20260317申万期货品种策略日报-聚烯烃（LL&PP）-20260317

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - On Monday, polyolefins closed up but dropped significantly in the night session. From a fundamental perspective, the increasing tension in the Middle East led to a slight rebound in international crude oil prices, which has a positive impact on chemicals. The market sentiment is highly enthusiastic, and currently, the macro - environment has a significant impact on chemicals with fluctuating sentiment. It is necessary to pay attention to the actual operation of production facilities in the future and treat the polyolefin market rationally [2] Group 3: Summary of Each Section Futures Market - LL (Linear Low - Density Polyethylene) Futures: The previous day's closing prices for January, May, and September contracts were 8160, 8677, and 8372 respectively, with price increases of 294, 261, and 227 and percentage increases of 3.74%, 3.10%, and 2.79% respectively. The trading volumes were 4099, 983305, and 283990, and the open interests were 3176, 344947, and 154201, with changes of 1018, 2424, and 9343 respectively. The current spreads of January - May, May - September, and September - January were - 517, 305, and 212 respectively [2] - PP (Polypropylene) Futures: The previous day's closing prices for January, May, and September contracts were 7870, 8857, and 8306 respectively, with price increases of 224, 254, and 238 and percentage increases of 2.93%, 2.95%, and 2.95% respectively. The trading volumes were 5222, 1179294, and 267988, and the open interests were 14244, 415782, and 171794, with changes of 1300, - 4918, and - 2676 respectively. The current spreads of January - May, May - September, and September - January were - 987, 551, and 436 respectively [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 2837 yuan/ton, 8025 yuan/ton, 980 dollars/ton, 5600 yuan/ton, 8590 yuan/ton, and 8100 yuan/ton respectively [2] - Mid - stream Products: For LL, the current price ranges in the East China, North China, and South China markets were 8450 - 9200 yuan/ton, 8400 - 9100 yuan/ton, and 8700 - 9100 yuan/ton respectively. For PP, the current price ranges in the East China, North China, and South China markets were 8600 - 8750 yuan/ton, 8550 - 8750 yuan/ton, and 8600 - 8900 yuan/ton respectively [2] News - On Monday (March 16), the settlement price of West Texas Intermediate crude oil futures for April 2026 on the New York Mercantile Exchange was $93.5 per barrel, down $5.21 or 5.28% from the previous trading day, with a trading range of $92.93 - $102.44. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $100.21 per barrel, down $2.93 or 2.84% from the previous trading day, with a trading range of $99.54 - $106.5 [2]