20260226申万期货品种策略日报-聚烯烃（LL&PP）-20260226

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Polyolefins slightly declined. For linear LL, Sinopec kept prices stable while PetroChina raised some prices by 100. For拉丝PP, both Sinopec and PetroChina kept prices stable. During the long - holiday, the international crude oil price center moved up, strengthening the boost expectation for chemicals. Due to the repeated heat from the Middle East, the cost support for polyolefins has increased. In terms of downstream demand, the terminal procurement rhythm after resuming work should be gradually monitored. Overall, a buy - hedging approach should be adopted when prices are low [2] 3. Summary According to Relevant Catalogs Futures Market - LL Futures: The previous day's closing prices of January, May, and September contracts were 6860, 6777, and 6847 respectively, with price drops of -23, -43, and -31 and declines of -0.33%, -0.63%, and -0.45% respectively. The trading volumes were 478, 340318, and 37871 respectively, and the open interests were 1579, 507855, and 74303 respectively, with increases of 271, 25621, and 6623 respectively. The current spreads of January - May, May - September, and September - January were 83, -70, and -13 respectively [2] - PP Futures: The previous day's closing prices of January, May, and September contracts were 6710, 6720, and 6743 respectively, with price drops of -15, -26, and -24 and declines of -0.22%, -0.39%, and -0.35% respectively. The trading volumes were 154, 273883, and 35454 respectively, and the open interests were 3295, 479778, and 118069 respectively, with increases of 71, 7385, and 3528 respectively. The current spreads of January - May, May - September, and September - January were -10, -23, and 33 respectively [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, and mulch film were 2251 yuan/ton, 6525 yuan/ton, 650 dollars/ton, 5600 yuan/ton, 6610 yuan/ton, and 8700 yuan/ton respectively [2] - Spot Market: The current price ranges of LL in East China, North China, and South China markets were 6650 - 7000 yuan/ton, 6600 - 7000 yuan/ton, and 6800 - 7050 yuan/ton respectively. The current price ranges of PP in East China, North China, and South China markets were 6550 - 6650 yuan/ton, 6500 - 6600 yuan/ton, and 6650 - 6850 yuan/ton respectively [2] Information and Comment - On Wednesday (February 25), the settlement price of West Texas Intermediate crude oil futures for April 2026 on the New York Mercantile Exchange was 65.42 dollars per barrel, down 0.21 dollars or 0.32% from the previous trading day, with a trading range of 65.12 - 66.6 dollars. The settlement price of Brent crude oil futures for April 2026 on the London Intercontinental Exchange was 70.85 dollars per barrel, up 0.08 dollars or 0.11% from the previous trading day, with a trading range of 70.44 - 71.76 dollars [2]