聚烯烃（LL&PP）：20260313申万期货品种策略日报-20260313

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - On Thursday, polyolefins continued to rise and then fall. Sinopec kept prices stable, while PetroChina lowered some prices by 1000. The increase in Middle East tensions led to a slight rebound in international crude oil prices, which had a positive impact on chemicals. Market sentiment was high, and macro factors had a significant impact on the chemical industry, with sentiment fluctuating. Future attention should be paid to the actual operation of production facilities, and a rational attitude should be taken towards the polyolefin market [2] Group 3: Summary of Futures Market Price and Volume - For linear low - density polyethylene (LL), the previous day's closing prices for January, May, and September contracts were 7719, 8236, and 7934 respectively, with price increases of 19, 82, and 128, and percentage increases of 0.25%, 1.01%, and 1.64% respectively. The trading volumes were 2351, 1238840, and 311182, and the open interests were 2085, 327108, and 134486, with changes of 280, 4435, and 16770 respectively [2] - For polypropylene (PP), the previous day's closing prices for January, May, and September contracts were 7448, 8303, and 7751 respectively, with price increases of 78, 106, and 105, and percentage increases of 1.06%, 1.29%, and 1.37% respectively. The trading volumes were 6457, 1381318, and 292114, and the open interests were 10706, 410773, and 164282, with changes of - 32, - 10939, and 15067 respectively [2] Spread - For LL, the current spreads of January - May, May - September, and September - January were - 517, 302, and 215 respectively, compared to previous values of - 454, 348, and 106 [2] - For PP, the current spreads of January - May, May - September, and September - January were - 855, 552, and 303 respectively, compared to previous values of - 827, 551, and 276 [2] Group 4: Summary of 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 2727 yuan/ton, 8000 yuan/ton, 925 dollars/ton, 5600 yuan/ton, 8310 yuan/ton, and 8100 yuan/ton respectively, compared to previous values of 2662 yuan/ton, 8325 yuan/ton, 880 dollars/ton, 5600 yuan/ton, 8000 yuan/ton, and 8100 yuan/ton [2] Middle - stream Products - For LL, the current price ranges in the East China, North China, and South China markets were 8400 - 9100 yuan/ton, 8250 - 9000 yuan/ton, and 8500 - 9200 yuan/ton respectively, compared to previous ranges of 7900 - 8550 yuan/ton, 7800 - 8600 yuan/ton, and 8000 - 8850 yuan/ton [2] - For PP, the current price ranges in the East China, North China, and South China markets were 8300 - 8600 yuan/ton, 8300 - 8600 yuan/ton, and 8600 - 8800 yuan/ton respectively, compared to previous ranges of 7800 - 8150 yuan/ton, 7800 - 8200 yuan/ton, and 7950 - 8500 yuan/ton [2] Group 5: Market News - On Thursday (March 12), the settlement price of West Texas Intermediate (WTI) crude oil futures for April 2026 on the New York Mercantile Exchange was $95.73 per barrel, up $8.48 or 9.72% from the previous trading day, with a trading range of $88.61 - $97.19. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $100.46 per barrel, up $8.48 or 9.22% from the previous trading day, with a trading range of $95.20 - $101.80 [2]