20260306申万期货品种策略日报：聚烯烃（LL&PP）-20260306

Report Summary 1. Report Industry Investment Rating - Not mentioned in the report 2. Core View of the Report - Polyolefins fluctuated after rising. For linear LL, Sinopec kept prices stable while PetroChina raised some prices by 150. For拉丝PP, Sinopec kept prices stable and PetroChina raised some prices by 150. The increasing tension in the Middle East led to a rise in the international crude oil price, boosting the chemical products. However, it remains to be seen whether the terminal demand can keep up after the continuous rebound. Strategically, it is advisable to moderately reduce long positions at high prices and conduct rolling operations with long positions at low prices [2] 3. Summary by Relevant Catalogs Futures Market - LL Futures: The previous day's closing prices for January, May, and September contracts were 7178, 7393, and 7241 respectively, with changes of -58, 38, and -29, and percentage changes of -0.80%, 0.52%, and -0.40%. The trading volumes were 2106, 1319287, and 180096 respectively, and the open interests were 1783, 390543, and 99195 respectively. The open interest changes were -177, 8846, and 1481 respectively [2] - PP Futures: The previous day's closing prices for January, May, and September contracts were 7054, 7458, and 7181 respectively, with changes of -50, -48, and -45, and percentage changes of -0.70%, -0.64%, and -0.62%. The trading volumes were 4816, 1514753, and 202272 respectively, and the open interests were 6474, 476193, and 137050 respectively. The open interest changes were 2153, 11650, and 296 respectively [2] - Spreads: For LL, the current spreads of January - May, May - September, and September - January were -215, 152, and 63 respectively, compared with the previous values of -119, 85, and 34. For PP, the current spreads of January - May, May - September, and September - January were -404, 277, and 127 respectively, compared with the previous values of -402, 280, and 122 [2] Spot Market - Raw Materials: The current prices of methanol futures, Shandong propylene, South China propane, PP reclaimed materials, North China powder, and mulch film were 2491 yuan/ton, 7370 yuan/ton, 870 dollars/ton, 5600 yuan/ton, 7550 yuan/ton, and 8100 yuan/ton respectively. The previous prices were 2556 yuan/ton, 7015 yuan/ton, 867 dollars/ton, 5600 yuan/ton, 7390 yuan/ton, and 8100 yuan/ton respectively [2] - Mid - stream: For LL, the current prices in the East China, North China, and South China markets were 7350 - 8200 yuan/ton, 7300 - 7800 yuan/ton, and 7700 - 8100 yuan/ton respectively, compared with the previous prices of 7250 - 7750 yuan/ton, 7150 - 7800 yuan/ton, and 7550 - 7850 yuan/ton. For PP, the current prices in the East China, North China, and South China markets were 7400 - 7550 yuan/ton, 7400 - 7550 yuan/ton, and 7550 - 7700 yuan/ton respectively, compared with the previous prices of 7150 - 7360 yuan/ton, 7150 - 7350 yuan/ton, and 7350 - 7500 yuan/ton [2] News - On Thursday (March 5), the settlement price of West Texas Intermediate crude oil futures for April 2026 on the New York Mercantile Exchange was $81.01 per barrel, the highest since July 18, 2024, up $6.35 or 8.51% from the previous trading day, with a trading range of $74.97 - $82.16. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $85.41 per barrel, the highest since July 8, 2024, up $4.01 or 4.93% from the previous trading day, with a trading range of $81.5 - $86.28 [2]