行业 聚烯烃日报 日期 2025 年 10 月 10 日 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-86630631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：彭婧霖（聚烯烃） 研究员：李捷,CFA（原油燃料油） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业硅） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 每日报告 | 表1：期货市场行情 | ...

Report Information - Report Name: Polyolefin Daily Report [1] - Date: August 28, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Market Quotes Futures Market Quotes | Variety | Opening | Closing | Highest | Lowest | Change | Change Rate | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Plastic 2601 | 7399 | 7364 | 7414 | 7360 | -63 | -0.85% | 412274 | 4664 | | Plastic 2605 | 7407 | 7365 | 7421 | 7365 | -68 | -0.91% | 26767 | 576 | | Plastic 2509 | 7344 | 7310 | 7360 | 7309 | -63 | -0.85% | 34910 | -7171 | | PP2601 | 7041 | 7021 | 7056 | 7014 | -51 | -0.72% | 481684 | 7338 | | PP2605 | 7060 | 7035 | 7075 | 7031 | -54 | -0.76% | 39064 | 980 | | PP2509 | 6987 | 6963 | 7006 | 6961 | -51 | -0.73% | 20395 | -6062 | [5] Specific Contracts - L2601 opened higher, fluctuated up and down during the session, and finally closed at 7402 yuan/ton, down 9 yuan/ton (-0.12%), with a trading volume of 250,000 lots and an increase of 13,732 lots in open interest to 407,610 lots [6] - PP2601 closed at 7021 yuan/ton, down 51 yuan, a decline of 0.72%, with an increase of 7338 lots in open interest to 481,700 lots [6] Core Views - The futures market opened low and oscillated weakly, dampening market trading sentiment. Most ex-factory prices remained stable at the end of the month. Traders quoted prices based on inventory, and downstream buyers mainly made small orders [6] - The impact of maintenance decreased, and new production capacities were steadily put into operation, suppressing the market on the supply side. The demand side was gradually transitioning to the peak season, and the overall downstream operating rate was expected to increase, but short-term raw material procurement remained cautious [6] - Market sentiment weakened during the day, most futures markets closed lower, and crude oil prices declined, weakening cost support, leading to a decline in polyolefin prices [6] Industry News - On August 27, 2025, the inventory level of major producers was 705,000 tons, a decrease of 25,000 tons (-3.42%) from the previous working day. The inventory in the same period last year was 720,000 tons [7] - The PE market price was weakly sorted. The LLDPE price in North China was 7220 - 7450 yuan/ton, in East China was 7320 - 7750 yuan/ton, and in South China was 7430 - 7800 yuan/ton [7] - The mainstream price of propylene in the Shandong market was temporarily referred to as 6540 - 6560 yuan/ton, an increase of 80 yuan/ton from the previous working day. Some PDH device maintenance news boosted market sentiment, downstream factories' purchasing enthusiasm increased, propylene producers' shipments were smooth, and the willingness to hold prices was obvious [7] - The domestic PP market was weakly sorted, with some prices falling by 10 - 30 yuan/ton. Downstream terminals were not very interested in purchasing, mostly maintaining a cautious wait-and-see attitude, and the number of orders received was limited [7][8]