申银万国期货研究所 陆甲明 （从业编号F3079531 交易咨询号Z0015919） 免 责 声 明 本公司具有中国证监会核准的期货交易咨询业务资格 （核准文号 证监许可[2011]1284号） 研究局限性和风险提示 报告中依据和结论存在范围局限性，对未来预测存在不及预期，以及宏观环境和产业链影响因素存在不确定性变化等风险。 分析师声明 作者具有期货交易咨询执业资格，保证报告所采用的数据均来自合规渠道，分析逻辑基于作者的职业理解，本报告清晰准确地 反映了作者的研究观点，力求独立、客观和公正，结论不受任何第三方的授意或影响，作者及利益相关方不曾因也将不会因本 报告中的具体推荐意见或观点而直接或间接获取任何形式的不当利益。 免责声明 本报告的信息均来源于第三方信息提供商或其他已公开信息，本公司对这些信息的准确性、完整性、时效性或可靠性不作任何 保证，也不保证所包含的信息和建议不会发生任何变更。市场有风险，投资需谨慎。我们力求报告内容的客观、公正，但文中 的观点、结论和建议仅供参考，报告中的信息或意见并不构成所述品种的买卖出价，投资者据此做出的任何投资决策与本公司 无关。 本报告所涵括的信息仅供交流研讨，投资者应合 ...

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - Polyolefin futures continued to rebound. Spot prices of linear LL and拉丝 PP from Sinopec and PetroChina remained stable. Fundamentally, market enthusiasm has cooled, and the polyolefin spot market is still mainly driven by supply - demand. Summer maintenance is in balance, and inventory is slowly being digested, but short - term petrochemical inventory may fluctuate. The de - stocking process in summer is tortuous. Domestically, the macro - level is still driven by domestic demand, and terminal stocking demand may gradually pick up in mid - and late August. The market should focus on the autumn stocking rhythm after supply - demand digestion and possible changes in supply and cost [2]. 3. Summary by Directory Futures Market - **LL Futures**: For the 1 - month, 5 - month, and 9 - month contracts, the previous day's closing prices were 7386, 7383, and 7331 respectively, with increases of 39 (0.53%), 43 (0.59%), and 23 (0.31%) compared to two days ago. The trading volumes were 381879, 6260, and 52643 respectively, and the open interests were 386389, 21714, and 75937 respectively, with changes of +4826, +1249, and - 14155 [2]. - **PP Futures**: For the 1 - month, 5 - month, and 9 - month contracts, the previous day's closing prices were 7048, 7068, and 7016 respectively, with changes of - 8 (-0.11%), +6 (0.08%), and - 10 (-0.14%) compared to two days ago. The trading volumes were 252769, 12288, and 31224 respectively, and the open interests were 453181, 32678, and 54053 respectively, with changes of +10598, +837, and - 7840 [2]. - **Spreads**: For LL, the 1 - month to 5 - month, 5 - month to 9 - month, and 9 - month to 1 - month spreads were 3, 52, and - 55 respectively (previous values: 7, 32, - 39). For PP, the spreads were - 20, 52, and - 32 respectively (previous values: - 6, 36, - 30) [2]. Raw Materials and Spot Market - **Raw Materials**: The current values of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2428 yuan/ton, 6470 yuan/ton, 571 dollars/ton, 5600 yuan/ton, 6800 yuan/ton, and 8800 yuan/ton respectively. Compared with the previous values, Shandong propylene increased, while others remained stable [2]. - **Mid - stream Spot**: In the mid - stream spot market, the price ranges of LL in the East China, North China, and South China markets were 7250 - 7700 yuan/ton, 7150 - 7450 yuan/ton, and 7350 - 7750 yuan/ton respectively. The price ranges of PP in these three markets were 6900 - 7000 yuan/ton, 6850 - 7000 yuan/ton, and 6850 - 7100 yuan/ton respectively, remaining stable compared to the previous values [2]. Market News - On Thursday (August 21), the settlement price of WTI crude oil futures for October 2025 on the New York Mercantile Exchange was $63.52 per barrel, up $0.81 (1.29%) from the previous trading day, with a trading range of $62.52 - $63.67. The settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $67.67 per barrel, up $0.83 (1.24%) from the previous trading day, with a trading range of $66.74 - $67.80 [2].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The polyolefin futures closed positive yesterday. The spot prices of linear LL and拉丝 PP from Sinopec and PetroChina remained stable. The market heat has cooled down, and the polyolefin spot market is still mainly driven by supply and demand. Summer maintenance is in balance, and inventory is slowly being digested, but short - term petrochemical inventory may fluctuate. The domestic macro - level is still driven by domestic demand, and the terminal stocking demand may gradually pick up in mid - to late August. The future market should focus on the autumn stocking rhythm after supply - demand digestion and possible changes on the supply side [2]. 3. Summary by Relevant Catalogs Futures Market - **Prices**: For linear LL futures, the previous day's closing prices for January, May, and September contracts were 7347, 7340, and 7308 respectively, with increases of 40, 49, and 40 and涨幅 of 0.55%, 0.67%, and 0.55% respectively. For拉丝 PP futures, the previous day's closing prices for January, May, and September contracts were 7056, 7062, and 7026 respectively, with increases of 40, 30, and 39 and涨幅 of 0.57%, 0.43%, and 0.56% respectively [2]. - **Volume and Open Interest**: The trading volumes of linear LL futures for January, May, and September contracts were 400529, 7534, and 95001 respectively, and the open interests were 381563, 20465, and 90092 respectively. The open interest changes were 21423, 1614, and - 35644 respectively. For拉丝 PP futures, the trading volumes were 341106, 14955, and 58830 respectively, the open interests were 442583, 31841, and 61893 respectively, and the open interest changes were 25989, 2844, and - 19500 respectively [2]. - **Spreads**: For linear LL, the current spreads of January - May, May - September, and September - January were 7, 32, and - 39 respectively, compared with previous values of 16, 23, and - 39. For拉丝 PP, the current spreads of January - May, May - September, and September - January were - 6, 36, and - 30 respectively, compared with previous values of - 16, 45, and - 29 [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 2427 yuan/ton, 6390 yuan/ton, 570 dollars/ton, 5600 yuan/ton, 6770 yuan/ton, and 8800 yuan/ton respectively, with some changes compared to previous values [2]. - **Spot Market**: In the middle - stream market, the current price ranges of linear LL in East China, North China, and South China were 7250 - 7700 yuan/ton, 7150 - 7450 yuan/ton, and 7350 - 7750 yuan/ton respectively. For拉丝 PP, the current price ranges in East China, North China, and South China were 6900 - 7000 yuan/ton, 6850 - 7000 yuan/ton, and 6850 - 7100 yuan/ton respectively [2]. News - On Wednesday (August 20), the settlement price of WTI crude oil futures for September 2025 on the New York Mercantile Exchange was $63.21 per barrel, up $0.86 or 1.38% from the previous trading day, with a trading range of $62.39 - $63.55. The settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $66.84 per barrel, up $1.05 or 1.60% from the previous trading day, with a trading range of $65.81 - $67.06 [2].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report - Polyolefin futures are running weakly. The spot market of polyolefins is mainly driven by supply - demand factors. The market heat has cooled down, and the inventory is slowly being digested after the previous rebound. The short - term petrochemical inventory may fluctuate, and the destocking process in summer is tortuous. However, domestic demand is the main driver at the macro level, and the terminal备货 demand may gradually pick up in the middle and late August. The focus should be on the autumn stocking market rhythm after supply - demand digestion and the potential changes in the cost side [2]. 3. Summary by Related Catalogs Futures Market - **LL and PP Futures Prices**: For LL, the previous day's closing prices for January, May, and September contracts were 7307, 7291, and 7268 respectively, with changes of - 27, - 21, and - 24 compared to the day before, and percentage changes of - 0.37%, - 0.29%, and - 0.33% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 7016, 7032, and 6987 respectively, with changes of - 32, - 16, and - 39 compared to the day before, and percentage changes of - 0.45%, - 0.23%, and - 0.56% respectively [2]. - **Trading Volume and Open Interest**: The trading volumes of LL for January, May, and September contracts were 195031, 3873, and 54494 respectively, and the open interests were 360140, 18851, and 125736 respectively, with changes of 18234, 761, and - 22109 respectively. For PP, the trading volumes for January, May, and September contracts were 198360, 7393, and 50844 respectively, and the open interests were 416594, 28997, and 81393 respectively, with changes of 24874, 1950, and - 18050 respectively [2]. - **Price Spreads**: The current price spreads of LL for January - May, May - September, and September - January are 16, 23, and - 39 respectively, compared to previous values of 22, 20, and - 42. For PP, the current price spreads for January - May, May - September, and September - January are - 16, 45, and - 29 respectively, compared to previous values of 0, 22, and - 22 [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 2395 yuan/ton, 6410 yuan/ton, 560 dollars/ton, 5600 yuan/ton, 6800 yuan/ton, and 8800 yuan/ton respectively. The previous values were 2400 yuan/ton, 6425 yuan/ton, 564 dollars/ton, 5600 yuan/ton, 6800 yuan/ton, and 8800 yuan/ton respectively [2]. - **Intermediate and Final Products**: The current price ranges of LL in the East China, North China, and South China markets are 7250 - 7700 yuan/ton, 7200 - 7450 yuan/ton, and 7400 - 7750 yuan/ton respectively. The previous price ranges were 6950 - 7100 yuan/ton, 7250 - 7700 yuan/ton, and 7200 - 7450 yuan/ton. For PP, the current price ranges in the East China, North China, and South China markets are 6950 - 7050 yuan/ton, 6900 - 7000 yuan/ton, and 6850 - 7100 yuan/ton respectively, and the previous price ranges were 7400 - 7750 yuan/ton, 6900 - 7000 yuan/ton, and 6900 - 7100 yuan/ton [2]. News - On Tuesday (August 19), the settlement price of West Texas Intermediate crude oil futures for September 2025 on the New York Mercantile Exchange was $62.35 per barrel, down $1.07 or 1.69% from the previous trading day, with a trading range of $62.25 - $63.39. The settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $65.79 per barrel, down $0.81 or 1.22% from the previous trading day, with a trading range of $65.61 - $66.58 [2].

Group 1: Report Summary - The report focuses on the polyolefin (LL&PP) futures and spot markets, providing data on prices, trading volumes, and inventories, along with market analysis and strategies [2]. Group 2: Market Rating - No investment rating for the industry is provided in the report. Group 3: Core View - Polyolefin futures are running weakly. The spot market is mainly driven by supply - demand. The market heat has cooled down, and the inventory is slowly being digested. It is in a stage of stopping the decline after the previous rebound. The destocking process in summer is tortuous, but the terminal备货 demand may pick up in mid - to late August. The key is to focus on the autumn stocking market rhythm and potential cost changes [2]. Group 4: Futures Market - **Price and Change**: For LL, the previous day's closing prices for January, May, and September contracts were 7334, 7312, and 7292 respectively, with declines of - 17, - 34, and - 14 and percentage drops of - 0.23%, - 0.46%, and - 0.19%. For PP, the closing prices were 7048, 7048, and 7026, with declines of - 36, - 32, and - 32 and percentage drops of - 0.51%, - 0.45%, and - 0.45% [2]. - **Trading Volume and Open Interest**: The trading volumes of LL for January, May, and September contracts were 210483, 3872, and 77466. The open interests were 341906, 18090, and 147845, with changes of 23091, 1252, and - 25485. For PP, the trading volumes were 198520, 7133, and 56805. The open interests were 391720, 27047, and 99443, with changes of 28363, 1051, and - 11273 [2]. - **Spread**: For LL, the current spreads of January - May, May - September, and September - January were 22, 20, and - 42, compared to previous values of 5, 40, and - 45. For PP, the current spreads were 0, 22, and - 22, compared to previous values of 4, 22, and - 26 [2]. Group 5: 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 2400 yuan/ton, 6425 yuan/ton, 562 dollars/ton, 5600 yuan/ton, 6800 yuan/ton, and 8800 yuan/ton respectively, with some price changes from the previous values [2]. - **Intermediate Products**: For LL, the current price ranges in East China, North China, and South China markets were 7250 - 7700 yuan/ton, 7200 - 7450 yuan/ton, and 7400 - 7750 yuan/ton. For PP, the ranges were 6950 - 7100 yuan/ton, 6900 - 7000 yuan/ton, and 6900 - 7100 yuan/ton, with some price changes from the previous values [2]. Group 6: News - On August 18, 2025, the settlement price of WTI crude oil futures for September 2025 on the New York Mercantile Exchange was $63.42 per barrel, up $0.62 or 0.99% from the previous day. The settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $66.60 per barrel, up $0.75 or 1.14% from the previous day [2].

申银万国期货研究所 陆甲明 （从业编号F3079531 交易咨询号Z0015919） 20250818申万期货品种策略日报-聚烯烃（LL&PP） 免 责 声 明 本公司具有中国证监会核准的期货交易咨询业务资格 （核准文号 证监许可[2011]1284号） 研究局限性和风险提示 报告中依据和结论存在范围局限性，对未来预测存在不及预期，以及宏观环境和产业链影响因素存在不确定性变化等风险。 分析师声明 作者具有期货交易咨询执业资格，保证报告所采用的数据均来自合规渠道，分析逻辑基于作者的职业理解，本报告清晰准确地 反映了作者的研究观点，力求独立、客观和公正，结论不受任何第三方的授意或影响，作者及利益相关方不曾因也将不会因本 报告中的具体推荐意见或观点而直接或间接获取任何形式的不当利益。 免责声明 本报告的信息均来源于第三方信息提供商或其他已公开信息，本公司对这些信息的准确性、完整性、时效性或可靠性不作任何 保证，也不保证所包含的信息和建议不会发生任何变更。市场有风险，投资需谨慎。我们力求报告内容的客观、公正，但文中 的观点、结论和建议仅供参考，报告中的信息或意见并不构成所述品种的买卖出价，投资者据此做出的任何投资决策 ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - Polyolefin futures mainly declined. In the spot market, the prices of linear LL and drawn PP from Sinopec and PetroChina remained stable. Currently, from a fundamental perspective, market enthusiasm has cooled, and the polyolefin spot market is still mainly driven by supply - demand factors. Summer maintenance is in balance, and inventories are being slowly digested. Future focus should be on the autumn restocking market rhythm after supply - demand digestion [2] Group 3: Summary According to Relevant Catalogs Futures Market - **Price Changes**: For LL, the 1 - month, 5 - month, and 9 - month futures prices decreased by 43, 34, and 37 respectively, with declines of - 0.58%, - 0.46%, and - 0.50%. For PP, the corresponding decreases were 23, 11, and 27, with declines of - 0.32%, - 0.15%, and - 0.38% [2] - **Trading Volume**: The trading volumes of LL for 1 - month, 5 - month, and 9 - month were 85106, 897, and 211583 respectively; for PP, they were 72769, 690, and 188972 [2] - **Open Interest**: The open interests of LL for 1 - month, 5 - month, and 9 - month were 170116, 7879, and 326961 respectively; for PP, they were 190211, 10289, and 288497. The changes in open interest were 4000, 231, - 7196 for LL and - 935, 100, - 11205 for PP [2] - **Price Spreads**: For LL, the current spreads of 1 - month - 5 - month, 5 - month - 9 - month, and 9 - month - 1 - month were 9, 40, and - 49 respectively; for PP, they were 4, 22, and - 26. The previous spreads were 18, 37, - 55 for LL and 16, 6, - 22 for PP [2] Raw Materials and Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, and South China propane were 2406 yuan/ton, 6245 yuan/ton, and 538 dollars/ton respectively, with previous prices of 2421 yuan/ton, 6250 yuan/ton, and 544 dollars/ton. The prices of PP recycled materials, North China powder, and mulch film remained unchanged at 5600 yuan/ton, 6850 yuan/ton, and 8800 yuan/ton [2] - **Mid - stream**: The current price ranges of LL in the East China, North China, and South China markets were 7300 - 7600 yuan/ton, 7200 - 7450 yuan/ton, and 7400 - 7600 yuan/ton respectively; for PP, they were 7050 - 7200 yuan/ton, 7000 - 7150 yuan/ton, and 7000 - 7200 yuan/ton [2] News - On Thursday (July 31), the settlement price of WTI crude oil futures for September 2025 on the New York Mercantile Exchange was $69.26 per barrel, down $0.74 or 1.06% from the previous trading day, with a trading range of $68.56 - $70.41. The settlement price of Brent crude oil futures for September 2025 on the London Intercontinental Exchange was $72.53 per barrel, down $0.71 or 0.97% from the previous trading day, with a trading range of $72.4 - $73.53 [2]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Polyolefin futures fluctuated within the day. The spot prices of linear LL and拉丝 PP from Sinopec and PetroChina remained stable. From a fundamental perspective, due to the increasingly clear macro - situation of domestic anti - involution, polyolefins may experience short - term wide - range fluctuations with market divergence emerging. The spot market of polyolefins is still mainly driven by supply and demand. Summer maintenance is in progress, and attention should be paid to the process of fundamental repair. Recently, supply and demand tend to gradually digest the inventory accumulated in the second quarter [2] Group 3: Summary According to Related Catalogs Futures Market LL Futures - The previous day's closing prices for January, May, and September contracts were 7442, 7424, and 7387 respectively. The price changes were 4, - 1, and 2, with percentage changes of 0.05%, - 0.01%, and 0.03%. The trading volumes were 90243, 1023, and 244663, and the open interests were 166116, 7648, and 334157, with changes of 3501, 191, and - 9463 respectively. The spreads of January - May, May - September, and September - January were 18, 37, and - 55, compared to the previous values of 13, 40, and - 53 [2] PP Futures - The previous day's closing prices for January, May, and September contracts were 7167, 7151, and 7145 respectively. The price changes were 1, - 7, and - 15, with percentage changes of 0.01%, - 0.10%, and - 0.21%. The trading volumes were 90691, 884, and 208517, and the open interests were 191146, 10189, and 299702, with changes of 11092, 353, and - 9052 respectively. The spreads of January - May, May - September, and September - January were 16, 6, and - 22, compared to the previous values of 8, - 2, and - 6 [2] Raw Materials and Spot Market Raw Materials - The current values of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2421 yuan/ton, 6250 yuan/ton, 543 dollars/ton, 5600 yuan/ton, 6850 yuan/ton, and 8800 yuan/ton respectively, compared to the previous values of 2436 yuan/ton, 6220 yuan/ton, 544 dollars/ton, 5600 yuan/ton, 6880 yuan/ton, and 8800 yuan/ton [2] Spot Market - For LL, the current prices in the East China, North China, and South China markets were 7300 - 7650 yuan/ton, 7200 - 7450 yuan/ton, and 7400 - 7600 yuan/ton respectively, compared to the previous prices of 7400 - 7600 yuan/ton, 7050 - 7200 yuan/ton, and 7000 - 7150 yuan/ton. For PP, the current prices in the East China, North China, and South China markets were 7050 - 7200 yuan/ton, 7000 - 7150 yuan/ton, and 7000 - 7200 yuan/ton respectively, compared to the previous prices of 7300 - 7650 yuan/ton, 7200 - 7450 yuan/ton, and 8100 - 8250 yuan/ton [2] Information - On Wednesday (July 30), the settlement price of WTI crude oil futures for September 2025 on the New York Mercantile Exchange was $70.00 per barrel, up $0.79 or 1.14% from the previous trading day, with a trading range of $68.45 - $70.51. The settlement price of Brent crude oil futures for September 2025 on the London Intercontinental Exchange was $73.24 per barrel, up $0.73 or 1.01% from the previous trading day, with a trading range of $71.75 - $73.63 [2]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Polyolefin futures rebounded slightly. The spot prices of linear LL and拉丝 PP from Sinopec and PetroChina remained stable. The market showed a divergence this week after a rebound last week, and the spot market of polyolefins is still mainly driven by supply and demand. Summer maintenance is in balance, and attention should be paid to the process of fundamental repair. Recently, supply and demand tend to gradually digest the inventory accumulated in the second quarter [2] Summary by Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 7400, 7395, and 7335 yuan/ton respectively, with declines of -104, -98, and -121 yuan/ton and drops of -1.39%, -1.31%, and -1.62% respectively. The trading volumes were 114997, 1587, and 388896, and the open interests were 157846, 7336, and 346401, with changes of 5906, 528, and -20147 respectively. The current spreads of January - May, May - September, and September - January were 5, 60, and -65 respectively [2] - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 7136, 7137, and 7130 yuan/ton respectively, with declines of -100, -90, and -91 yuan/ton and drops of -1.38%, -1.25%, and -1.26% respectively. The trading volumes were 120821, 2000, and 344922, and the open interests were 165953, 9581, and 325802, with changes of -3873, -366, and -29838 respectively. The current spreads of January - May, May - September, and September - January were -1, 7, and -6 respectively [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 plastic film were 2435 yuan/ton, 6220 yuan/ton, 544 dollars/ton, 5600 yuan/ton, 6850 yuan/ton, and 8800 yuan/ton respectively [2] - **Spot Market**: The current prices of LL in the East China, North China, and South China markets were 7250 - 7650, 7200 - 7450, and 7400 - 7600 yuan/ton respectively; the current prices of PP in the East China, North China, and South China markets were 7050 - 7150, 7000 - 7150, and 7000 - 7200 yuan/ton respectively [2] News - On Tuesday (July 29), the settlement price of West Texas Light Crude Oil futures for September 2025 on the New York Mercantile Exchange was $69.21 per barrel, up $2.50 or 3.75% from the previous trading day, with a trading range of $66.53 - $69.76. The settlement price of Brent crude oil futures for September 2025 on the London Intercontinental Exchange was $72.51 per barrel, up $2.47 or 3.53% from the previous trading day, with a trading range of $69.86 - $73.08 [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Polyolefin futures declined and traded sideways overnight. Spot prices of linear LL and拉丝PP remained stable for both Sinopec and PetroChina. Fundamentally, due to the clearer macro - situation of anti - involution in China, the market rebounded last week. However, the spot market of polyolefins is still mainly driven by supply - demand factors, with summer maintenance in balance. Attention should be paid to the process of fundamental repair [2] 3. Summary According to Relevant Catalogs Futures Market - **Price and Change**: For LL, the previous day's closing prices for January, May, and September contracts were 7400, 7395, and 7335 respectively, down 104, 98, and 121 from two days ago, with declines of - 1.39%, - 1.31%, and - 1.62%. For PP, the corresponding closing prices were 7136, 7137, and 7130, down 100, 90, and 91, with declines of - 1.38%, - 1.25%, and - 1.26% [2] - **Volume and Open Interest**: LL's trading volumes for January, May, and September contracts were 114997, 1587, and 388896, with open interests of 157846, 7336, and 346401, and open interest changes of 5906, 528, and - 20147. PP's trading volumes were 120821, 2000, and 344922, with open interests of 165953, 9581, and 325802, and open interest changes of - 3873, - 366, and - 29838 [2] - **Spread**: For LL, the current spreads of January - May, May - September, and September - January were 5, 60, and - 65, compared to previous values of 11, 37, and - 48. For PP, the current spreads were - 1, 7, and - 6, compared to previous values of 9, 6, and - 15 [2] Raw Material 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 2406 yuan/ton, 6195 yuan/ton, 539 dollars/ton, 5600 yuan/ton, 6930 yuan/ton, and 8800 yuan/ton respectively, compared to previous values of 2519 yuan/ton, 6240 yuan/ton, 547 dollars/ton, 5600 yuan/ton, 6930 yuan/ton, and 8800 yuan/ton [2] - **Mid - stream Spot**: The current price ranges of LL in East China, North China, and South China markets were 7250 - 7650, 7200 - 7450, and 7400 - 7550. For PP, the ranges were 7050 - 7150, 7000 - 7150, and 7000 - 7200. Most of the previous values were the same, except for the North China LL market which also had a previous range of 8100 - 8250 [2] News - On Monday (July 28), the settlement price of WTI crude oil futures for September 2025 on the New York Mercantile Exchange was $66.71 per barrel, up $1.55 or 2.38% from the previous trading day, with a trading range of $65.05 - $67.14. The settlement price of Brent crude oil futures for September 2025 on the London Intercontinental Exchange was $70.04 per barrel, up $1.60 or 2.34% from the previous trading day, with a trading range of $68.35 - $70.45 [2]