聚烯烃（LL&PP）：20260326申万期货品种策略日报-20260326

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - On Wednesday, polyolefins mainly declined. Sinopec and PetroChina lowered the prices of linear LL and drawn PP. Fundamentally, the market situation changed, and oil prices weakened. The macro - impact on the chemical industry in the market is fluctuating. In the future, attention should be paid to the actual operation of production facilities and the support of demand at lower levels [2] Group 3: Summary According to Related Catalogs Futures Market - Price and Change: For linear LL, the previous day's closing prices for January, May, and September contracts were 8273, 8715, and 8568 respectively, with price drops of - 170, - 203, and - 168 and percentage drops of - 2.01%, - 2.28%, and - 1.92% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 8206, 8975, and 8592 respectively, with price drops of - 188, - 139, and - 188 and percentage drops of - 2.24%, - 1.53%, and - 2.14% respectively [2] - Trading Volume and Open Interest: The trading volumes of linear LL for January, May, and September contracts were 13742, 1057929, and 325709 respectively, and the open interests were 11517, 319820, and 160509 respectively, with open - interest increases of 1749, 4893, and 3554 respectively. For PP, the trading volumes for January, May, and September contracts were 6404, 1186296, and 345779 respectively, and the open interests were 19023, 339198, and 182089 respectively, with open - interest changes of 434, - 360, and 12164 respectively [2] - Price Spreads: For linear LL, the current price spreads of January - May, May - September, and September - January were - 442, 147, and 295 respectively, compared with previous values of - 475, 182, and 293. For PP, the current price spreads of January - May, May - September, and September - January were - 769, 383, and 386 respectively, compared with previous values of - 720, 334, and 386 [2] Spot Market - Raw Materials: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder materials, and mulch film were 3092 yuan/ton, 8985 yuan/ton, 980 dollars/ton, 5600 yuan/ton, 8740 yuan/ton, and 9600 yuan/ton respectively, compared with previous values of 3136 yuan/ton, 9030 yuan/ton, 1080 dollars/ton, 5600 yuan/ton, 9160 yuan/ton, and 9600 yuan/ton [2] - Mid - stream: The current price ranges of linear LL in the East China, North China, and South China markets were 8350 - 9400 yuan/ton, 8300 - 9200 yuan/ton, and 8650 - 9550 yuan/ton respectively, compared with previous ranges of 8100 - 8250 yuan/ton, 8950 - 9800 yuan/ton, and 8800 - 9800 yuan/ton. The current price ranges of PP in the East China, North China, and South China markets were 8650 - 8800 yuan/ton, 8600 - 8800 yuan/ton, and 8700 - 9200 yuan/ton respectively, compared with previous ranges of 9150 - 9750 yuan/ton, 9000 - 9300 yuan/ton, and 9200 - 9600 yuan/ton [2] News - On Wednesday (March 25), the settlement price of West Texas Intermediate crude oil futures for May 2026 on the New York Mercantile Exchange was $90.32 per barrel, down $2.03 or 2.20% from the previous trading day, with a trading range of $86.46 - $91.73. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $102.22 per barrel, down $2.27 or 2.17% from the previous trading day, with a trading range of $97.15 - $103.37 [2]