Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - On Thursday, polyolefins continued to rise and then fall. Sinopec kept prices stable, while PetroChina lowered some prices by 1000. The increase in Middle East tensions led to a slight rebound in international crude oil prices, which had a positive impact on chemicals. Market sentiment was high, and macro factors had a significant impact on the chemical industry, with sentiment fluctuating. Future attention should be paid to the actual operation of production facilities, and a rational attitude should be taken towards the polyolefin market [2] Group 3: Summary of Futures Market Price and Volume - For linear low - density polyethylene (LL), the previous day's closing prices for January, May, and September contracts were 7719, 8236, and 7934 respectively, with price increases of 19, 82, and 128, and percentage increases of 0.25%, 1.01%, and 1.64% respectively. The trading volumes were 2351, 1238840, and 311182, and the open interests were 2085, 327108, and 134486, with changes of 280, 4435, and 16770 respectively [2] - For polypropylene (PP), the previous day's closing prices for January, May, and September contracts were 7448, 8303, and 7751 respectively, with price increases of 78, 106, and 105, and percentage increases of 1.06%, 1.29%, and 1.37% respectively. The trading volumes were 6457, 1381318, and 292114, and the open interests were 10706, 410773, and 164282, with changes of - 32, - 10939, and 15067 respectively [2] Spread - For LL, the current spreads of January - May, May - September, and September - January were - 517, 302, and 215 respectively, compared to previous values of - 454, 348, and 106 [2] - For PP, the current spreads of January - May, May - September, and September - January were - 855, 552, and 303 respectively, compared to previous values of - 827, 551, and 276 [2] Group 4: Summary of 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 2727 yuan/ton, 8000 yuan/ton, 925 dollars/ton, 5600 yuan/ton, 8310 yuan/ton, and 8100 yuan/ton respectively, compared to previous values of 2662 yuan/ton, 8325 yuan/ton, 880 dollars/ton, 5600 yuan/ton, 8000 yuan/ton, and 8100 yuan/ton [2] Middle - stream Products - For LL, the current price ranges in the East China, North China, and South China markets were 8400 - 9100 yuan/ton, 8250 - 9000 yuan/ton, and 8500 - 9200 yuan/ton respectively, compared to previous ranges of 7900 - 8550 yuan/ton, 7800 - 8600 yuan/ton, and 8000 - 8850 yuan/ton [2] - For PP, the current price ranges in the East China, North China, and South China markets were 8300 - 8600 yuan/ton, 8300 - 8600 yuan/ton, and 8600 - 8800 yuan/ton respectively, compared to previous ranges of 7800 - 8150 yuan/ton, 7800 - 8200 yuan/ton, and 7950 - 8500 yuan/ton [2] Group 5: Market News - On Thursday (March 12), the settlement price of West Texas Intermediate (WTI) crude oil futures for April 2026 on the New York Mercantile Exchange was $95.73 per barrel, up $8.48 or 9.72% from the previous trading day, with a trading range of $88.61 - $97.19. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $100.46 per barrel, up $8.48 or 9.22% from the previous trading day, with a trading range of $95.20 - $101.80 [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - On Wednesday, the prices of polyolefins rebounded, and most spot prices of PE and PP also rebounded. The situation in the Middle East is volatile, especially the changing stances on the US-Israel-Iran conflict, which has an impact on the cooling of crude oil prices. Currently, the macro - environment has a significant impact on the chemical industry, and market sentiment is volatile. Investors should view the polyolefin market rationally at this stage [2] Group 3: Summary According to Relevant Catalogs Futures Market - **Price Changes**: For LL, the price increases on the previous day were 326 yuan/ton (January contract, 4.42% increase), 387 yuan/ton (May contract, 4.98% increase), and 362 yuan/ton (September contract, 4.86% increase). For PP, the increases were 239 yuan/ton (January contract, 3.35% increase), 377 yuan/ton (May contract, 4.82% increase), and 321 yuan/ton (September contract, 4.38% increase) [2] - **Volume and Open Interest**: The trading volumes of LL were 1,536 (January contract), 1,024,821 (May contract), and 225,165 (September contract). The trading volumes of PP were 5,803 (January contract), 1,181,121 (May contract), and 231,723 (September contract). The open interest changes of LL were - 67 (January contract), +9,286 (May contract), and +6,569 (September contract). The open interest changes of PP were +1,019 (January contract), +57,892 (May contract), and +18,490 (September contract) [2] - **Spread**: The current spreads of LL (January - May, May - September, September - January) were - 454, 348, and 106 respectively, compared with the previous values of - 393, 323, and 70. The current spreads of PP (January - May, May - September, September - January) were - 827, 551, and 276 respectively, compared with the previous values of - 689, 495, and 194 [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 2,662 yuan/ton, 8,325 yuan/ton, 880 US dollars/ton, 5,600 yuan/ton, 8,000 yuan/ton, and 8,100 yuan/ton respectively. The previous prices were 2,552 yuan/ton, 8,800 yuan/ton, 875 US dollars/ton, 5,600 yuan/ton, 8,550 yuan/ton, and 8,100 yuan/ton [2] - **Mid - stream**: The current price ranges of LL in the East China, North China, and South China markets were 7,900 - 8,550 yuan/ton, 7,800 - 8,600 yuan/ton, and 8,000 - 8,850 yuan/ton respectively. The previous price ranges were 7,700 - 8,250 yuan/ton, 7,600 - 8,250 yuan/ton, and 8,200 - 8,900 yuan/ton. The current price ranges of PP in the East China, North China, and South China markets were 7,800 - 8,150 yuan/ton, 7,800 - 8,200 yuan/ton, and 7,950 - 8,500 yuan/ton respectively. The previous price ranges were 7,750 - 8,000 yuan/ton, 7,600 - 7,900 yuan/ton, and 8,000 - 9,000 yuan/ton [2] News - On Wednesday (March 11), the settlement price of West Texas Intermediate crude oil futures for April 2026 on the New York Mercantile Exchange was $87.25 per barrel, up $3.80 from the previous trading day, a 4.55% increase, with a trading range of $81.79 - $88.99. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $91.98 per barrel, up $4.18 from the previous trading day, a 4.76% increase, with a trading range of $86.24 - $93.75 [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - On Tuesday, polyolefins opened high and closed low, with prices falling at night. PE and PP spot prices mostly dropped significantly compared to Monday. From a fundamental perspective, the situation in the Middle East is volatile, especially with Trump's changing stance on the US - Israel - Iran conflict, which has a significant cooling effect on crude oil. The overnight decline in international crude oil prices has a notable negative impact on chemicals, causing polyolefins to cool down. Currently, the macro - environment has a large impact on the chemical industry, with sentiment fluctuating. The polyolefin market should be treated rationally [2] Group 3: Summary by Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 7374, 7767, and 7444 respectively, down 331, 177, and 312 from two days ago, with percentage drops of 4.30%, 2.23%, and 4.02%. The trading volumes were 2520, 1362346, and 269232, and the open interests were 1872, 313387, and 111147, with changes of 80, - 97004, and 6324 respectively. The spreads of January - May, May - September, and September - January were - 393, 323, and 70, compared to - 239, 188, and 51 previously [2] - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 7131, 7820, and 7325 respectively, down 391, 214, and 360 from two days ago, with percentage drops of 5.20%, 2.66%, and 4.68%. The trading volumes were 8809, 1454118, and 276758, and the open interests were 9719, 363820, and 130725, with changes of - 585, - 116215, and - 8474 respectively. The spreads of January - May, May - September, and September - January were - 689, 495, and 194, compared to - 512, 349, and 163 previously [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 plastic film are 2252 yuan/ton, 8800 yuan/ton, 875 dollars/ton, 5600 yuan/ton, 8550 yuan/ton, and 8100 yuan/ton respectively, compared to 2831 yuan/ton, 9750 yuan/ton, 980 dollars/ton, 5600 yuan/ton, 9700 yuan/ton, and 8100 yuan/ton previously [2] - **Spot Market**: The current price ranges of LL in East China, North China, and South China markets are 7700 - 8250 yuan/ton, 7600 - 8250 yuan/ton, and 8200 - 8900 yuan/ton respectively, compared to 9500 - 10000 yuan/ton, 9200 - 10000 yuan/ton, and 9700 - 10200 yuan/ton previously. The current price ranges of PP in East China, North China, and South China markets are 7750 - 8000 yuan/ton, 7600 - 7900 yuan/ton, and 8000 - 9000 yuan/ton respectively, compared to 9000 - 9600 yuan/ton, 9050 - 9600 yuan/ton, and 9300 - 10050 yuan/ton previously [2] News - On Tuesday (March 10), the settlement price of West Texas Intermediate crude oil futures for April 2026 on the New York Mercantile Exchange was $83.45 per barrel, down $11.32 or 11.94% from the previous trading day, with a trading range of $76.73 - $91.48. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $87.8 per barrel, down $11.16 or 11.28% from the previous trading day, with a trading range of $81.16 - $95.04 [2]

Group 1: Report's Industry Investment Rating - No relevant information provided Group 2: Report's Core View - On Friday, polyolefins continued the bullish market. For linear LL, some prices of Sinopec were raised by 300, while those of PetroChina remained stable. For drawn PP, some prices of Sinopec were raised by 300, and some of PetroChina were raised by 150. From a fundamental perspective, the increasing tension in the Middle East led to a significant jump in the international crude oil price, which enhanced the boost to chemicals. The market sentiment was highly enthusiastic, strongly boosting polyolefins. The short - term strength will continue, and investors should approach the market rationally at this stage [2] Group 3: Summary According to the Catalog Futures Market - **Price and Change**: For LL, the previous day's closing prices for January, May, and September contracts were 7354, 7691, and 7456 respectively, with increases of 176, 298, and 215 and growth rates of 2.45%, 4.03%, and 2.97% compared to two days ago. For PP, the previous day's closing prices for January, May, and September contracts were 7171, 7797, and 7390 respectively, with increases of 117, 339, and 209 and growth rates of 1.66%, 4.55%, and 2.91% compared to two days ago [2] - **Volume and Open Interest**: For LL, the trading volumes for January, May, and September contracts were 1260, 1100826, and 139481 respectively, and the open interests were 1915, 409024, and 100816 respectively, with increases of 132, 18481, and 1621. For PP, the trading volumes for January, May, and September contracts were 2181, 1233367, and 146633 respectively, and the open interests were 7162, 493414, and 142714 respectively, with increases of 688, 17221, and 5664 [2] - **Spread**: For LL, the current spreads of January - May, May - September, and September - January were - 337, 235, and 102 respectively, compared to the previous values of - 215, 152, and 63. For PP, the current spreads of January - May, May - September, and September - January were - 626, 407, and 219 respectively, compared to the previous values of - 404, 277, and 127 [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 2586 yuan/ton, 7550 yuan/ton, 844 dollars/ton, 5600 yuan/ton, 7650 yuan/ton, and 8100 yuan/ton respectively, compared to the previous values of 2491 yuan/ton, 7370 yuan/ton, 870 dollars/ton, 5600 yuan/ton, 7550 yuan/ton, and 8100 yuan/ton [2] - **Mid - stream**: For LL, the current price ranges in the East China, North China, and South China markets were 7550 - 8200 yuan/ton, 7400 - 7900 yuan/ton, and 7800 - 8200 yuan/ton respectively, compared to the previous ranges of 7350 - 8200 yuan/ton, 7300 - 7800 and 8100 - 8250 yuan/ton, and 7700 - 8100 yuan/ton. For PP, the current price ranges in the East China, North China, and South China markets were 7450 - 7700 yuan/ton, 7450 - 7700 yuan/ton, and 7700 - 7950 yuan/ton respectively, compared to the previous ranges of 7400 - 7550 yuan/ton, 7400 - 7550 yuan/ton, and 7550 - 7700 yuan/ton [2] News - On Friday (March 6), the settlement price of the West Texas Intermediate crude oil futures contract for April 2026 on the New York Mercantile Exchange was $90.90 per barrel, the highest since September 28, 2023, up $9.89 or 12.21% from the previous trading day, with a trading range of $78.24 - $92.61. The settlement price of the Brent crude oil futures contract for May 2026 on the London Intercontinental Exchange was $92.69 per barrel, the highest since September 29, 2023, up $7.28 or 8.52% from the previous trading day, with a trading range of $83.16 - $94.64 [2]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the report 2. Core View of the Report - Polyolefins fluctuated after rising. For linear LL, Sinopec kept prices stable while PetroChina raised some prices by 150. For拉丝PP, Sinopec kept prices stable and PetroChina raised some prices by 150. The increasing tension in the Middle East led to a rise in the international crude oil price, boosting the chemical products. However, it remains to be seen whether the terminal demand can keep up after the continuous rebound. Strategically, it is advisable to moderately reduce long positions at high prices and conduct rolling operations with long positions at low prices [2] 3. Summary by Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 7178, 7393, and 7241 respectively, with changes of -58, 38, and -29, and percentage changes of -0.80%, 0.52%, and -0.40%. The trading volumes were 2106, 1319287, and 180096 respectively, and the open interests were 1783, 390543, and 99195 respectively. The open interest changes were -177, 8846, and 1481 respectively [2] - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 7054, 7458, and 7181 respectively, with changes of -50, -48, and -45, and percentage changes of -0.70%, -0.64%, and -0.62%. The trading volumes were 4816, 1514753, and 202272 respectively, and the open interests were 6474, 476193, and 137050 respectively. The open interest changes were 2153, 11650, and 296 respectively [2] - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January were -215, 152, and 63 respectively, compared with the previous values of -119, 85, and 34. For PP, the current spreads of January - May, May - September, and September - January were -404, 277, and 127 respectively, compared with the previous values of -402, 280, and 122 [2] Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP reclaimed materials, North China powder, and mulch film were 2491 yuan/ton, 7370 yuan/ton, 870 dollars/ton, 5600 yuan/ton, 7550 yuan/ton, and 8100 yuan/ton respectively. The previous prices were 2556 yuan/ton, 7015 yuan/ton, 867 dollars/ton, 5600 yuan/ton, 7390 yuan/ton, and 8100 yuan/ton respectively [2] - **Mid - stream**: For LL, the current prices in the East China, North China, and South China markets were 7350 - 8200 yuan/ton, 7300 - 7800 yuan/ton, and 7700 - 8100 yuan/ton respectively, compared with the previous prices of 7250 - 7750 yuan/ton, 7150 - 7800 yuan/ton, and 7550 - 7850 yuan/ton. For PP, the current prices in the East China, North China, and South China markets were 7400 - 7550 yuan/ton, 7400 - 7550 yuan/ton, and 7550 - 7700 yuan/ton respectively, compared with the previous prices of 7150 - 7360 yuan/ton, 7150 - 7350 yuan/ton, and 7350 - 7500 yuan/ton [2] News - On Thursday (March 5), the settlement price of West Texas Intermediate crude oil futures for April 2026 on the New York Mercantile Exchange was $81.01 per barrel, the highest since July 18, 2024, up $6.35 or 8.51% from the previous trading day, with a trading range of $74.97 - $82.16. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $85.41 per barrel, the highest since July 8, 2024, up $4.01 or 4.93% from the previous trading day, with a trading range of $81.5 - $86.28 [2]

Report Industry Investment Rating - Not provided Core View of the Report - The report suggests a bullish approach towards polyolefins, as the increase in geopolitical tensions in the Middle East over the weekend led to a rise in international crude oil prices, which in turn boosted the chemical products. The report also mentions that the downstream demand should be monitored for the terminal procurement rhythm after the resumption of work [2]. Summary by Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 7081, 6991, and 7071 respectively, with price increases of 397, 394, and 399, and percentage increases of 5.94%, 5.97%, and 5.98% respectively. The trading volumes were 1244, 963478, and 119036, and the open interests were 1958, 505479, and 90112, with changes of 126, -60599, and -3223 respectively [2]. - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6948, 6998, and 7020 respectively, with price increases of 355, 387, and 393, and percentage increases of 5.38%, 5.85%, and 5.93% respectively. The trading volumes were 1431, 888436, and 122800, and the open interests were 3942, 498613, and 133948, with changes of 546, 8140, and 7418 respectively [2]. - **Spread**: For LL, the spreads of January - May, May - September, and September - January were 90, -80, and -10 respectively. For PP, the spreads were -50, -22, and 72 respectively [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 2366 yuan/ton, 6620 yuan/ton, 740 dollars/ton, 5600 yuan/ton, 6680 yuan/ton, and 8100 yuan/ton respectively [2]. - **Mid - stream**: The current price ranges of LL in East China, North China, and South China markets were 6700 - 7100 yuan/ton, 6600 - 7050 yuan/ton, and 7000 - 7250 yuan/ton respectively. The current price ranges of PP in East China, North China, and South China markets were 6650 - 6750 yuan/ton, 6650 - 6750 yuan/ton, and 6900 - 7100 yuan/ton respectively [2]. News - The retaliatory actions of a Middle Eastern country led to the closure of some oil and gas facilities in the Middle East and the shipping in the crucial Strait of Hormuz. The international oil prices soared at the beginning of the session but then retreated from the intraday high. On March 2, 2026, the settlement price of West Texas Intermediate crude oil futures for April 2026 on the New York Mercantile Exchange was $71.23 per barrel, up $4.21 or 6.28% from the previous trading day, with a trading range of $69.2 - $75.33. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $77.74 per barrel, up $4.87 or 6.68% from the previous trading day, with a trading range of $75.75 - $82.37 [2].

Group 1: Chemical Industry Performance - The chemical raw materials index decreased by 2.02%, and the chemical machinery index fell by 2.22%. In contrast, the chemical pharmaceuticals index increased by 0.64%. The pesticide and fertilizer index dropped by 3.51% [1] - The oil processing index declined by 1.52%, the oil extraction index decreased by 2.60%, and the oil trading index fell by 1.33% [1] Group 2: Oil Prices - As of February 6, the settlement price for West Texas Intermediate crude oil was $63.55 per barrel, down 2.55% from January 30. The settlement price for Brent crude oil was $68.05 per barrel, down 3.73% from January 30 [1] Group 3: Petrochemical Products - The top five petrochemical products with price increases were isobutyraldehyde (up 4.12%), copper sulfate pentahydrate (up 4.00%), formic acid (up 3.83%), trimethylolpropane (up 3.82%), and coke (up 3.77%). The top five products with price decreases were hydrochloric acid (down 11.63%), industrial-grade lithium hydroxide (down 8.28%), battery-grade lithium hydroxide (down 7.05%), industrial-grade lithium carbonate (down 6.29%), and battery-grade lithium carbonate (down 6.21%) [1] Group 4: Capital Market Performance - The top five listed chemical companies with the highest stock price increases were Shenjian Co. (up 28.07%), Kuncai Technology (up 19.05%), Haixiang Pharmaceutical (up 18.64%), Fumiao Technology (up 17.94%), and Runbei Aerospace (up 16.35%). The top five companies with the largest stock price declines were Sidike (down 16.68%), Longgao Co. (down 15.19%), Chlor-alkali Chemical (down 13.45%), Kexin Innovation Source (down 13.43%), and Guoen Co. (down 12.97%) [2]

Core Insights - The article discusses the impact of geopolitical uncertainties on oil prices, highlighting that short-term factors are currently driving prices upward due to ongoing tensions between the U.S. and Iran, as well as a recent trade agreement between the U.S. and India [1][2][3]. Geopolitical Factors - The U.S. and Iran have shown signals of negotiation, which initially led to a drop in oil prices, but ongoing tensions and uncertainties have caused a rebound in prices [2][3]. - The U.S. has announced a trade agreement with India, reducing tariffs on Indian goods and leading India to stop purchasing Russian oil, which is expected to increase demand for Middle Eastern oil [1][4]. Market Dynamics - Oil prices saw a significant increase on February 3, with WTI crude rising to $63.21 per barrel (up 1.72%) and Brent crude reaching $67.33 per barrel (up 1.55%) [1]. - The OPEC alliance has decided to maintain production cuts until March 2026, contributing to supply constraints and supporting oil prices [5]. Supply and Demand Factors - Factors such as slow recovery in Kazakhstan's oil production, winter storms affecting North American output, and expectations of increased Indian oil purchases are contributing to a tightening supply situation [5]. - The geopolitical landscape is influencing market expectations, with fears of supply disruptions due to tensions in the Strait of Hormuz, a critical oil transport route [3][4]. Long-term Trends - The article suggests that the ongoing geopolitical dynamics will reshape global energy governance, with a shift towards a multipolar energy system and increased competition over rule-setting in the energy market [5].

Core Viewpoint - The improvement in Kazakhstan's supply outlook is a key factor driving the decline in oil prices, overshadowing concerns about supply disruptions caused by severe winter storms in the U.S. [1][2] Group 1: Oil Price Movements - On January 26, international oil prices fell, with West Texas Intermediate crude settling at $60.63 per barrel, down 0.72%, and Brent crude at $65.59 per barrel, down 0.44% [1] - The decline in oil prices is attributed to Kazakhstan's readiness to restore production at its largest oil field and the resumption of full capacity at the Caspian Pipeline Consortium's Black Sea terminal [1][3] Group 2: Supply Dynamics - Kazakhstan's energy ministry announced the readiness to resume production, enhancing supply confidence and directly contributing to lower oil prices [3] - The severe winter storm in the U.S. has led to a reduction of approximately 250,000 barrels per day in U.S. crude oil production, particularly affecting regions like Oklahoma's Bakken oil field and parts of Texas [1][3] Group 3: Geopolitical Context - Ongoing tensions in the Middle East, particularly with U.S. military deployments, have raised concerns about potential threats to Iranian oil production, adding complexity to the oil market [1][3] - The current oil price environment is characterized by a mix of factors, including the interplay between Kazakhstan's supply increase and the supply decrease due to adverse weather in the U.S., alongside geopolitical risks in the Middle East [3]

Group 1: Industry Investment Rating - No information provided Group 2: Core View - Polyolefin futures continued to rebound. The fundamentals currently focus on the expectation of supply improvement, and the impact of macro factors on commodities has increased. The rebound in international crude oil prices also supports chemicals at the cost end. Overall, the current spot drive for polyolefins is relatively limited, and the market pays more attention to the driving rhythm of macro factors [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 6974, 6935, and 6962 respectively, with increases of 88, 70, and 75 and涨幅 of 1.28%, 1.02%, and 1.09% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 6716, 6737, and 6778 respectively, with increases of 71, 81, and 90 and涨幅 of 1.07%, 1.22%, and 1.35% respectively [2] - **Volume and Open Interest**: The trading volumes for LL January, May, and September contracts were 137, 611978, and 42216 respectively, and the open interests were 187, 515013, and 69905 respectively, with open interest changes of 35, -4043, and 4941 respectively. For PP, the trading volumes for January, May, and September contracts were 468, 524463, and 40252 respectively, and the open interests were 2132, 521131, and 106892 respectively, with open interest changes of 134, 22199, and 7638 respectively [2] - **Spreads**: For LL, the spreads of January - May, May - September, and September - January were 39, -27, and -12 respectively, compared to the previous values of 21, -22, and 1. For PP, the spreads of January - May, May - September, and September - January were -21, -41, and 62 respectively, compared to the previous values of -11, -32, and 43 [2] Spot Market - **Raw Materials and Semi - finished Products**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2346 yuan/ton, 9350 yuan/ton, 631 dollars/ton, 5600 yuan/ton, 6510 yuan/ton, and 8700 yuan/ton respectively, compared to the previous values of 2298 yuan/ton, 6175 yuan/ton, 612 dollars/ton, 5600 yuan/ton, 6460 yuan/ton, and 8700 yuan/ton [2] - **Mid - stream**: The current price ranges of LL in the East China, North China, and South China markets were 6800 - 7100 yuan/ton, 6750 - 7100 yuan/ton, and 6950 - 7200 yuan/ton respectively, compared to the previous ranges of 6800 - 7050 yuan/ton, 6700 - 7000 (8100 - 8250), and 6850 - 7100 yuan/ton. The current price ranges of PP in the East China, North China, and South China markets were 6500 - 6650 yuan/ton, 6500 - 6550 yuan/ton, and 6450 - 6700 yuan/ton respectively, compared to the previous ranges of 6450 - 6600 yuan/ton, 6400 - 6500 yuan/ton, and 6350 - 6650 yuan/ton [2] News - On Monday (January 26), the settlement price of West Texas Intermediate crude oil futures for March 2026 on the New York Mercantile Exchange was $60.63 per barrel, down $0.44 or 0.72% from the previous trading day, with a trading range of $60.32 - $61.71. The settlement price of Brent crude oil futures for March 2026 on the London Intercontinental Exchange was $65.59 per barrel, down $0.29 or 0.44% from the previous trading day, with a trading range of $65.29 - $66.54 [2]