| | 申银万国期货研究所 陆甲明 （从业编号F3079531 交易咨询号Z0015919） | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | lujm@sywgqh.com.cn 021-50583880 | | | | | | | | | | | LL | | | PP | | | | 1月 5月 9月 1月 5月 | | | | | | 9月 | | | 前日收盘价 | 6948 | 7290 | 7016 | 6904 | 7082 | 6985 | | 期 | 前2日收盘价 | 6979 | 7263 | 7046 | 6952 | 7115 | 7029 | | 货 | 涨跌 | -31 | 27 | -30 | -48 | -33 | -44 | | 市 | 涨跌幅 | -0.44% | 0.37% | -0.43% | -0.69% | -0.46% | -0.63% | | 场 | 成交量 | 27193 | 792 | 274110 | 17713 | 701 | 266940 | | | 持仓量 | 6 ...

Group 1: Report Summary - The report is the 20250508 Shenwan Futures Variety Strategy Daily Report on Polyolefins (LL&PP) [1] Group 2: Futures Market - LL and PP futures prices showed increases on the previous day, with LL's 1 - month contract rising 58 yuan to 6979 yuan, a 0.84% increase; PP's 1 - month contract rising 53 yuan to 6952 yuan, a 0.77% increase [2] - The trading volume and open interest of each contract varied, with significant changes in open interest, such as a decrease of 12,547 in LL's 9 - month contract and an increase of 3,754 in PP's 1 - month contract [2] - The spreads between different contracts also changed, for example, the 1 - month to 5 - month spread of LL increased from - 309 to - 284 [2] Group 3: Raw Materials and Spot Market - The prices of raw materials such as methanol futures, Shandong propylene, and South China propane had some fluctuations, while the prices of some (semi) - finished products like PP recycled materials and North China powder remained stable [2] - In the spot market, the price ranges of LL and PP in different regions had minor changes, with some price adjustments by Sinopec and PetroChina [2] Group 4: News and Market Commentary - On Wednesday, May 7, 2025, the settlement prices of WTI crude oil and Brent crude oil futures decreased, with WTI down 1.02 dollars to 58.07 dollars per barrel, a 1.73% decrease; Brent down 1.03 dollars to 61.12 dollars per barrel, a 1.66% decrease [2] - On Wednesday, the polyolefin futures market closed positive but fell at night. The consumption of polyolefins has temporarily peaked and declined, but due to cost fluctuations, there is resistance to downward movement at low valuations. The press conference of the State Council Information Office released many positive signals, and the implementation effect of stimulus policies should be followed up [2]