Report Industry Investment Rating - No information provided Core View of the Report - Internationally, ICE cotton futures prices are rising with short - term volatility. Domestically, cotton is in a de - stocking state, supply is tight before the new cotton is on the market, and spot prices and basis are firm. On the demand side, it's the off - season for textile consumption, spinning mills have no profit, the overall operating rate is declining, and raw material purchases are mainly for rigid demand, hoping for demand improvement in the "Golden September and Silver October". In 2025, China's cotton planting area has increased, and attention should be paid to the impact of weather on new crops. Overall, tight supply of old crops supports price fluctuations, but expected increase in new crop output and weak downstream demand limit the upside. The market is expected to maintain a high - level volatile trend, and it is recommended to wait and see [2] Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price is 14,055 yuan/ton, down 45 yuan; cotton yarn main contract closing price is 20,065 yuan/ton, down 80 yuan. - Cotton futures top 20 net positions are - 47,867 lots, an increase of 11,592 lots; cotton yarn futures top 20 net positions are - 266 lots, an increase of 194 lots. - Cotton main contract open interest is 478,466 lots, down 10,082 lots; cotton yarn main contract open interest is 22,149 lots, an increase of 235 lots. - Cotton warehouse receipts are 7,455 lots, down 141 lots; cotton yarn warehouse receipts are 69 lots, unchanged [2] 现货市场 - China Cotton Price Index (CCIndex:3128B) is 15,240 yuan/ton, down 3 yuan; China Yarn Price Index for pure - cotton carded yarn 32s is 20,700 yuan/ton, unchanged. - China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,593 yuan/ton, up 52 yuan; China Imported Cotton Price Index (FCIndexM: sliding - duty) is 14,349 yuan/ton, up 29 yuan. - Arrival price of imported cotton yarn price index for pure - cotton carded yarn 32s is 22,045 yuan/ton, down 88 yuan; for pure - cotton combed yarn 32s is 23,923 yuan/ton, down 89 yuan [2] Upstream Situation - National cotton sown area is 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; national cotton output is 6.16 million tons, an increase of 540,000 tons [2] Industry Situation - Cotton - yarn price difference is 5,460 yuan/ton, up 3 yuan; national industrial inventory of cotton is 857,000 tons, an increase of 7,000 tons. - Monthly import volume of cotton is 50,000 tons, an increase of 20,000 tons; monthly import volume of cotton yarn is 110,000 tons, unchanged. - Imported cotton profit is 894 yuan/ton, down 20 yuan; national commercial inventory of cotton is 2.1898 million tons, down 640,000 tons [2] Downstream Situation - Yarn inventory days are 27.67 days, down 0.69 days;坯布 inventory days are 36.14 days, down 1.1 days. - Monthly cloth output is 2.7 billion meters, down 79 million meters; monthly yarn output is 2.065 million tons, an increase of 114,000 tons. - Monthly export value of clothing and clothing accessories is 1.5161759 billion US dollars, down 10.4955 million US dollars; monthly export value of textile yarns, fabrics and products is 1.1604009 billion US dollars, down 44.4198 million US dollars [2] Option Market - Implied volatility of at - the - money cotton call options is 10.44%, down 0.4%; implied volatility of at - the - money cotton put options is 10.46%, down 0.36%. - 20 - day historical volatility of cotton is 7.57%, up 0.17%; 60 - day historical volatility of cotton is 5.68%, up 0.02% [2] Industry News - India has suspended the 11% import tariff on cotton until September 30. On Tuesday, the ICE December cotton contract closed down 0.46%. On Wednesday, the cotton 2601 contract closed down 0.5%, and the cotton yarn 2511 contract closed down 0.45% [2]

吴建武介绍说，河南省委、省政府大力支持郑商所创新发展、优势再造，加快聚集金融与产业资源，重点培育期货经营机 构，积极引导实体企业深化期货现货联动，吸引和锻造高素质期货人才队伍，努力推动一流期货交易所建设。 吴建武表示，历经30多年精耕细作，在多方共同努力下，期货市场从无到有、从小到大，实现了跨越式发展，郑商所市场 规模稳步提升，郑州价格国际影响力不断增强，正在逐步成为全球重要的期货交易中心、定价中心和风险管理中心。 （编辑 郭之宸） 本报讯 （记者王宁）8月20日，在2025中国（郑州）国际期货论坛上，河南省委金融办分管日常工作的副主任吴建武表 示，期货市场是现代金融体系的重要组成部分，河南是新中国期货市场的发源地，河南省委、省政府高度重视期货市场建设， 出台了一系列政策措施，持续推动期货市场高质量发展。 ...

Group 1 - The core viewpoint emphasizes the increasing importance of the futures market as a professional risk management platform amid profound adjustments in the international economic order and rising uncertainties in the global economy [1] - The futures market's service capabilities have been continuously enhanced, with a rich variety of products and tools introduced, including new futures contracts for polysilicon, casting aluminum alloy, pure benzene, and propylene, bringing the total number of listed commodity futures and options to 131 [1] - The participation of industrial clients in the futures market has significantly increased, with a year-on-year growth of 12.2% in average daily trading volume for industrial clients in 2024, and the total position of industrial clients in 48 major products equivalent to over 200 million tons in the spot market [1] Group 2 - The influence of futures prices has been continuously rising, with domestic application scenarios expanding, and various forms such as hedging, arbitrage, and rights trading being widely adopted [2] - The futures market is increasingly integrated into the national development agenda, supporting rural revitalization and ensuring food security through innovative models like "insurance + futures," while also serving the high-quality development of the manufacturing industry [2] - Among the listed commodity futures and options, 84 are industrial products, accounting for 64%, providing solid support for market participants in stabilizing operations and enhancing supply chain security amid increasing uncertainties [2]

1. Report Industry Investment Rating - The investment rating for both the pig and egg sectors is cautiously bearish [3][5] 2. Core Views - For the pig market, future supply - side pressure will persist, and if consumer demand recovers, the supply - side slaughter volume will increase accordingly. From the breeding sow data, the supply is expected to remain high until March next year. The price support lies in the fourth - quarter consumption and secondary fattening, and if the frozen product volume increases significantly, the price may drop to near the cost price [2] - For the egg market, it has entered the pre - Mid - Autumn Festival stocking period. Although the egg storage is difficult recently due to weather issues and traders are cautious in purchasing, overall demand is increasing. The spot price is expected to fluctuate upward this week, but attention should be paid to the impact of cold - storage egg outflows on the spot market [4] 3. Summary by Relevant Catalogs Pig Section Market News and Important Data - Futures: The closing price of the live pig 2509 contract yesterday was 13,900 yuan/ton, a change of +80 yuan/ton from the previous trading day, with a change rate of +0.58% [1] - Spot: In Henan, the price of external ternary live pigs was 13.63 yuan/kg, a change of +0.04 yuan/kg; in Jiangsu, it was 13.82 yuan/kg, a change of +0.07 yuan/kg; in Sichuan, it was 13.44 yuan/kg, with no change. The spot basis for Henan was LH09 - 270, a change of - 40; for Jiangsu, it was LH09 - 80, a change of - 10; for Sichuan, it was LH09 - 460, a change of - 80 [1] - Agricultural product prices: On August 19, the "Agricultural Product Wholesale Price 200 Index" was 115.33, up 0.09 points from the previous day. The "Vegetable Basket" product wholesale price index was 115.70, up 0.11 points. The average wholesale price of pork was 20.21 yuan/kg, unchanged; beef was 64.76 yuan/kg, down 0.2%; mutton was 59.72 yuan/kg, down 0.7%; eggs were 7.73 yuan/kg, up 1.8%; and white - striped chickens were 17.42 yuan/kg, down 0.5% [1] Market Analysis - The future supply - side pressure will continue. Based on the breeding sow data, the supply until next March will remain high. The price support comes from fourth - quarter consumption and secondary fattening, and a significant increase in frozen products may push the price down to near the cost [2] Strategy - Cautiously bearish [3] Egg Section Market News and Important Data - Futures: The closing price of the egg 2509 contract yesterday was 3065 yuan/500 kg, a change of - 48 yuan from the previous trading day, with a change rate of - 1.54% [3] - Spot: In Liaoning, the egg spot price was 3.24 yuan/jin, with no change; in Shandong, it was 3.25 yuan/jin, with no change; in Hebei, it was 2.64 yuan/jin, a change of - 0.05 yuan. The spot basis for Liaoning was JD09 + 175, a change of +48; for Shandong, it was JD09 + 185, a change of +48; for Hebei, it was JD09 - 425, a change of - 2 [3] - Inventory: On August 19, the national production - link inventory was 0.74 days, an increase of 0.09 days from the previous day, with an increase rate of 13.85%. The circulation - link inventory was 1.1 days, an increase of 0.10 days, with an increase rate of 10.00% [3] Market Analysis - It has entered the pre - Mid - Autumn Festival stocking period. Some food companies and schools are stocking up, and tourism and catering consumption are strong. Although the egg storage is difficult due to weather and traders are cautious, overall demand is increasing. The spot price is expected to fluctuate upward this week, but attention should be paid to the impact of cold - storage egg outflows [4] Strategy - Cautiously bearish [5]

Report Industry Investment Rating - Unilateral: Neutral; no specific ratings for inter - period and cross - variety [3] Core Viewpoints - Propylene prices are expected to fluctuate weakly in the short term due to ample supply, insufficient downstream demand, and weak cost support. However, prices may be supported after late August due to potential supply - side maintenance and downstream demand restocking [3] Summary by Directory 1. Propylene Basis Structure - This section includes charts of the closing price of the propylene main contract, the East China basis of propylene, the North China basis of propylene, the 01 - 05 contract of propylene, the East China market price of propylene, and the Shandong market price of propylene [7][10][12] 2. Propylene Production Profit and Operating Rate - It involves charts of the difference between China's CFR propylene and Japan's CFR naphtha, propylene capacity utilization rate, PDH production gross profit of propylene, PDH capacity utilization rate of propylene, MTO production gross profit of propylene, methanol - to - olefins capacity utilization rate, naphtha cracking production gross profit of propylene, and the capacity utilization rate of the main crude oil refinery [16][25][27] 3. Propylene Import and Export Profit - This part has charts of the difference between South Korea's FOB and China's CFR, the difference between Japan's CFR and China's CFR, the difference between Southeast Asia's CFR and China's CFR, and propylene import profit [34][38] 4. Propylene Downstream Profit and Operating Rate - It includes charts of the production profit and operating rate of PP powder, the production profit and operating rate of propylene oxide, the production profit and capacity utilization rate of n - butanol, the production profit and capacity utilization rate of octanol, the production profit and capacity utilization rate of acrylic acid, the production profit and capacity utilization rate of acrylonitrile, and the production profit and capacity utilization rate of phenol - acetone [41][43][46] 5. Propylene Inventory - This section contains charts of propylene in - plant inventory and PP powder in - plant inventory [68]

Report Investment Ratings No investment ratings for the industries are provided in the reports. Core Views - **Urea**: The current core driver of the futures market is the strong expectation of the substantial relaxation of export policies, which has been realized. China may resume urea exports to India, opening up an incremental market window. The policy window requires concentrated exports by the end of September, which coincides with the domestic autumn storage period, creating a demand resonance. The overall market is expected to oscillate strongly in the short term [1]. - **Polyester Industry Chain**: For PX, domestic supply is expected to increase as some maintenance devices gradually restart, and the absolute price rebound space is limited. PTA's short - term basis is supported, but the upward space is limited. For ethylene glycol, the supply and demand are expected to be balanced with minor fluctuations in August. Short - fiber supply and demand both increase slightly, and prices are expected to oscillate within a certain range. Bottle - chip prices follow the cost end, and the processing fee space depends on demand [4]. - **Methanol**: The port inventory is at a relatively high level year - on - year due to high imports in August. The demand is differentiated, with the traditional sector remaining weak and MTO profits recovering. The 09 contract is facing significant inventory accumulation, while the 01 contract is supported by seasonal peak season and gas - limit expectations [11]. - **Chlor - alkali Industry**: For caustic soda, the market sentiment is weakening, and the supply is expected to increase. For PVC, the supply - demand pressure remains high due to new capacity release and weak demand [20]. - **Polyolefin**: In the static view, the supply and demand of PP/PE both increase, inventory is being destocked, and the basis is weak. Strategically, the market is expected to oscillate in the short term [23]. - **Pure Benzene - Styrene**: For pure benzene, the supply is expected to improve in the third quarter, and short - term prices are supported, but it is under pressure in the medium - term. For styrene, the supply is high, but there are maintenance expectations as profits are compressed, and the downstream load is rising [32]. - **Crude Oil**: Overnight oil prices were weak, mainly driven by geopolitical expectations. In the short term, oil prices are expected to continue to oscillate weakly, and it is recommended to expand the spread between October - November/December contracts [35]. Summaries by Catalog Urea - **Futures Prices**: On August 19, the 01 contract closed at 1817 yuan/ton, up 3.59% from the previous day; the 05 contract closed at 1839 yuan/ton; the 09 contract closed at 1783 yuan/ton. The main methanol contract closed at 2391 yuan/ton, down 0.21% [1]. - **Futures Spreads**: The spread between the 01 and 05 contracts was - 36 yuan/ton, up 38.89%; the spread between the 05 and 09 contracts was 56 yuan/ton, down 5.08% [1]. - **Positions**: The long positions of the top 20 increased by 12.03%, and the short positions of the top 20 increased by 16.18% [1]. - **Upstream Raw Materials**: The prices of anthracite small pieces and动力煤坑口 remained unchanged, while the price of动力煤港口 decreased by 0.47% [1]. - **Spot Prices**: The spot prices of small - particle urea in various regions remained unchanged [1]. - **Downstream Products**: The price of melamine in Shandong increased by 0.60%, while the prices of compound fertilizers remained stable [1]. - **Supply - Demand**: The daily domestic urea production was 19.12 million tons, down 0.78%; the weekly production was 132.85 million tons, up 1.51% [1]. Polyester Industry Chain - **Upstream Prices**: Brent crude oil (October) was at $65.79/barrel, down 1.2%; WTI crude oil (September) was at $62.35/barrel, down 1.7% [4]. - **PX - Related**: CFR China PX was at $835/ton, up 0.2%. The PX basis (11) decreased by 44.1% [4]. - **PTA - Related**: The PTA East China spot price was 4690 yuan/ton, up 0.4%. The PTA basis (01) increased by 42.1% [4]. - **MEG - Related**: The MEG East China spot price was 4458 yuan/ton, up 0.4%. The MEG basis (09) decreased by 30.6% [4]. - **Downstream Products**: The prices of POY150/48, FDY150/96, and other polyester products showed different changes, and the cash - flows and processing fees also varied [4]. - **Inventory and开工率**: MEG port inventory was 54.1 million tons, and the polyester industry chain's various开工 rates showed different trends [4]. Methanol - **Prices and Spreads**: On August 19, the MA2601 contract closed at 2391 yuan/ton, down 0.21%. The太仓基差 was - 5 yuan/ton, down 171.43% [8]. - **Inventory**: The methanol enterprise inventory was 29.5573 million tons, up 0.64%; the port inventory was 102.2 million tons, up 10.41% [10]. - **开工率**: The upstream domestic enterprise开工率 was 72.63%, down 0.74%; the downstream外采MTO装置开工率 was 76.92%, up 0.68% [11]. Chlor - alkali Industry - **Prices**: The price of Shandong 32% caustic soda remained unchanged, while the price of Shandong 50% caustic soda increased by 0.8%. The price of East China PVC decreased [14]. - **开工率**: The caustic soda industry开工率 was 87.3%, down 2.0%; the PVC总开工率 was 78.8%, up 1.4% [17]. - **Profits**: The外采电石法PVC利润 was - 562 yuan/ton, down 3.7%; the西北一体化利润 was 278.8 yuan/ton, down 5.1% [17]. - **Demand**: The开工 rates of caustic soda's downstream industries such as alumina and viscose staple fiber increased slightly, while PVC's downstream product开工 rates showed different trends [18][19]. - **Inventory**: The caustic soda inventory in East China factories and Shandong increased, while the PVC upstream factory inventory decreased slightly [20]. Polyolefin - **Prices**: The L2601 contract closed at 7307 yuan/ton, down 0.37%; the PP2601 contract closed at 7016 yuan/ton, down 0.45% [23]. - **Inventory**: PE enterprise inventory was 44.5 million tons, down 13.76%; PP贸易商库存 was 18.0 million tons, down 4.06% [23]. - **开工率**: The PE装置开工率 was 77.8%, down 2.10%; the PP装置开工率 was 76.6%, down 1.1% [23]. Pure Benzene - Styrene - **Upstream Prices**: Brent crude oil (October) was at $65.79/barrel, down 1.2%; CFR China pure benzene was at $747/ton, unchanged [29]. - **Benzene - Styrene Prices**: The East China spot price of styrene was 7280 yuan/ton, down 0.1% [29]. - **Inventory**: The pure benzene inventory in Jiangsu ports was 14.40 million tons, down 1.4%; the styrene inventory in Jiangsu ports was 16.15 million tons, up 8.5% [31]. - **开工率**: The Asian pure benzene开工率 was 75.7%, down 0.4%; the styrene开工率 was 78.2%, up 0.6% [32]. Crude Oil - **Prices**: Brent crude oil was at $65.79/barrel, down 1.2%; WTI crude oil was at $62.60/barrel, up 0.4% [35]. - **Spreads**: Brent M1 - M3 was at $0.88, down 14%; WTI M1 - M3 was at $0.92, up 4.5% [35]. - **Refined Oil**: The prices of NYM RBOB, NYM ULSD, and ICE Gasoil showed different changes, and the cracking spreads also varied [35].

农产品日报 | 2025-08-20 苹果库内交易一般，红枣等外价格上涨 苹果观点 市场要闻与重要数据 期货方面，昨日收盘苹果2510合约8150元/吨，较前一日变动-80元/吨，幅度-0.97%。现货方面，山东栖霞80# 一二 级晚富士价格3.80元/斤，较前一日变动+0.00元/斤，现货基差AP10-550，较前一日变动+80；陕西洛川70# 以上半 商品晚富士价格4.50元/斤，较前一日变动+0.00元/斤，现货基差AP10+850，较前一日变动+80。 近期市场资讯，早熟苹果上量继续增加，陕北早熟纸袋嘎啦陆续上市交易，早熟嘎啦整体质量分化明显，果个不 均、上色不佳，价格随之亦显两极分化。山东产区鲁丽、金都红、奶油华硕有序交易，整体量不大，客商采购积 极性尚可。苹果库存富士行情维持稳淡，山东产区客商拿货积极性一般，成交氛围不旺，客商多压价收购，85#果 压价明显。销区市场需求不佳，应季水果冲击仍较明显。陕西渭南合阳纸袋嘎啦70#起步一般货参考价3.0-3.2元/ 斤附近，上色不好的货源价格2.2-2.5元/斤，实际以质论价。山东库存果成交氛围不旺，客商多压价收购，低价片 红货源走货为主，大果需求较差。山 ...

1. Report Industry Investment Rating - The investment strategy for soybeans and peanuts is neutral [3] 2. Core View of the Report - Weather speculation has eased and demand is weak, putting pressure on soybeans and peanuts. The domestic soybean market has a weak fundamental situation, with ongoing soybean auctions, favorable weather for growth, and weak demand. The relationship between domestic and imported soybeans is strengthening. For peanuts, the market is in a transition phase, with weak downstream demand. As new peanuts are increasingly available, prices may face pressure [1][2][4] 3. Summary by Related Catalogs Soybean View Market Analysis - Futures: The closing price of the soybeans 2511 contract yesterday was 4,046.00 yuan/ton, a change of +2.00 yuan/ton from the previous day, an increase of +0.05%. Spot: The edible soybean spot basis was A11 + 214, a change of -42 from the previous day, a decrease of 32.14%. In the Northeast market, soybean prices were stable yesterday, and state reserve auctions had light trading [1] - Yesterday, soybeans futures fluctuated. Last week, influenced by surrounding varieties, the fluctuation range increased. The preliminary anti - dumping ruling on rapeseed also provided some support. However, due to weak fundamentals, the government is conducting soybean auctions, the weather is favorable for soybean growth, and demand is weak. The relationship between domestic and imported soybeans is strengthening, and their linkage is obvious. Short - term attention should be paid to weather changes and policy adjustments [2] Peanut View Market Analysis - Futures: The closing price of the peanuts 2510 contract yesterday was 7,828.00 yuan/ton, a change of +18.00 yuan/ton from the previous day, an increase of +0.23%. Spot: The average spot price of peanuts was 8,260.00 yuan/ton, with no change from the previous day. The spot basis was PK10 + 272.00, a change of -118.00 from the previous day, a decrease of -30.26%. The average price of domestic peanut kernels was 4.13 yuan/jin, a decrease of 0.07 yuan/jin. Some producing areas are in the new - old peanut transition phase, with the price of old peanuts weakening and new peanuts being relatively firm [3] - Yesterday, peanut futures had a narrow - range fluctuation. The market is in a transition phase where new peanuts are gradually increasing in supply and old peanuts are winding down. Demand is weak, and traders are mainly consuming existing inventories. As the area of new peanut listings expands, peanut prices may face pressure. Attention should be paid to production and weather conditions [4]

Report Investment Rating - No investment rating information provided in the report Core Viewpoints - The supply of lithium carbonate is expected to tighten, and downstream procurement demand has increased during the peak demand season, so the spot price of lithium carbonate is expected to continue to rise, and the price center will move up in the short term [1] - Affected by the disturbance of the mining end, lithium carbonate is expected to run strongly, but the short - term market fluctuates greatly and is easily affected by capital sentiment and news [3] Market Analysis - On August 19, 2025, the lithium carbonate main contract 2511 opened at 89,500 yuan/ton and closed at 87,540 yuan/ton, with a change of - 1.79% compared to the previous trading day's settlement price. The trading volume was 734,929 lots, and the open interest was 414,097 lots, compared with 421,106 lots in the previous trading day. The current basis was - 2,220 yuan/ton (average price of electric carbon - futures). The lithium carbonate warehouse receipts were 23,615 lots, a change of 60 lots from the previous trading day [1] - According to SMM data, the price of battery - grade lithium carbonate was quoted at 84,300 - 87,100 yuan/ton, a change of 1,100 yuan/ton from the previous trading day, and the price of industrial - grade lithium carbonate was quoted at 82,700 - 84,100 yuan/ton, also a change of 1,100 yuan/ton from the previous trading day. The price of 6% lithium concentrate was 1,040 US dollars/ton, a change of 5 US dollars/ton from the previous day [1] - Due to the decline in futures prices, downstream purchasing and price - setting behaviors increased significantly, pushing up the spot price of lithium carbonate [1] Company News - Jiangte Motor's wholly - owned subsidiary, Yichun Yinli New Energy Co., Ltd., which had previously stopped production for equipment maintenance, will resume production soon [2] Strategy - Unilateral: Short - term investors can buy on dips for hedging - No strategies provided for inter - delivery, cross - variety, spot - futures, and options trading [3]

Report Investment Rating - Unilateral: Neutral; Inter - term: 09 - 01 reverse spread; Cross - variety: None [3] Core View - The polyolefin market has weak support due to slow demand follow - up. Macro factors offer no positive boost, causing the polyolefin futures to decline slightly. Supply pressure persists as previously shut - down plants restart. Although the postponed commissioning of the 90 - million - ton/year PP plant at Daxie Petrochemical eases short - term supply pressure, long - term new capacity pressure is significant. Cost support is weak as international oil prices are weak and propane prices are stable. The demand side is in the transition between peak and off - peak seasons, with slow improvement in terminal operations, providing limited market support [2] Summary by Directory 1. Polyolefin Basis Structure - The L main contract closed at 7307 yuan/ton (- 27), and the PP main contract closed at 7016 yuan/ton (- 32). LL North China spot was 7220 yuan/ton (- 30), LL East China spot was 7300 yuan/ton (+ 0), and PP East China spot was 7000 yuan/ton (+ 0). LL North China basis was - 87 yuan/ton (- 3), LL East China basis was - 7 yuan/ton (+ 27), and PP East China basis was - 16 yuan/ton (+ 32) [1] 2. Production Profit and Operating Rate - PE operating rate was 84.2% (+ 0.1%), and PP operating rate was 77.9% (+ 0.6%). PE oil - based production profit was 396.5 yuan/ton (- 55.1), PP oil - based production profit was - 143.5 yuan/ton (- 55.1), and PDH - based PP production profit was 171.6 yuan/ton (- 18.4) [1] 3. Polyolefin Non - standard Price Difference - No specific data in the given text 4. Polyolefin Import and Export Profit - LL import profit was - 111.4 yuan/ton (+ 3.6), PP import profit was - 497.8 yuan/ton (- 36.4), and PP export profit was 34.6 US dollars/ton (+ 4.5) [1] 5. Polyolefin Downstream Operating Rate and Downstream Profit - PE downstream agricultural film operating rate was 13.8% (+ 0.8%), PE downstream packaging film operating rate was 49.1% (- 0.2%), PP downstream plastic weaving operating rate was 41.4% (+ 0.3%), and PP downstream BOPP film operating rate was 61.1% (+ 0.3%) [1] 6. Polyolefin Inventory - No specific data in the given text, but it is mentioned that upstream and mid - stream inventories are rising and inventory pressure is high [2]