L&PP 日报 【银河期货】塑料 PP 每日早盘观察（26-03-02） 塑料 L 及 PP：PP 港口库存累库 【市场情况】 L 塑料相关：L 主力 2605 合约报收 6633 点，上涨+36 点或+0.55%。LLDPE 市场 价格涨跌互现，变动幅度在 20-80 元/吨，部分贸易商积极出货，报盘让利；但随着 中东紧张局势加剧，部分业者心态偏强，封盘惜售。下游工厂刚需拿货，成交一般。 华北大区 LLDPE 主流成交价格在 6450-6900 元/吨，部分涨跌 20-80 元/吨。 PP 聚丙烯相关：PP 主力 2605 合约报收 6641 点，上涨+30 点或+0.45%。国内 PP 市场价格重心窄幅盘整，部分价格有所探涨，下游低价刚需采购为主。午后受地缘 政治波动影响，贸易商普遍封盘，实盘成交有限。华北大区 PP 价格重心上移。拉丝 主流成交价格在 6470-6550 元/吨，较上一工作日上涨 10-50 元/吨。 【重要资讯】 援引新华社消息：美国和以色列 2 月 28 日联合对伊朗发起"先发制人"军事打 击，伊朗随即予以还击，阿拉伯联合酋长国、卡塔尔、巴林、伊拉克等中东地区多 国受到冲突波及。综合 ...

L&PP 日报 【银河期货】塑料 PP 每日早盘观察（26-02-27） 塑料 L 及 PP：检修环比增长 【市场情况】 L 塑料相关：L 主力 2605 合约报收 6604 点，下跌-64 点或-0.96%。LLDPE 市场 价格小幅下跌。华北大区部分跌 30-150 元/吨，华东大区部分跌 20-80 元/吨，华南 大区部分跌 20-50 元/吨。国内 LLDPE 市场主流价格在 6580-7050 元/吨，市场交投 气氛受挫，贸易商小幅让利出货，价格小幅走低，成交不及昨日。 PP 聚丙烯相关：PP 主力 2605 合约报收 6605 点，下跌-70 点或-1.05%。国内 PP 市场部分弱调，部分生产企业厂价下调，成本支撑走弱，贸易商基于自身成本及库 存情况，报盘部分小幅弱调；下游工厂尚未完全复工，且多消耗原料库存为主，询盘 有限，午前交投平平。区域价格表现如下：华北地区拉丝主流报价 6520-6620 元/ 吨，华东地区 6550-6650 元/吨，华南地区 6650-6830 元/吨。 【重要资讯】 援引中国石化报消息：在政策、技术进步与其他能源替代和人口趋势因素共同 影响下，全球成品油需求将在"十 ...

Report Industry Investment Rating No relevant information provided. Core Views of the Report The report comprehensively analyzes the market conditions, important information, logic, and trading strategies of plastics (L) and polypropylene (PP) from September 19 to October 28, 2025. The market prices of L and PP fluctuate, affected by factors such as policy, production capacity, inventory, and international events. The trading strategies include holding long or short positions, trial trading, and waiting and seeing, depending on different market situations and data analysis. Summary by Relevant Catalogs Market Conditions - **L Plastic**: The price of L2601 contract fluctuates, and the LLDPE market price in different regions shows partial increases, decreases, or stable trends. The trading atmosphere in the market is generally cautious, with downstream procurement mainly based on demand [1][4][8]. - **PP Polypropylene**: The price of PP2601 contract also fluctuates, and the PP market price shows large - scale stability with small fluctuations. The impact of futures on the spot market is complex, and downstream procurement is relatively cautious [1][4][8]. Important Information - **Policy**: The Ministry of Industry and Information Technology and other seven departments issued the "Work Plan for Stable Growth of the Petrochemical and Chemical Industry (2025 - 2026)", aiming to achieve an average annual increase of over 5% in industry added value from 2025 to 2026 [4]. - **International Events**: Events such as the US government shutdown, Trump's threat to impose new tariffs on China, and the reorganization plan of chemical companies have an impact on the market [15][18]. - **Industry Development**: Projects such as the successful commissioning of Liaoyang Petrochemical's 100,000 - ton/year nylon 66 project and the release of the group enterprise reorganization plan of Daicel and Polyplastics have implications for the industry [18][21]. Logic Analysis - **Supply - related Factors**: Factors such as changes in domestic PE and PP production capacity utilization rates, registered warehouse receipts, and net imports affect the market. For example, an increase in production capacity utilization rates may lead to an increase in supply and put pressure on prices [2][5][9]. - **Demand - related Factors**: Indicators such as the manufacturing PMI, the US manufacturing PMI, and the logistics industry prosperity index reflect the demand situation and have an impact on the market [16][26][30]. - **External Factors**: Fluctuations in international oil prices, changes in the global economic policy uncertainty index, and changes in the freight index also affect the market [13][16][42]. Trading Strategies - **Single - side Trading**: Strategies include holding long or short positions, trial trading, and waiting and seeing, with specific stop - loss points set according to market conditions [2][5][9]. - **Arbitrage (Long - Short)**: Most of the time, it is recommended to wait and see, and in some cases, hold or intervene in positions with corresponding stop - loss settings [2][5][9]. - **Options**: Generally, it is recommended to wait and see, and in some cases, sell options with stop - loss settings [2][5][9].