Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Before the Spring Festival, polyolefins mainly declined. From a fundamental perspective, the market is currently focused on the expectation of improved supply, and the influence of macro - factors on commodities has increased. In February, polyolefins clearly followed cost fluctuations. Given the current supply - demand situation, the potential volatility of costs is greater, making the market more concerned about the impact of cost fluctuations on the chemical industry. Looking forward to the post - festival market, the driving force of polyolefin spot is relatively limited, and the focus is on the gradual manifestation of post - Spring Festival resumption of work on the demand side. On the other hand, the market pays more attention to the driving rhythm of macro - factors. Under loose monetary conditions, the impact of changes in the Middle East situation on crude oil and chemical products tends to increase [2] Group 3: Summary of Related Catalogs Futures Market - **Prices**: For LL, the previous day's closing prices for January, May, and September contracts were 6720, 6644, and 6709 respectively, with price drops of - 80 (- 1.18%), - 90 (- 1.34%), and - 72 (- 1.06%) compared to the day before. For PP, the previous day's closing prices for January, May, and September contracts were 6581, 6568, and 6593 respectively, with price drops of - 64 (- 0.96%), - 80 (- 1.20%), and - 81 (- 1.21%) [2] - **Trading Volume**: The trading volumes of LL for January, May, and September contracts were 253, 311876, and 28087 respectively. For PP, the trading volumes for January, May, and September contracts were 489, 287737, and 26029 respectively [2] - **Open Interest**: The open interests of LL for January, May, and September contracts were 1236, 484194, and 67043 respectively, with changes of + 154, - 17121, and - 2589. For PP, the open interests for January, May, and September contracts were 2955, 454028, and 107908 respectively, with changes of + 282, - 25314, and - 2501 [2] - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January were 76, - 65, and - 11 respectively, compared to previous values of 66, - 47, and - 19. For PP, the current spreads of January - May, May - September, and September - January were 13, - 25, and 12 respectively, compared to previous values of - 3, - 26, and 29 [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 2191 yuan/ton, 6440 yuan/ton, 632 dollars/ton, 5600 yuan/ton, 6490 yuan/ton, and 8700 yuan/ton respectively. The previous prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2234 yuan/ton, 6440 yuan/ton, 632 dollars/ton, 5600 yuan/ton, 6480 yuan/ton, and 8700 yuan/ton respectively [2] - **Mid - stream**: For LL, the current prices in the East China, North China, and South China markets were 6600 - 7000 yuan/ton, 6500 - 6900 yuan/ton, and 6800 - 7050 yuan/ton respectively. For PP, the current prices in the East China, North China, and South China markets were 6500 - 6650 yuan/ton, 6450 - 6600 yuan/ton, and 6600 - 6800 yuan/ton respectively [2] News - Before the third round of nuclear negotiations between the US and a Middle Eastern country and due to increased economic uncertainty after the latest US tariffs, international oil prices eased but remained close to a six - month high. On Monday (February 23), the settlement price of West Texas Intermediate crude oil futures for April 2026 on the New York Mercantile Exchange was $66.31 per barrel, down $0.17 (0.26%) from the previous trading day, with a trading range of $65.38 - $67.28. The settlement price of Brent crude oil futures for April 2026 on the London Intercontinental Exchange was $71.49 per barrel, down $0.27 (0.38%) from the previous trading day, with a trading range of $70.69 - $72.50 [2]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Polyolefin futures showed a narrow - range consolidation. The prices of linear LL and拉丝PP from Sinopec and PetroChina remained stable. Fundamentally, the market focuses on the expectation of supply improvement, and the impact of macro factors on commodities has increased. In the short - term, polyolefins follow cost fluctuations. Currently, the driving force of polyolefin spot is relatively limited, and the market pays more attention to the driving rhythm of macro factors. With the long holiday approaching, positions need to be gradually controlled [2] Group 3: Summary by Relevant Catalogs Futures Market - **Prices**: For LL, the previous day's closing prices for January, May, and September contracts were 6854, 6787, and 6836 respectively, with price increases of 15, 12, and 10 and percentage increases of 0.22%, 0.18%, and 0.15% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 6681, 6693, and 6721 respectively, with price increases of 10, 5, and 14 and percentage increases of 0.15%, 0.07%, and 0.21% respectively [2] - **Trading Volume**: The trading volumes of LL for January, May, and September contracts were 340, 278339, and 19923 respectively. For PP, the trading volumes for January, May, and September contracts were 113, 246301, and 17871 respectively [2] - **Open Interest**: The open interests of LL for January, May, and September contracts were 1028, 503917, and 69430 respectively, with changes of 254, - 8697, and - 461 respectively. For PP, the open interests for January, May, and September contracts were 2685, 486837, and 111586 respectively, with changes of 12, - 1731, and - 1024 respectively [2] - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January were 67, - 49, and - 18 respectively, compared with previous values of 64, - 51, and - 13. For PP, the current spreads of January - May, May - September, and September - January were - 12, - 28, and 40 respectively, compared with previous values of - 17, - 19, and 36 [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 2250 yuan/ton, 6440 yuan/ton, 632 dollars/ton, 5600 yuan/ton, 6490 yuan/ton, and 8700 yuan/ton respectively, with some remaining the same as the previous values [2] - **Mid - stream**: The current price ranges of LL in the East China, North China, and South China markets were 6600 - 7000 yuan/ton, 6500 - 6900 yuan/ton, and 6800 - 7050 yuan/ton respectively. For PP, the price ranges in the East China, North China, and South China markets were 6500 - 6650 yuan/ton, 6450 - 6600 yuan/ton, and 6600 - 6800 yuan/ton respectively, with some remaining the same as the previous values [2] News - On Wednesday (February 11), the settlement price of West Texas Intermediate crude oil futures for March 2026 on the New York Mercantile Exchange was $64.63 per barrel, up $0.67 or 1.05% from the previous trading day, with a trading range of $64.15 - $65.83. The settlement price of Brent crude oil futures for April 2026 on the London Intercontinental Exchange was $69.40 per barrel, up $0.60 or 0.87% from the previous trading day, with a trading range of $69 - $70.72 [2]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - Polyolefin futures rebounded slightly. From a fundamental perspective, the market currently focuses on the expectation of supply improvement, and the impact of macro factors on commodities has increased. In the short term, polyolefins fluctuate with costs. Overall, the current spot drivers for polyolefins are relatively limited, and the market pays more attention to the driving rhythm of macro factors. With the long holiday approaching, positions need to be gradually controlled [2] Group 3: Summary by Related Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 6839, 6775, and 6826 respectively, with increases of 51, 54, and 49, and percentage increases of 0.75%, 0.80%, and 0.72% respectively. The trading volumes were 70, 282260, and 21211, and the open interests were 774, 512614, and 69891, with changes of 35, -5995, and -1078 respectively [2] - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6671, 6688, and 6707 respectively, with increases of 43, 58, and 46, and percentage increases of 0.65%, 0.87%, and 0.69% respectively. The trading volumes were 134, 257385, and 20657, and the open interests were 2673, 488568, and 112610, with changes of -7, -1773, and 1575 respectively [2] - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January were 64, -51, and -13 respectively, compared to previous values of 67, -56, and -11. For PP, the current spreads were -17, -19, and 36, compared to previous values of -2, -31, and 33 [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 2244 yuan/ton, 6440 yuan/ton, 632 US dollars/ton, 5600 yuan/ton, 6490 yuan/ton, and 8700 yuan/ton respectively. The previous values were 2234 yuan/ton, 6440 yuan/ton, 627 US dollars/ton, 5600 yuan/ton, 6480 yuan/ton, and 8700 yuan/ton [2] - **Midstream and Products**: The current price ranges in the East China, North China, and South China markets for LL were 6600 - 7000 yuan/ton, 6600 - 6900 yuan/ton, and 6800 - 7100 yuan/ton respectively, compared to previous ranges of 6650 - 7100 yuan/ton, 6600 - 6900 yuan/ton, and 6800 - 7150 yuan/ton. For PP, the current price ranges were 6500 - 6650 yuan/ton, 6450 - 6600 yuan/ton, and 6600 - 6800 yuan/ton, compared to previous ranges of 6550 - 6650 yuan/ton, 6500 - 6600 yuan/ton, and 6650 - 6850 yuan/ton [2] News - On Tuesday (February 10), the settlement price of West Texas Intermediate crude oil futures for March 2026 on the New York Mercantile Exchange was $63.96 per barrel, down $0.40 or 0.62% from the previous trading day, with a trading range of $63.65 - $64.71. The settlement price of Brent crude oil futures for April 2026 on the London Intercontinental Exchange was $68.8 per barrel, down $0.24 or 0.35% from the previous trading day, with a trading range of $68.44 - $69.49 [2]

Group 1 - The report is about the futures of polyolefins (LL&PP), including their performance in the futures and spot markets, raw material information, and market comments and strategies [1][2] Group 2 - Futures market: For LL, the previous day's closing prices for January, May, and September contracts were 6866, 6812, and 6864 respectively, with price increases of 16, 35, and 36 and percentage increases of 0.23%, 0.52%, and 0.53%. For PP, the previous day's closing prices for January, May, and September contracts were 6686, 6691, and 6723 respectively, with price increases of 25, 15, and 13 and percentage increases of 0.38%, 0.22%, and 0.19%. The trading volumes and open - interest changes are also provided [2] Group 3 - Spot market: Raw materials include methanol futures, Shandong propylene, South China propane, etc., and their current and previous values are given. For the mid - stream, the price ranges in different markets (East China, North China, South China) of LL and PP are provided, and the comparison between current and previous values shows some price changes [2] Group 4 - Market news: On Friday (February 6th), the settlement price of WTI crude oil futures for March 2026 on the New York Mercantile Exchange was $63.55 per barrel, up $0.26 or 0.41% from the previous trading day. The settlement price of Brent crude oil futures for April 2026 on the London Intercontinental Exchange was $68.05 per barrel, up $0.50 or 0.74% from the previous trading day [2] Group 5 - Market comments and strategies: Polyolefin futures closed up at a low level. The prices of linear LL and拉丝PP from Sinopec and PetroChina remained stable. Fundamentally, the market focuses on the expectation of supply improvement, and the impact of the macro - economy on commodities is increasing. Currently, the driving force of polyolefin spot is relatively limited, and the market pays more attention to the driving rhythm of macro factors [2]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - Polyolefin futures mainly declined. The market currently focuses on the expectation of supply improvement, and the impact of macro factors on commodities has increased. With the recent decline in oil prices, polyolefins are gradually cooling down. Overall, the current spot drivers for polyolefins are relatively limited, and the market pays more attention to the driving rhythm of macro factors [2] Group 3: Summary by Relevant Catalogs Futures Market - **Prices**: The previous day's closing prices for LL in January, May, and September were 6850, 6777, and 6828 respectively, with price drops of -1.58%, -2.04%, and -2.11% compared to the day before. For PP, the closing prices were 6661, 6676, and 6710, with drops of -1.73%, -1.84%, and -1.79% [2] - **Trading Volume**: The trading volumes for LL in January, May, and September were 156, 535505, and 36654 respectively. For PP, they were 547, 438314, and 36185 [2] - **Open Interest**: The open interests for LL in January, May, and September were 701, 522504, and 72875 respectively, with changes of 81, -6547, and 618. For PP, they were 2713, 497935, and 113503, with changes of 173, -23108, and -2113 [2] - **Spreads**: The current spreads for LL between January - May, May - September, and September - January were 73, -51, and -22 respectively. For PP, they were -15, -34, and 49 [2] Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder (semi - finished products), and mulch film were 2228 yuan/ton, 6440 yuan/ton, 617 dollars/ton, 5600 yuan/ton, 6510 yuan/ton, and 8700 yuan/ton respectively [2] - **Mid - stream**: The current price ranges for LL in the East China, North China, and South China markets were 6800 - 7200, 6650 - 6950, and 6850 - 7250 respectively. For PP, they were 6650 - 6750, 6550 - 6650, and 6700 - 6850 [2] News - On Thursday (February 5), the settlement price of West Texas Intermediate crude oil futures for March 2026 on the New York Mercantile Exchange was $63.29 per barrel, down $1.85 from the previous trading day, a decrease of 2.84%. The trading range was $62.65 - $64.67. The settlement price of Brent crude oil futures for April 2026 on the London Intercontinental Exchange was $67.55 per barrel, down $1.91 from the previous trading day, a decrease of 2.75%. The trading range was $66.89 - $68.95 [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Polyolefin futures rebounded slightly and fell back at night. Sinopec and PetroChina kept the prices of linear LL and拉丝PP stable. The market currently focuses on the expectation of supply improvement, and the impact of macro factors on commodities has increased. With the decline of oil prices, polyolefins are gradually cooling down. Overall, the current spot drive of polyolefins is relatively limited, and the market pays more attention to the driving rhythm of macro factors [2] Group 3: Summary According to Relevant Catalogs Futures Market - **Prices**: The previous day's closing prices of LL and PP futures contracts in different months showed increases, with price increases ranging from 48 to 75 and price increase rates from 0.69% to 1.11% [2] - **Volume and Open Interest**: The trading volumes and open interests of different contracts also changed, with open interest increases ranging from 5 to 5030 [2] - **Spreads**: The spreads between different contracts changed compared with the previous values [2] Raw Material and Spot Market - **Raw Materials**: The prices of upstream raw materials such as methanol futures, Shandong propylene, and South China propane changed, while the price of PP recycled materials remained unchanged [2] - **Spot**: The spot prices of LL and PP in different markets showed different degrees of changes [2] News - On Wednesday (February 4), the settlement price of West Texas Intermediate crude oil futures for March 2026 on the New York Mercantile Exchange was $65.14 per barrel, up $1.93 or 3.05% from the previous trading day. The settlement price of Brent crude oil futures for April 2026 on the London Intercontinental Exchange was $69.46 per barrel, up $2.13 or 3.16% from the previous trading day [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Polyolefin futures are trading in a consolidation phase. For linear LL, prices from Sinopec and PetroChina remain stable. For拉丝PP, Sinopec's prices are stable, while PetroChina has lowered some prices by 50. The market currently focuses on the expectation of supply improvement, and the impact of macro factors on commodities has increased. With the recent decline in oil prices, polyolefin market is gradually cooling down. Overall, the current driving force of polyolefin spot is relatively limited, and the market pays more attention to the driving rhythm of macro factors [2] Group 3: Summary Based on Related Catalogs Futures Market - **LL Futures**: On the previous day, the closing prices of January, May, and September contracts were 6912, 6865, and 6916 respectively. Compared with two days ago, the price changes were 1, -13, and -3, with percentage changes of 0.01%, -0.19%, and -0.04%. The trading volumes were 104, 542177, and 29232, and the open interests were 615, 511685, and 70967, with changes of 24, 15259, and -102. The spreads of January - May, May - September, and September - January were 47, -51, and 4, compared with 33, -41, and 8 previously [2] - **PP Futures**: On the previous day, the closing prices of January, May, and September contracts were 6706, 6730, and 6757 respectively. Compared with two days ago, the price changes were 38, 16, and 17, with percentage changes of 0.57%, 0.24%, and 0.25%. The trading volumes were 353, 413952, and 28861, and the open interests were 2463, 509892, and 110586, with changes of -85, 229, and 603. The spreads of January - May, May - September, and September - January were -24, -27, and 51, compared with -46, -26, and 72 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 are 2254 yuan/ton, 6420 yuan/ton, 607 dollars/ton, 5600 yuan/ton, 6530 yuan/ton, and 8700 yuan/ton respectively. Compared with the previous values, the prices of methanol futures, Shandong propylene, and South China propane have changed, while the prices of PP recycled materials, North China powder, and mulch film remain the same [2] - **Mid - stream Spot Market**: The current price ranges of LL in the East China, North China, and South China markets are 6900 - 7250, 6700 - 7050, and 6950 - 7250 respectively. The current price ranges of PP in the East China, North China, and South China markets are 6550 - 6700, 6600 - 6650, and 6650 - 6850 respectively. Compared with the previous values, the price ranges of LL and PP in most markets remain the same, except for an additional high - price range of 8100 - 8250 in the North China market for LL previously [2] News - On Tuesday (February 3), the settlement price of West Texas Intermediate crude oil futures for March 2026 on the New York Mercantile Exchange was $63.21 per barrel, up $1.07 or 1.72% from the previous trading day, with a trading range of $61.12 - $64.21. The settlement price of Brent crude oil futures for April 2026 on the London Intercontinental Exchange was $67.33 per barrel, up $1.03 or 1.55% from the previous trading day, with a trading range of $65.19 - $68.27 [2]

Group 1: Report Industry Investment Rating - There is no information provided regarding the report industry investment rating. Group 2: Core View of the Report - Polyolefin futures continued to rebound. The fundamentals suggest that the market is currently focused on the expectation of supply improvement, and the influence of macro factors on commodities has increased. The rebound in international crude oil prices also provides cost - side support for chemical products. Overall, the current spot drivers for polyolefins are relatively limited, and the market pays more attention to the driving rhythm of macro factors [2]. Group 3: Summary of Relevant Data Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 7095, 7014, and 7069 respectively, with price drops of 21, 35, and 35, and declines of - 0.30%, - 0.50%, and - 0.49% respectively. Trading volumes were 133, 784328, and 53479, and open interest was 332, 503743, and 72509, with changes of 31, - 9081, and - 1224 respectively. The current spreads of January - May, May - September, and September - January were 81, - 55, and - 26 respectively [2]. - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6801, 6824, and 6857 respectively, with price drops of 39, 46, and 45, and declines of - 0.57%, - 0.67%, and - 0.65% respectively. Trading volumes were 1086, 704541, and 73813, and open interest was 2701, 529952, and 111350, with changes of 137, - 26732, and - 4066 respectively. The current spreads of January - May, May - September, and September - January were - 23, - 33, and 56 respectively [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 2321 yuan/ton, 6400 yuan/ton, 627 dollars/ton, 5600 yuan/ton, 6600 yuan/ton, and 8700 yuan/ton respectively, with some prices remaining unchanged from the previous values [2]. - **Mid - stream Spot**: The current price ranges in the East China, North China, and South China markets for LL were 6900 - 7250, 6800 - 7100, and 7050 - 7300 respectively, and for PP were 6650 - 6750, 6600 - 6700, and 6650 - 6850 respectively, with some prices remaining unchanged from the previous values [2]. Market News - On Friday (January 30), the settlement price of WTI crude oil futures for March 2026 on the New York Mercantile Exchange was $65.21 per barrel, down $0.21 or 0.32% from the previous trading day, with a trading range of $63.64 - $66.11. The settlement price of Brent crude oil futures for March 2026 on the London Intercontinental Exchange was $70.69 per barrel, down $0.02 or 0.03% from the previous trading day, with a trading range of $69.15 - $70.92 [2].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Polyolefin futures continued to rebound. The fundamentals of the market are currently focused on the expectation of improved supply, and the impact of macro factors on commodities has increased. The rebound in international crude oil prices also provides cost support for chemicals. Currently, the spot drive of polyolefins is relatively limited, and the market pays more attention to the driving rhythm of macro factors [2] Group 3: Summary According to Relevant Catalogs Futures Market - **LL Futures** - The previous day's closing prices for January, May, and September were 6886, 6865, and 6887 respectively. The prices increased by 21, 51, and 42 compared to the day before, with percentage increases of 0.31%, 0.75%, and 0.61% respectively. The trading volumes were 71, 719797, and 45855, and the open interests were 152, 519056, and 64964, with increases of 29, 3532, and 11154 respectively. The current spreads between January - May, May - September, and September - January were 21, -22, and 1, compared to previous values of 51, -31, and -20 [2] - **PP Futures** - The previous day's closing prices for January, May, and September were 6645, 6656, and 6688 respectively. The prices increased by 46, 32, and 39 compared to the day before, with percentage increases of 0.70%, 0.48%, and 0.59% respectively. The trading volumes were 806, 555332, and 41610, and the open interests were 1998, 498932, and 99254, with increases of 473, 12150, and 8633 respectively. The current spreads between January - May, May - September, and September - January were -11, -32, and 43, compared to previous values of -25, -25, and 50 [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 2298 yuan/ton, 6175 yuan/ton, 612 dollars/ton, 5600 yuan/ton, 6460 yuan/ton, and 8700 yuan/ton respectively. The previous day's prices were 2261 yuan/ton, 6175 yuan/ton, 620 dollars/ton, 5600 yuan/ton, 6370 yuan/ton, and 8700 yuan/ton [2] - **Midstream** - The current prices of LL in the East China, North China, and South China markets were 6800 - 7050 yuan/ton, 6700 - 7000 yuan/ton, and 6850 - 7100 yuan/ton respectively, remaining the same as the previous day. The current prices of PP in the East China, North China, and South China markets were 6450 - 6600 yuan/ton, 6400 - 6500 yuan/ton, and 6350 - 6650 yuan/ton respectively, also remaining the same as the previous day [2] News - On Friday (January 23rd), the settlement price of West Texas Intermediate crude oil futures for March 2026 on the New York Mercantile Exchange was $61.07 per barrel, up $1.71 or 2.88% from the previous trading day, with a trading range of $59.52 - $61.36. The settlement price of Brent crude oil futures for March 2026 on the London Intercontinental Exchange was $65.88 per barrel, up $1.82 or 2.84% from the previous trading day, with a trading range of $64.29 - $66.24 [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Polyolefin futures rebounded. From a fundamental perspective, the market currently focuses on the expectation of supply improvement, and the transmission of macro factors to commodities has increased. The rebound in international crude oil prices also supports chemicals at the cost - end. Overall, the current spot drive for polyolefins is relatively limited, and the market pays more attention to the driving rhythm of macro factors [2] 3. Summary According to Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 6865, 6814, and 6845 respectively, with price increases of 145, 148, and 151, and percentage increases of 2.16%, 2.22%, and 2.26% compared to two days ago. The trading volumes were 96, 515971, and 24588, and the open interests were 123, 515524, and 53810, with increases of 35, 11162, and 1329 respectively [2] - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6599, 6624, and 6649 respectively, with price increases of 106, 139, and 130, and percentage increases of 1.63%, 2.14%, and 1.99% compared to two days ago. The trading volumes were 1226, 422990, and 30196, and the open interests were 1525, 486782, and 90621, with increases of 881, 18459, and 4985 respectively [2] - **Futures Spreads**: For LL, the current spreads of January - May, May - September, and September - January are 51, - 31, and - 20 respectively, compared to previous values of 54, - 28, and - 26. For PP, the current spreads of January - May, May - September, and September - January are - 25, - 25, and 50 respectively, compared to previous values of 8, - 34, and 26 [2] Raw Material and 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 are 2261 yuan/ton, 6175 yuan/ton, 620 dollars/ton, 5600 yuan/ton, 6370 yuan/ton, and 8700 yuan/ton respectively, compared to previous values of 2211 yuan/ton, 6170 yuan/ton, 600 dollars/ton, 5600 yuan/ton, 6270 yuan/ton, and 8700 yuan/ton [2] - **Spot Market**: The current prices in the LL East China, North China, and South China markets are 6650 - 7050 yuan/ton, 6550 - 6900 yuan/ton, and 6750 - 7100 yuan/ton respectively, the same as before. The current prices in the PP East China, North China, and South China markets are 6300 - 6500 yuan/ton, 6300 - 6450 yuan/ton, and 6300 - 6550 yuan/ton respectively, the same as before [2] News - On Thursday (January 22), the settlement price of the March 2026 West Texas Intermediate crude oil futures on the New York Mercantile Exchange was $59.36 per barrel, down $1.26 or 2.08% from the previous trading day, with a trading range of $58.96 - $60.82. The settlement price of the March 2026 Brent crude oil futures on the London Intercontinental Exchange was $64.06 per barrel, down $1.18 or 1.81% from the previous trading day, with a trading range of $63.56 - $65.38 [2]