20260213申万期货品种策略日报-聚烯烃（LL&PP）-20260213

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Polyolefin futures declined slightly, with Sinopec and PetroChina keeping prices stable for linear LL and拉丝PP. The market currently focuses on supply improvement expectations, and the macro - to - commodity transmission has increased. Short - term polyolefins follow cost fluctuations. The current spot drive for polyolefins is relatively limited, and the market pays more attention to the driving rhythm of macro factors. With the long holiday approaching, positions should be gradually controlled [2] 3. Summary by Relevant Catalogs Futures Market - Prices: For linear LL, the 1 - month, 5 - month, and 9 - month futures prices were 6800, 6734, and 6781 yuan/ton respectively, with daily declines of - 54 (- 0.79%), - 53 (- 0.78%), and - 55 (- 0.80%) yuan/ton. For拉丝PP, the 1 - month, 5 - month, and 9 - month futures prices were 6645, 6648, and 6674 yuan/ton respectively, with daily declines of - 36 (- 0.54%), - 45 (- 0.67%), and - 47 (- 0.70%) yuan/ton [2] - Trading Volume: The trading volumes of linear LL for 1 - month, 5 - month, and 9 - month futures were 171, 258012, and 18078 respectively, while for拉丝PP, they were 56, 210709, and 14456 respectively [2] - Open Interest: The open interests of linear LL for 1 - month, 5 - month, and 9 - month futures were 1082, 501315, and 69632 respectively, with changes of 54, - 2602, and 202 respectively. For拉丝PP, the open interests were 2673, 479342, and 110409 respectively, with changes of - 12, - 7495, and - 1177 respectively [2] - Spreads: For linear LL, the current spreads of 1 - month - 5 - month, 5 - month - 9 - month, and 9 - month - 1 - month were 66, - 47, and - 19 respectively, compared with previous values of 67, - 49, and - 18. For拉丝PP, the current spreads were - 3, - 26, and 29 respectively, compared with previous values of - 12, - 28, and 40 [2] Raw Material and Spot Market - Raw Materials: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder materials, and mulch film were 2234 yuan/ton, 6440 yuan/ton, 632 dollars/ton, 5600 yuan/ton, 6490 yuan/ton, and 8700 yuan/ton respectively. Most prices were stable compared with the previous day [2] - Mid - stream: The current price ranges of linear 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拉丝PP, the price ranges were 6500 - 6650 yuan/ton, 6450 - 6600 yuan/ton, and 6600 - 6800 yuan/ton respectively [2] News - On Thursday (February 12), the settlement price of West Texas Intermediate crude oil futures for March 2026 on the New York Mercantile Exchange was $62.84 per barrel, down $1.79 (2.77%) from the previous trading day, with a trading range of $62.39 - $65.1. The settlement price of Brent crude oil futures for April 2026 on the London Intercontinental Exchange was $67.52 per barrel, down $1.88 (2.71%) from the previous trading day, with a trading range of $67.09 - $69.85 [2]