| 期货 | | 昨日收盘价 | 日涨跌 | 昨日成交 持仓变动 | | --- | --- | --- | --- | --- | | | PP2601 | ୧୧୨୦ | -1.21% | 294. 656 ·½11355 | | 价差 | | 昨日价差 | | ○前日价差 | | | 01合约基差 | -90 RE | | -121 | | | 01-05合约价差 | -84 | | -70 -882 | | 重要现货价格 | | 昨日价格(元/吨) | | 前日价格(元/吨) | | | 华北 | 6430 - 6520 | | 6450 - 6590 | | | 华东 | 6500 - 6620 | | 6530 - 6630 | | | 华南 | 6470 - 6630 | | 6500 - 6650 | 资料来源:卓创资讯,隆众资讯、国泰君安期货 【现货消息】 品 研 2025 年 11 月 3 日 投资咨询从业资格号: Z0011243 zhangchi4@gtht.com 【基本面跟踪】 PP 基本面数据 PP 市场部分下跌。PP 期货盘中下行明显施累现货市场心态,上游部分石化厂价下调 10- ...

Report Summary 1. Core View - The domestic PP market showed partial loosening with a range of 20 - 30 yuan/ton. PP futures fluctuated, having limited guidance on the spot market. Most producer prices remained stable, with some slightly decreasing. Traders adjusted their quotes based on inventory and costs, and downstream demand was cautious after restocking at the beginning of the week, resulting in average morning trading [2]. - The PP trend intensity is 0, indicating a neutral outlook [2]. 2. Key Data Futures - The closing price of PP2509 was 7075, with a daily decline of 0.13%. The trading volume was 156,261, and the open interest decreased by 5827 [1]. - The basis of the 09 contract was -75, compared to -8 the previous day. The spread between the 09 - 01 contracts was -31, compared to -42 the previous day [1]. Spot - In North China, the spot price ranged from 6920 - 7050 yuan/ton, compared to 7000 - 7120 yuan/ton the previous day. In East China, it was 7000 - 7130 yuan/ton, compared to 7070 - 7170 yuan/ton. In South China, it was 6950 - 7130 yuan/ton, compared to 7000 - 7200 yuan/ton [1].

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Report's Core View - The domestic PP market remains weak, with some grades declining by 10 - 50 yuan/ton. PP futures are running at a low level, intensifying the wait - and - see atmosphere in the spot market. The weakening cost support and low - running futures lead to lower offers from traders, and the overall market trading is flat. The PP trend strength is - 1, indicating a bearish outlook [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The PP2509 contract closed at 7070 yesterday, down 0.59%. The trading volume was 218,846, and the open interest increased by 497. The 09 - contract basis was 0 (previous day: 17), and the 09 - 01 contract spread was 58 (previous day: 62) [1]. - **Spot Price**: In North China, the spot price was 7060 - 7160 yuan/ton (previous day: 7070 - 7160); in East China, it was 7070 - 7250 yuan/ton (previous day: 7120 - 7250); in South China, it was 7120 - 7230 yuan/ton (previous day: 7140 - 7250) [1]. 3.2 Spot News - The domestic PP market continued to be weak, with some grades dropping 10 - 50 yuan/ton. PP futures at a low level increased the wait - and - see mood. Lower prices from some enterprises weakened cost support, prompting traders to offer lower prices. The downstream new orders are limited, and procurement is cautious, resulting in flat trading [2]. 3.3 Trend Intensity - The PP trend intensity is - 1, suggesting a bearish view, with the range of trend intensity being [-2, 2] [2].