申万期货品种策略日报：聚烯烃（LL、PP）-20260401

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - On Tuesday, polyolefins closed in the red. For linear LL and拉丝PP, both Sinopec and PetroChina kept their prices stable. Fundamentally, the game in the Middle East has increased, and oil prices have turned volatile. This week, attention should be paid to the latest developments in the US - Israel - Iran conflict. Currently, the macro - environment has a repeated impact on the chemical industry during trading. In the future, the actual operating conditions of the plants should be monitored. As for the polyolefin market itself, attention should be paid to the support of demand at lower levels [2]. 3. Summary According to Relevant Catalogs Futures Market - LL Futures: The previous day's closing prices for January, May, and September contracts were 8107, 8614, and 8465 respectively, down 206, 190, and 219 from two days ago, with percentage drops of - 2.48%, - 2.16%, and - 2.52%. The trading volumes were 10981, 830040, and 347706, and the open interests were 17668, 299225, and 197249, with changes of 2434, - 24962, and 6979. The current spreads of January - May, May - September, and September - January were - 507, 149, and 358, compared to - 491, 120, and 371 previously [2]. - PP Futures: The previous day's closing prices for January, May, and September contracts were 8268, 9103, and 8737 respectively, down 191, 166, and 194 from two days ago, with percentage drops of - 2.26%, - 1.79%, and - 2.17%. The trading volumes were 9657, 912841, and 307687, and the open interests were 24235, 319551, and 212327, with changes of 2396, - 18026, and 1163. The current spreads of January - May, May - September, and September - January were - 835, 366, and 469, compared to - 810, 338, and 472 previously [2]. Raw Materials and 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 3235 yuan/ton, 8750 yuan/ton, 1111 US dollars/ton, 5600 yuan/ton, 8930 yuan/ton, and 9000 yuan/ton respectively, compared to 3314 yuan/ton, 8770 yuan/ton, 1070 US dollars/ton, 5600 yuan/ton, 9160 yuan/ton, and 9000 yuan/ton previously [2]. - Spot Market: The current prices of LL in the East China, North China, and South China markets were 8650 - 9700 yuan/ton, 8550 - 9700 yuan/ton, and 8750 - 9600 yuan/ton respectively, compared to 8850 - 9700 yuan/ton, 8700 - 9800 (also 8100 - 8250), and 9000 - 9700 yuan/ton previously. The current prices of PP in the East China, North China, and South China markets were 8900 - 9200 yuan/ton, 8950 - 9150 yuan/ton, and 9100 - 9600 yuan/ton respectively, compared to 9150 - 9400 yuan/ton, 9150 - 9300 yuan/ton, and 9500 - 9650 yuan/ton previously [2]. News - On Tuesday (March 31), the settlement price of West Texas Intermediate crude oil futures for May 2026 on the New York Mercantile Exchange was $101.38 per barrel, down $1.50 or 1.46% from the previous trading day, with a trading range of $99.62 - $106.86. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $118.35 per barrel, up $5.57 or 4.94% from the previous trading day, with a trading range of $111.35 - $119.24 [2].