stable. The market currently focuses on the expectation of supply improvement, and the impact of macro factors on commodities has increased. With the decline of oil prices, polyolefins are gradually cooling down. Overall, the current 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 - Prices: The previous day's closing prices of LL and PP futures contracts in different months showed increases, with price increases ranging from 48 to 75 and price increase rates from 0.69% to 1.11% [2] - Volume and Open Interest: The trading volumes and open interests of different contracts also changed, with open interest increases ranging from 5 to 5030 [2] - Spreads: The spreads between different contracts changed compared with the previous values [2] Raw Material and Spot Market - Raw Materials: The prices of upstream raw materials such as methanol futures, Shandong propylene, and South China propane changed, while the price of PP recycled materials remained unchanged [2] - Spot: The spot prices of LL and PP in different markets showed different degrees of changes [2] News - On Wednesday (February 4), the settlement price of West Texas Intermediate crude oil futures for March 2026 on the New York Mercantile Exchange was $65.14 per barrel, up $1.93 or 3.05% from the previous trading day. The settlement price of Brent crude oil futures for April 2026 on the London Intercontinental Exchange was $69.46 per barrel, up $2.13 or 3.16% from the previous trading day [2]