20260325申万期货品种策略日报-聚烯烃（LL&PP）-20260325

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - On Tuesday, polyolefins opened significantly lower and closed with a negative candlestick. For linear LL, Sinopec kept prices stable while PetroChina raised some prices by 200. For drawn PP, both Sinopec and PetroChina kept prices stable. Fundamentally, the "taco" situation reappeared and oil prices plummeted. Currently, the macro - environment has a repeated impact on the chemical industry during trading. The future focus should be on the actual operation of plants and the support of demand at lower levels [2]. Group 3: Summary by Related Catalogs Futures Market - LL Futures: The previous day's closing prices for January, May, and September contracts were 8443, 8918, and 8736 respectively. Compared with two days ago, the price drops were - 275, - 605, and - 576, with percentage drops of - 3.15%, - 6.35%, and - 6.19%. The trading volumes were 10692, 1133666, and 368709, and the open interests were 9768, 314927, and 156955, with changes of 1460, - 58310, and - 10289. The spreads between January - May, May - September, and September - January were - 475, 182, and 293, compared with previous values of - 805, 211, and 594 [2]. - PP Futures: The previous day's closing prices for January, May, and September contracts were 8394, 9114, and 8780 respectively. Compared with two days ago, the price drops were - 193, - 679, and - 514, with percentage drops of - 2.25%, - 6.93%, and - 5.53%. The trading volumes were 11775, 1328839, and 372394, and the open interests were 18589, 339558, and 169925, with changes of 2245, - 59592, and - 21892. The spreads between January - May, May - September, and September - January were - 720, 334, and 386, compared with previous values of - 1206, 499, and 707 [2]. Spot Market - Raw Materials and Semi - finished Products: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 3136 yuan/ton, 9030 yuan/ton, 1080 dollars/ton, 5600 yuan/ton, 9160 yuan/ton, and 9600 yuan/ton respectively. The previous values were 3349 yuan/ton, 9075 yuan/ton, 1159 dollars/ton, 5600 yuan/ton, 9160 yuan/ton, and 9600 yuan/ton [2]. - Mid - stream: For LL, the current price ranges in the East China, North China, and South China markets were 8950 - 9800 yuan/ton, 8800 - 9800 yuan/ton, and 9150 - 9750 yuan/ton respectively. The previous price ranges were 8100 - 8250 yuan/ton, 8950 - 9700 yuan/ton, and 8800 - 9700 yuan/ton. For PP, the current price ranges in the East China, North China, and South China markets were 9000 - 9300 yuan/ton, 8900 - 9300 yuan/ton, and 9200 - 9600 yuan/ton respectively. The previous price ranges were 9150 - 9700 yuan/ton, 9150 - 9350 yuan/ton, and 9350 - 9600 yuan/ton [2]. News - On Tuesday (March 24), the settlement price of West Texas Intermediate crude oil futures for May 2026 on the New York Mercantile Exchange was $92.35 per barrel, up $4.22 from the previous trading day, a 4.79% increase, with a trading range of $86.34 - $93.36. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $104.49 per barrel, up $4.55 from the previous trading day, a 4.55% increase, with a trading range of $98.15 - $105.00 [2].