申万期货品种策略日报：聚烯烃（LL、PP）-20260331

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report Core View - On Monday, polyolefins opened higher and then declined. For linear LL, Sinopec kept prices stable, and some prices of PetroChina remained stable. For拉丝PP, both Sinopec and PetroChina kept prices stable. From a fundamental perspective, the game in the Middle East has increased, and oil prices have turned volatile. This week, attention should be paid to the latest developments of the US - Israel - Iran conflict. Currently, the macro - environment has a repeated impact on the chemical industry during trading. In the future, attention should be paid to the actual start - up situation of the plants. At this stage of the polyolefin market, attention should be paid to the support of demand at the lower level [2]. Group 3: Summary by Relevant Catalog Futures Market - Price and Change: For LL, the previous day's closing prices for January, May, and September contracts were 8313, 8804, and 8684 respectively, with price drops of - 103, - 64, and - 55 and percentage drops of - 1.22%, - 0.72%, and - 0.63% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 8459, 9269, and 8931 respectively, with price drops of - 77, - 44, and - 49 and percentage drops of - 0.90%, - 0.47%, and - 0.55% respectively [2]. - Volume and Position: For LL, the trading volumes for January, May, and September contracts were 9908, 890738, and 351294 respectively, and the positions were 15234, 324187, and 190270 respectively, with position changes of 1576, - 2555, and 2476 respectively. For PP, the trading volumes for January, May, and September contracts were 7273, 1032463, and 345405 respectively, and the positions were 21839, 337577, and 211164 respectively, with position changes of 1281, - 19730, and - 6088 respectively [2]. - Spread: For LL, the current spreads of January - May, May - September, and September - January were - 491, 120, and 371 respectively, compared with previous values of - 452, 129, and 323. For PP, the current spreads of January - May, May - September, and September - January were - 810, 338, and 472 respectively, compared with previous values of - 777, 333, and 444 [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 3314 yuan/ton, 8770 yuan/ton, 1070 dollars/ton, 5600 yuan/ton, 9160 yuan/ton, and 9600 yuan/ton respectively, compared with previous values of 3295 yuan/ton, 8300 yuan/ton, 1054 dollars/ton, 5600 yuan/ton, 8820 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 8850 - 9700 yuan/ton, 8700 - 9800 yuan/ton, and 9000 - 9700 yuan/ton respectively. For PP, the current price ranges in the East China, North China, and South China markets were 9150 - 9400 yuan/ton, 9150 - 9300 yuan/ton, and 9500 - 9650 yuan/ton respectively [2]. News - On Friday (March 27), the settlement price of West Texas Intermediate crude oil futures for May 2026 on the New York Mercantile Exchange was $99.64 per barrel, the highest since July 20, 2022, up $5.16 or 5.46% from the previous trading day, with a trading range of $92.08 - $101.24. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $112.57 per barrel, the highest since July 4, 2022, up $4.56 or 4.22% from the previous trading day, with a trading range of $105.09 - $114.88 [2].