20260211申万期货品种策略日报-聚烯烃（LL&PP）-20260211

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - Polyolefin futures rebounded slightly. From a fundamental perspective, the market currently focuses on the expectation of supply improvement, and the impact of macro factors on commodities has increased. In the short term, polyolefins fluctuate with costs. Overall, the current spot drivers for polyolefins are relatively limited, and the market pays more attention to the driving rhythm of macro factors. With the long holiday approaching, positions need to be gradually controlled [2] Group 3: Summary by Related Catalogs Futures Market - LL Futures: The previous day's closing prices for January, May, and September contracts were 6839, 6775, and 6826 respectively, with increases of 51, 54, and 49, and percentage increases of 0.75%, 0.80%, and 0.72% respectively. The trading volumes were 70, 282260, and 21211, and the open interests were 774, 512614, and 69891, with changes of 35, -5995, and -1078 respectively [2] - PP Futures: The previous day's closing prices for January, May, and September contracts were 6671, 6688, and 6707 respectively, with increases of 43, 58, and 46, and percentage increases of 0.65%, 0.87%, and 0.69% respectively. The trading volumes were 134, 257385, and 20657, and the open interests were 2673, 488568, and 112610, with changes of -7, -1773, and 1575 respectively [2] - Spreads: For LL, the current spreads of January - May, May - September, and September - January were 64, -51, and -13 respectively, compared to previous values of 67, -56, and -11. For PP, the current spreads were -17, -19, and 36, compared to previous values of -2, -31, and 33 [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 2244 yuan/ton, 6440 yuan/ton, 632 US dollars/ton, 5600 yuan/ton, 6490 yuan/ton, and 8700 yuan/ton respectively. The previous values were 2234 yuan/ton, 6440 yuan/ton, 627 US dollars/ton, 5600 yuan/ton, 6480 yuan/ton, and 8700 yuan/ton [2] - Midstream and Products: The current price ranges in the East China, North China, and South China markets for LL were 6600 - 7000 yuan/ton, 6600 - 6900 yuan/ton, and 6800 - 7100 yuan/ton respectively, compared to previous ranges of 6650 - 7100 yuan/ton, 6600 - 6900 yuan/ton, and 6800 - 7150 yuan/ton. For PP, the current price ranges were 6500 - 6650 yuan/ton, 6450 - 6600 yuan/ton, and 6600 - 6800 yuan/ton, compared to previous ranges of 6550 - 6650 yuan/ton, 6500 - 6600 yuan/ton, and 6650 - 6850 yuan/ton [2] News - On Tuesday (February 10), the settlement price of West Texas Intermediate crude oil futures for March 2026 on the New York Mercantile Exchange was $63.96 per barrel, down $0.40 or 0.62% from the previous trading day, with a trading range of $63.65 - $64.71. The settlement price of Brent crude oil futures for April 2026 on the London Intercontinental Exchange was $68.8 per barrel, down $0.24 or 0.35% from the previous trading day, with a trading range of $68.44 - $69.49 [2]