20260212申万期货品种策略日报-聚烯烃（LL&PP）-20260212

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Polyolefin futures showed a narrow - range consolidation. The prices of linear LL and拉丝PP from Sinopec and PetroChina remained stable. Fundamentally, the market focuses on the expectation of supply improvement, and the impact of macro factors on commodities has increased. In the short - term, polyolefins follow cost fluctuations. Currently, the driving force of polyolefin spot is 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 Relevant Catalogs Futures Market - Prices: For LL, the previous day's closing prices for January, May, and September contracts were 6854, 6787, and 6836 respectively, with price increases of 15, 12, and 10 and percentage increases of 0.22%, 0.18%, and 0.15% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 6681, 6693, and 6721 respectively, with price increases of 10, 5, and 14 and percentage increases of 0.15%, 0.07%, and 0.21% respectively [2] - Trading Volume: The trading volumes of LL for January, May, and September contracts were 340, 278339, and 19923 respectively. For PP, the trading volumes for January, May, and September contracts were 113, 246301, and 17871 respectively [2] - Open Interest: The open interests of LL for January, May, and September contracts were 1028, 503917, and 69430 respectively, with changes of 254, - 8697, and - 461 respectively. For PP, the open interests for January, May, and September contracts were 2685, 486837, and 111586 respectively, with changes of 12, - 1731, and - 1024 respectively [2] - Spreads: For LL, the current spreads of January - May, May - September, and September - January were 67, - 49, and - 18 respectively, compared with previous values of 64, - 51, and - 13. For PP, the current spreads of January - May, May - September, and September - January were - 12, - 28, and 40 respectively, compared with previous values of - 17, - 19, and 36 [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 2250 yuan/ton, 6440 yuan/ton, 632 dollars/ton, 5600 yuan/ton, 6490 yuan/ton, and 8700 yuan/ton respectively, with some remaining the same as the previous values [2] - Mid - stream: The current price ranges of LL in the East China, North China, and South China markets were 6600 - 7000 yuan/ton, 6500 - 6900 yuan/ton, and 6800 - 7050 yuan/ton respectively. For PP, the price ranges in the East China, North China, and South China markets were 6500 - 6650 yuan/ton, 6450 - 6600 yuan/ton, and 6600 - 6800 yuan/ton respectively, with some remaining the same as the previous values [2] News - On Wednesday (February 11), the settlement price of West Texas Intermediate crude oil futures for March 2026 on the New York Mercantile Exchange was $64.63 per barrel, up $0.67 or 1.05% from the previous trading day, with a trading range of $64.15 - $65.83. The settlement price of Brent crude oil futures for April 2026 on the London Intercontinental Exchange was $69.40 per barrel, up $0.60 or 0.87% from the previous trading day, with a trading range of $69 - $70.72 [2]