20260302申万期货品种策略日报-聚烯烃（LL&PP）-20260302

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Report Core View - The report suggests taking a bullish view of polyolefins. The increase in Middle East tensions over the weekend led to a rise in international crude oil prices, enhancing the expectation of a boost to chemicals. Attention should be paid to the terminal procurement rhythm after the resumption of work in the downstream demand market [2]. Group 3: Summary by Related Catalogs Futures Market - LL Futures: The previous day's closing prices for January, May, and September were 6684, 6597, and 6672 respectively, with price drops of -81, -71, and -70 and declines of -1.20%, -1.06%, and -1.04% compared to two days ago. The trading volumes were 309, 482487, and 53399, and the open interests were 1832, 566078, and 93335, with increases of 82, 15671, and 10519 respectively. The current spreads of January - May, May - September, and September - January were 87, -75, and -12, compared to the previous values of 97, -74, and -23 [2]. - PP Futures: The previous day's closing prices for January, May, and September were 6593, 6611, and 6627 respectively, with price drops of -55, -64, and -65 and declines of -0.83%, -0.96%, and -0.97% compared to two days ago. The trading volumes were 1271, 407409, and 49851, and the open interests were 3396, 490473, and 126530, with changes of +47, -16989, and +2218 respectively. The current spreads of January - May, May - September, and September - January were -18, -16, and 34, compared to the previous values of -27, -17, and 44 [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 2182 yuan/ton, 6470 yuan/ton, 663 US dollars/ton, 5600 yuan/ton, 6450 yuan/ton, and 8100 yuan/ton respectively, compared to the previous values of 2213 yuan/ton, 6525 yuan/ton, 660 US dollars/ton, 5600 yuan/ton, 6530 yuan/ton, and 8100 yuan/ton [2]. - Mid - stream: The current price ranges in the East China, North China, and South China markets for LL were 6550 - 6900, 6450 - 6900, and 6750 - 6900 respectively, and for PP were 6500 - 6600, 6500 - 6600, and 6650 - 6800 respectively, remaining unchanged from the previous values [2]. News - After the United States and a Middle Eastern country extended the nuclear negotiations, traders remained vigilant about potential supply disruptions, causing European and American crude oil futures to rise by more than 2%. On Friday (February 27), the settlement price of West Texas Intermediate crude oil futures for April 2026 on the New York Mercantile Exchange was $67.02 per barrel, up $1.81 or 2.78% from the previous trading day, trading in the range of $64.85 - $67.83. The settlement price of Brent crude oil futures for April 2026 on the London Intercontinental Exchange was $72.48 per barrel, up $1.73 or 2.45% from the previous trading day, trading in the range of $70.33 - $73.00 [2].