Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Polyolefin futures rebounded slightly. Spot prices of linear LL and拉丝PP remained stable. Fundamentally, polyolefins follow the crude oil trend. The overall operating rate of the downstream demand side is at a high level, and demand is steadily released. Currently, the supply - demand pressure of polyolefins is temporarily limited. After a short - term rebound in the market, it may start to fluctuate in the future [2] Group 3: Summary According to Related Catalogs Futures Market - **Prices and Changes**: For LL, the previous day's closing prices for January, May, and September contracts were 7009, 7075, and 7105 respectively, with increases of 24, 13, and 4, and percentage increases of 0.34%, 0.18%, and 0.06%. For PP, the previous day's closing prices for January, May, and September contracts were 6685, 6765, and 6762 respectively, with increases of 28, 31, and 25, and percentage increases of 0.42%, 0.46%, and 0.37% [2] - **Trading Volume and Open Interest**: The trading volumes of LL for January, May, and September contracts were 212938, 21224, and 643 respectively, and the open interests were 512269, 66284, and 1678 respectively, with changes of - 7218, - 322, and 309. For PP, the trading volumes for January, May, and September contracts were 201901, 20539, and 557 respectively, and the open interests were 612658, 133945, and 7119 respectively, with changes of 1313, - 468, and 280 [2] - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January are - 66, - 30, and 96 respectively, compared to previous values of - 77, - 39, and 116. For PP, the current spreads of January - May, May - September, and September - January are - 80, 3, and 77 respectively, compared to previous values of - 77, - 3, and 80 [2] Raw Materials and Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder materials, and mulch film are 2261 yuan/ton, 5985 yuan/ton, 543 dollars/ton, 5600 yuan/ton, 6450 yuan/ton, and 8700 yuan/ton respectively, compared to previous values of 2245 yuan/ton, 6010 yuan/ton, 534 dollars/ton, 5600 yuan/ton, 6480 yuan/ton, and 8700 yuan/ton [2] - **Mid - stream**: In the mid - stream, the current price ranges of LL in the East China, North China, and South China markets are 7000 - 7500 yuan/ton, 6900 - 7150 yuan/ton, and 7200 - 7500 yuan/ton respectively. For PP, the current price ranges in the East China, North China, and South China markets are 6550 - 6650 yuan/ton, 6450 - 6550 yuan/ton, and 6500 - 6650 yuan/ton respectively [2] News - On Wednesday (October 29), the settlement price of West Texas Intermediate crude oil futures for December 2025 on the New York Mercantile Exchange was $60.48 per barrel, up $0.33 or 0.55% from the previous trading day, with a trading range of $59.70 - $61.02. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $64.92 per barrel, up $0.52 or 0.81% from the previous trading day, with a trading range of $63.92 - $65.37 [2]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - Polyolefin futures declined slightly. Spot prices of linear LL and拉丝PP from Sinopec and PetroChina remained stable. Fundamentally, polyolefins followed the crude oil trend and declined slightly today. The overall operating rate of the downstream demand side is at a high level, and demand is steadily released. Currently, the supply - demand pressure of polyolefins is temporarily limited, and the market may start to fluctuate after a short - term rebound [2] Group 3: Summary by Related Catalogs Futures Market LL Futures - The previous day's closing prices for January, May, and September contracts were 6985, 7062, and 7101 respectively, with price drops of - 39, - 28, and - 18, and percentage drops of - 0.56%, - 0.39%, and - 0.25% compared to two days ago. Trading volumes were 220120, 21981, and 485, and open interests were 519487, 66606, and 1369, with changes of - 4375, 114, and 214 respectively. The spreads of January - May, May - September, and September - January were - 77, - 39, and 116, compared to previous values of - 66, - 29, and 95 [2] PP Futures - The previous day's closing prices for January, May, and September contracts were 6657, 6734, and 6737 respectively, with price drops of - 42, - 34, and - 33, and percentage drops of - 0.63%, - 0.50%, and - 0.49% compared to two days ago. Trading volumes were 228673, 27355, and 1137, and open interests were 611345, 134413, and 6839, with changes of 2998, 3576, and 98 respectively. The spreads of January - May, May - September, and September - January were - 77, - 3, and 80, compared to previous values of - 69, - 2, and 71 [2] Raw Material and Spot Market Raw Materials - The current values of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder materials, and mulch film were 2245 yuan/ton, 6010 yuan/ton, 535 dollars/ton, 5600 yuan/ton, 6480 yuan/ton, and 8700 yuan/ton respectively, compared to previous values of 2271 yuan/ton, 6025 yuan/ton, 534 dollars/ton, 5600 yuan/ton, 6480 yuan/ton, and 8700 yuan/ton [2] Spot Market - For LL, the current prices in the East China, North China, and South China markets were 7000 - 7500 yuan/ton, 6950 - 7150 yuan/ton, and 7200 - 7500 yuan/ton respectively, compared to previous prices of 7000 - 7450 yuan/ton, 6900 - 7150 yuan/ton, and 7200 - 7500 yuan/ton. For PP, the current prices in the East China, North China, and South China markets were 6550 - 6650 yuan/ton, 6450 - 6600 yuan/ton, and 6500 - 6650 yuan/ton respectively, compared to previous prices of 6550 - 6650 yuan/ton, 6500 - 6600 yuan/ton, and 6500 - 6650 yuan/ton [2] News - On Tuesday (October 28), the settlement price of West Texas Intermediate crude oil futures for December 2025 on the New York Mercantile Exchange was $60.15 per barrel, down $1.16 or 1.89% from the previous trading day, with a trading range of $59.76 - $61.50. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $64.4 per barrel, down $1.22 or 1.86% from the previous trading day, with a trading range of $64 - $65.76 [2]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report Core View - Polyolefin futures declined slightly. Spot prices of linear LL and拉丝PP from Sinopec and PetroChina remained stable. Fundamentally, polyolefins have gradually stopped falling. With the easing of the external environment, crude oil has stopped falling and rebounded, and polyolefins have followed the crude oil trend. The overall operating rate of the downstream demand side is at a high level, and demand is steadily released. Currently, the supply - demand pressure of polyolefins is temporarily limited, and the market may maintain a short - term oscillating rebound trend [2] Group 3: Summary by Related Catalogs Futures Market - **Prices**: For LL, the previous day's closing prices for January, May, and September contracts were 7024, 7090, and 7119 respectively, up 55, 69, and 69 from the day before, with increases of 0.79%, 0.98%, and 0.98%. For PP, the previous day's closing prices for January, May, and September contracts were 6699, 6768, and 6770 respectively, up 37, 49, and 42, with increases of 0.56%, 0.73%, and 0.62% [2] - **Trading Volume**: The trading volumes of LL for January, May, and September contracts were 241446, 30216, and 144 respectively. For PP, they were 262100, 37290, and 1332 [2] - **Open Interest**: The open interests of LL for January, May, and September contracts were 523862, 66492, and 1155 respectively, with changes of - 5325, 3904, and 19. For PP, they were 608347, 130837, and 6741, with changes of 247, 3976, and 600 [2] - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January were - 66, - 29, and 95 respectively, compared to previous values of - 52, - 29, and 81. For PP, the current spreads were - 69, - 2, and 71, compared to previous values of - 57, - 9, and 66 [2] Raw Materials and Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2274 yuan/ton, 6025 yuan/ton, 537 dollars/ton, 5600 yuan/ton, 6480 yuan/ton, and 8800 yuan/ton respectively. The previous values were 2271 yuan/ton, 6025 yuan/ton, 542 dollars/ton, 5600 yuan/ton, 6500 yuan/ton, and 8800 yuan/ton [2] - **Mid - stream Spot**: For LL, the current prices in the East China, North China, and South China markets were 7000 - 7450 yuan/ton, 6900 - 7150 yuan/ton, and 7200 - 7500 yuan/ton respectively. For PP, they were 6550 - 6650 yuan/ton, 6500 - 6600 yuan/ton, and 6500 - 6650 yuan/ton [2] Market News - On Monday (October 27), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $61.31 per barrel, down $0.19 or 0.31% from the previous trading day, with a trading range of $60.67 - $62.17. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $65.62 per barrel, down $0.32 or 0.49% from the previous trading day, with a trading range of $65.06 - $66.64 [2]

Report Industry Investment Rating - Not provided in the report Core View - Polyolefin futures declined slightly. Spot prices of linear LL and拉丝PP remained stable for Sinopec and PetroChina. Fundamentally, polyolefins have gradually stopped falling. With the easing of the external environment and the stop - fall and rebound of crude oil, polyolefins follow the crude oil trend. Currently, the supply - demand pressure is temporarily limited, and the market may maintain a short - term oscillatory rebound trend [2] Summary by Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 6969, 7021, and 7050 respectively, with changes of - 30, - 23, and - 8, and corresponding percentage changes of - 0.43%, - 0.33%, and - 0.11%. The trading volumes were 229753, 23556, and 105, and the open interests were 529187, 62588, and 1136, with changes of - 2302, 182, and 7 respectively. The current spreads of 1 - 5 months, 5 - 9 months, and 9 - 1 months were - 52, - 29, and 81, compared to previous values of - 45, - 14, and 59 [2] - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6662, 6719, and 6728 respectively, with changes of - 29, - 21, and - 6, and corresponding percentage changes of - 0.43%, - 0.31%, and - 0.09%. The trading volumes were 229145, 19734, and 517, and the open interests were 608100, 126861, and 6141, with changes of - 10384, 281, and 106 respectively. The current spreads of 1 - 5 months, 5 - 9 months, and 9 - 1 months were - 57, - 9, and 66, compared to previous values of - 49, 6, and 43 [2] Raw Materials and Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2274 yuan/ton, 6025 yuan/ton, 537 dollars/ton, 5600 yuan/ton, 6500 yuan/ton, and 8800 yuan/ton respectively, compared to previous values of 2295 yuan/ton, 6010 yuan/ton, 542 dollars/ton, 5600 yuan/ton, 6510 yuan/ton, and 8800 yuan/ton [2] - **Spot Market**: For LL, the current prices in East China, North China, and South China markets were 6500 - 6650 yuan/ton, 7000 - 7450 yuan/ton, and 6900 - 7150 yuan/ton respectively, compared to previous values of 6450 - 6600 yuan/ton, 6900 - 7450 yuan/ton, and 6850 - 7150 yuan/ton. For PP, the current prices in East China, North China, and South China markets were 7150 - 7500 yuan/ton, 6550 - 6650 yuan/ton, and 6500 - 6600 yuan/ton respectively, compared to previous values of 7100 - 7500 yuan/ton, 6450 - 6650 yuan/ton, and 6450 - 6550 yuan/ton [2] News - On Friday (October 24), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $61.5 per barrel, down $0.29 or 0.47% from the previous trading day, with a trading range of $61.21 - $62.59. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $65.94 per barrel, down $0.05 or 0.08% from the previous trading day, with a trading range of $65.41 - $66.78 [2]

Report Summary 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core View of the Report - Polyolefin futures continued to rebound. With the easing of the external environment and the rebound of crude oil prices, polyolefins followed the crude oil trend. Currently, the supply - demand pressure is temporarily limited, and the market may maintain a short - term volatile rebound trend [2]. 3. Summary According to Related Catalogs Futures Market - **LL (Linear Low - Density Polyethylene) Futures**: The previous day's closing prices for January, May, and September contracts were 6999, 7044, and 7058 respectively, with price increases of 63, 66, and 49 and percentage increases of 0.91%, 0.95%, and 0.70% respectively. The trading volumes were 253296, 26147, and 495, and the open interests were 531489, 62406, and 1129, with changes of - 18375, 487, and 194 respectively. The current spreads between January - May, May - September, and September - January were - 45, - 14, and 59, compared to previous values of - 42, - 31, and 73 [2]. - **PP (Polypropylene) Futures**: The previous day's closing prices for January, May, and September contracts were 6691, 6740, and 6734 respectively, with price increases of 72, 75, and 54 and percentage increases of 1.09%, 1.13%, and 0.81% respectively. The trading volumes were 320558, 28822, and 1586, and the open interests were 618484, 126580, and 6035, with changes of - 14771, 1854, and 1037 respectively. The current spreads between January - May, May - September, and September - January were - 49, 6, and 43, compared to previous values of - 46, - 15, and 61 [2]. Spot Market - **Raw Materials and Semi - finished Products**: Methanol futures were at 2294 yuan/ton, Shandong propylene at 6010 yuan/ton, South China propane at 542 dollars/ton, PP recycled materials at 5600 yuan/ton, North China powder at 6510 yuan/ton, and plastic film at 8800 yuan/ton. Most prices remained stable compared to the previous day [2]. - **Mid - stream Products**: The spot prices of LL in the East China, North China, and South China markets were 6900 - 7450, 6850 - 7150, and 7100 - 7500 yuan/ton respectively. The spot prices of PP in the East China, North China, and South China markets were 6450 - 6650, 6450 - 6550, and 6450 - 6600 yuan/ton respectively, remaining unchanged from the previous day [2]. News - On Thursday (October 23, 2025), the settlement price of WTI crude oil December 2025 futures on the New York Mercantile Exchange was $61.79 per barrel, up $3.29 or 5.62% from the previous trading day, the largest increase since June 13. The trading range was $59.64 - $62.20. The settlement price of Brent crude oil December 2025 futures on the London Intercontinental Exchange was $65.99 per barrel, up $3.40 or 5.43% from the previous trading day, with a trading range of $63.86 - $66.36 [2].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - Polyolefin futures rebounded slightly. Spot prices of linear LL from Sinopec remained stable, while some prices from PetroChina were raised by 50. For drawn wire PP, Sinopec's prices were stable, and some prices from PetroChina were lowered by 50. Fundamentally, polyolefin prices have gradually stopped falling and the price center has shifted downwards, influenced by both crude oil and the need for self - digestion in the fundamentals. After continuous declines, polyolefins started to rebound following crude oil, and market sentiment gradually stabilized [2] Group 3: Summary According to Related Catalogs Futures Market Polyolefin Futures (LL&PP) - **Price Changes**: For LL, the previous day's closing prices for January, May, and September contracts were 6936, 6978, and 7009 respectively, with increases of 53, 61, and 57 compared to the prices two days ago, and涨幅 of 0.77%, 0.88%, and 0.82% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 6619, 6665, and 6680 respectively, with increases of 36, 38, and 33 compared to the prices two days ago, and涨幅 of 0.55%, 0.57%, and 0.50% respectively [2] - **Trading Volume and Open Interest**: The trading volumes of LL for January, May, and September contracts were 234079, 20723, and 235 respectively, and the open interests were 549864, 61919, and 935 respectively, with open interest changes of - 12101, - 1145, and 85 respectively. For PP, the trading volumes for January, May, and September contracts were 253179, 22456, and 866 respectively, and the open interests were 633255, 124726, and 4998 respectively, with open interest changes of - 15845, 2422, and 262 respectively [2] - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January were - 42, - 31, and 73 respectively, compared to previous values of - 34, - 35, and 69. For PP, the current spreads of January - May, May - September, and September - January were - 46, - 15, and 61 respectively, compared to previous values of - 44, - 20, and 64 [2] Raw Materials and Spot Market Raw Materials - **Prices**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2264 yuan/ton, 6010 yuan/ton, 537 dollars/ton, 5600 yuan/ton, 6490 yuan/ton, and 8800 yuan/ton respectively. The previous prices were 2270 yuan/ton, 6010 yuan/ton, 523 dollars/ton, 5600 yuan/ton, 6450 yuan/ton, and 8800 yuan/ton respectively [2] Spot Market - **LL Spot Prices**: In the East China market, the price range was 6900 - 7450 yuan/ton; in the North China market, it was 6850 - 7150 yuan/ton; in the South China market, it was 7100 - 7500 yuan/ton. The previous price ranges were the same except for an incorrect record in the North China market (8100 - 8250 yuan/ton was wrongly added) [2] - **PP Spot Prices**: In the East China market, the price range was 6450 - 6650 yuan/ton; in the North China market, it was 6450 - 6550 yuan/ton; in the South China market, it was 6450 - 6600 yuan/ton, and the previous price ranges were the same [2] Market News - On Wednesday (October 22, 2025), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $58.50 per barrel, up $1.26 or 2.20% from the previous trading day, with a trading range of $57.34 - $59.83. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $62.59 per barrel, up $1.27 or 2.07% from the previous trading day, with a trading range of $61.38 - $64.17 [2]

Report Industry Investment Rating - No relevant information provided Core Viewpoints of the Report - Polyolefin futures continued to be weak. The prices of linear LL and拉丝PP from Sinopec and PetroChina remained stable. The weakness of polyolefins was due to the drag of crude oil and the need to digest spot goods after the long holiday. With the continuation of the China-US game, crude oil was under pressure, weakening cost support. In the short term, polyolefin prices fluctuated passively with the cost side, and market sentiment was cautious. However, after continuous declines in chemicals, the decline speed might slow down [2] Summary by Relevant Catalogs Futures Market - **Prices and Changes**: For LL, the previous day's closing prices of January, May, and September contracts were 6883, 6917, and 6952 respectively, with changes of 4, -4, and 0 and percentage changes of 0.06%, -0.06%, and 0.00%. For PP, the corresponding closing prices were 6583, 6627, and 6647, with changes of 18, 9, and -3 and percentage changes of 0.27%, 0.14%, and -0.05% [2] - **Trading Volume and Open Interest**: The trading volumes of LL's January, May, and September contracts were 286298, 25219, and 168, and the open interests were 561965, 63064, and 850, with changes of -135, 1569, and 20. For PP, the trading volumes were 318981, 27402, and 831, and the open interests were 649100, 122304, and 4736, with changes of -5749, 2797, and 215 [2] - **Spreads**: The current spreads of LL's 1 - 5 months, 5 - 9 months, and 9 - 1 months were -34, -35, and 69, compared with previous values of -42, -31, and 73. For PP, the current spreads were -44, -20, and 64, compared with previous values of -53, -32, and 85 [2] Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2270 yuan/ton, 6010 yuan/ton, 522 dollars/ton, 5600 yuan/ton, 6450 yuan/ton, and 8800 yuan/ton respectively [2] - **Mid - stream Products**: The current price ranges of LL in East China, North China, and South China markets were 6900 - 7450, 6850 - 7150, and 7100 - 7500. For PP, the price ranges were 6450 - 6650, 6450 - 6550, and 6450 - 6600 [2] News - On Tuesday (October 21), the settlement price of WTI crude oil futures for November 2025 on the New York Mercantile Exchange was $57.82 per barrel, up $0.30 or 0.52% from the previous trading day, with a trading range of $56.99 - $58.28. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $61.32 per barrel, up $0.31 or 0.51%, with a trading range of $60.35 - $62.09 [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Polyolefin futures continued to be weak. The weakness in polyolefin prices was due to both the drag of crude oil and the need to digest spot goods after the long holiday. With the continuation of the China - US game, crude oil was under pressure and cost support weakened. In the short term, polyolefin prices generally fluctuated passively following the cost side, and market sentiment was cautious. However, after consecutive declines in chemicals, the decline rate might slow down [2] Group 3: Summary Based on Related Catalogs Futures Market - **Price Changes**: For linear LL, the previous day's closing prices for January, May, and September contracts were 6879, 6921, and 6952 respectively, with increases of 5, 14, and 21 compared to the day before, and corresponding increases of 0.07%, 0.20%, and 0.30%. For拉丝 PP, the previous day's closing prices for January, May, and September contracts were 6565, 6618, and 6650 respectively, with increases of 14, 15, and 17, and corresponding increases of 0.21%, 0.23%, and 0.26% [2] - **Trading Volume and Open Interest**: The trading volumes of linear LL for January, May, and September contracts were 218340, 20698, and 263 respectively, and the open interests were 562100, 61495, and 830 respectively, with changes of - 3312, - 750, and - 33. The trading volumes of拉丝 PP for January, May, and September contracts were 257663, 22344, and 831 respectively, and the open interests were 654849, 119507, and 4521 respectively, with changes of - 6902, 1181, and 333 [2] - **Spreads**: For linear LL, the current spreads of January - May, May - September, and September - January were - 42, - 31, and 73 respectively, compared to previous values of - 33, - 24, and 57. For拉丝 PP, the current spreads of January - May, May - September, and September - January were - 53, - 32, and 85 respectively, compared to previous values of - 52, - 30, and 82 [2] Raw Materials and Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder materials, and mulch film were 2269 yuan/ton, 6010 yuan/ton, 523 dollars/ton, 5600 yuan/ton, 6470 yuan/ton, and 8800 yuan/ton respectively, with some price changes compared to the previous values [2] - **Mid - Stream Spot**: The spot price ranges of linear LL in the East China, North China, and South China markets were 6900 - 7500 yuan/ton, 6900 - 7150 yuan/ton, and 7100 - 7550 yuan/ton respectively. The spot price ranges of拉丝 PP in the East China, North China, and South China markets were 6450 - 6650 yuan/ton, 6450 - 6550 yuan/ton, and 6500 - 6650 yuan/ton respectively [2] News - On Monday (October 20, 2025), the settlement price of WTI crude oil futures for November 2025 on the New York Mercantile Exchange was $57.52 per barrel, down $0.02 or 0.03% from the previous trading day, with a trading range of $56.35 - $57.81. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $61.01 per barrel, down $0.28 or 0.46% from the previous trading day, with a trading range of $60.07 - $61.55 [2]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Report's Core View - Polyolefin futures are trading in a narrow range at low levels. The fundamentals of polyolefins are weak, with prices being dragged down by crude oil and the need to digest spot goods after the long holiday. Looking ahead to next week, the Sino-US game continues, crude oil is under pressure, and cost support is weakening. In the short term, polyolefin prices generally fluctuate passively following the cost side, and market sentiment is cautious. However, after continuous declines in chemicals, the decline rate may slow down [2] Group 3: Summary by Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 6,874, 6,907, and 6,931 respectively, down -55, -61, and -73 from the day before, with declines of -0.79%, -0.88%, and -1.04%. The trading volumes were 210,425, 21,803, and 728, and the open interests were 565,412, 62,245, and 863, with changes of -1,233, +1,314, and +201. The spreads between January - May, May - September, and September - January were -33, -24, and 57 respectively, compared to -39, -36, and 75 previously [2] - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6,551, 6,603, and 6,633 respectively, down -67, -67, and -58 from the day before, with declines of -1.01%, -1.00%, and -0.87%. The trading volumes were 219,232, 22,551, and 616, and the open interests were 661,751, 118,326, and 4,188, with changes of -233, +2,465, and +252. The spreads between January - May, May - September, and September - January were -52, -30, and 82 respectively, compared to -52, -21, and 73 previously [2] Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film are 2,274 yuan/ton, 6,160 yuan/ton, 533 US dollars/ton, 5,600 yuan/ton, 6,500 yuan/ton, and 8,800 yuan/ton respectively. The previous values were 2,321 yuan/ton, 6,215 yuan/ton, 533 US dollars/ton, 5,600 yuan/ton, 6,500 yuan/ton, and 8,800 yuan/ton [2] - **Mid - stream**: The current price ranges of LL in the East China, North China, and South China markets are 6,900 - 7,500 yuan/ton, 6,900 - 7,150 yuan/ton, and 7,100 - 7,550 yuan/ton respectively, compared to 6,950 - 7,500 yuan/ton, 6,900 - 7,150 (8,100 - 8,250) yuan/ton, and 7,150 - 7,600 yuan/ton previously. The current price ranges of PP in the East China, North China, and South China markets are 6,450 - 6,650 yuan/ton, 6,450 - 6,550 yuan/ton, and 6,500 - 6,650 yuan/ton respectively, compared to 6,450 - 6,650 yuan/ton, 6,500 - 6,600 yuan/ton, and 6,500 - 6,650 yuan/ton previously [2] News - On Friday (October 17), the settlement price of WTI crude oil futures for November 2025 on the New York Mercantile Exchange was $57.54 per barrel, up $0.08 from the previous trading day, a gain of 0.14%, with a trading range of $56.6 - $57.72. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $61.29 per barrel, up $0.23 from the previous trading day, a gain of 0.38%, with a trading range of $60.14 - $61.47 [2]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Polyolefin futures are oscillating at a low level. In the medium - term, the market focuses more on the actual demand fulfillment and potential industrial policy changes on the supply side of polyolefins in the fourth quarter. Currently, due to the continued Sino - US game, crude oil is under pressure, weakening cost support. In the short - term, polyolefin prices fluctuate passively with the cost side, and market sentiment is cautious. However, after continuous declines, the decline speed of chemical products may slow down [2] Group 3: Summary by Related Catalogs Futures Market - **Price and Fluctuation**: For LL, the previous day's closing prices for January, May, and September contracts were 6929, 6968, and 7004 respectively, with increases of 19, 23, and 7, and涨幅 of 0.27%, 0.33%, and 0.10% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 6618, 6670, and 6691 respectively, with increases of 23, 22, and 19, and涨幅 of 0.35%, 0.33%, and 0.28% respectively [2] - **Volume and Open Interest**: The trading volumes of LL for January, May, and September contracts were 239611, 22986, and 234 respectively, and the open interests were 566645, 60931, and 662 respectively, with open interest changes of - 2181, 662, and 44 respectively. For PP, the trading volumes for January, May, and September contracts were 264044, 23995, and 804 respectively, and the open interests were 661984, 115861, and 3936 respectively, with open interest changes of - 5795, 2387, and 279 respectively [2] - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January are - 39, - 36, and 75 respectively, compared with previous values of - 35, - 52, and 87. For PP, the current spreads of January - May, May - September, and September - January are - 52, - 21, and 73 respectively, compared with previous values of - 53, - 24, and 77 [2] Raw Materials and Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder materials, and mulch film are 2321 yuan/ton, 6215 yuan/ton, 533 dollars/ton, 5600 yuan/ton, 6500 yuan/ton, and 8800 yuan/ton respectively, compared with previous values of 2301 yuan/ton, 6260 yuan/ton, 531 dollars/ton, 5600 yuan/ton, 6510 yuan/ton, and 8800 yuan/ton [2] - **Mid - stream Spot**: For LL, the current price ranges in the East China, North China, and South China markets are 6950 - 7500 yuan/ton, 6900 - 7150 yuan/ton, and 7150 - 7600 yuan/ton respectively, compared with previous ranges of 6950 - 7550 yuan/ton, 6950 - 7250 (8100 - 8250) yuan/ton, and 7150 - 7600 yuan/ton. For PP, the current price ranges in the East China, North China, and South China markets are 6450 - 6650 yuan/ton, 6500 - 6600 yuan/ton, and 6500 - 6650 yuan/ton respectively, which are the same as the previous ranges [2] News - On Thursday (October 16), the settlement price of West Texas Light Crude Oil futures for November 2025 on the New York Mercantile Exchange was $57.46 per barrel, the lowest since May 5, down $0.81 or 1.39% from the previous trading day, with a trading range of $57.26 - $59.11. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $61.06 per barrel, also the lowest since May 5, down $0.85 or 1.37% from the previous trading day, with a trading range of $60.84 - $62.75 [2]