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]