1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - On Tuesday, polyolefins closed in the red. For linear LL and拉丝PP, both Sinopec and PetroChina kept their prices stable. Fundamentally, the game in the Middle East has increased, and oil prices have turned volatile. This week, attention should be paid to the latest developments in the US - Israel - Iran conflict. Currently, the macro - environment has a repeated impact on the chemical industry during trading. In the future, the actual operating conditions of the plants should be monitored. As for the polyolefin market itself, attention should be paid to the support of demand at lower levels [2]. 3. Summary According to Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 8107, 8614, and 8465 respectively, down 206, 190, and 219 from two days ago, with percentage drops of - 2.48%, - 2.16%, and - 2.52%. The trading volumes were 10981, 830040, and 347706, and the open interests were 17668, 299225, and 197249, with changes of 2434, - 24962, and 6979. The current spreads of January - May, May - September, and September - January were - 507, 149, and 358, compared to - 491, 120, and 371 previously [2]. - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 8268, 9103, and 8737 respectively, down 191, 166, and 194 from two days ago, with percentage drops of - 2.26%, - 1.79%, and - 2.17%. The trading volumes were 9657, 912841, and 307687, and the open interests were 24235, 319551, and 212327, with changes of 2396, - 18026, and 1163. The current spreads of January - May, May - September, and September - January were - 835, 366, and 469, compared to - 810, 338, and 472 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 mulch film were 3235 yuan/ton, 8750 yuan/ton, 1111 US dollars/ton, 5600 yuan/ton, 8930 yuan/ton, and 9000 yuan/ton respectively, compared to 3314 yuan/ton, 8770 yuan/ton, 1070 US dollars/ton, 5600 yuan/ton, 9160 yuan/ton, and 9000 yuan/ton previously [2]. - **Spot Market**: The current prices of LL in the East China, North China, and South China markets were 8650 - 9700 yuan/ton, 8550 - 9700 yuan/ton, and 8750 - 9600 yuan/ton respectively, compared to 8850 - 9700 yuan/ton, 8700 - 9800 (also 8100 - 8250), and 9000 - 9700 yuan/ton previously. The current prices of PP in the East China, North China, and South China markets were 8900 - 9200 yuan/ton, 8950 - 9150 yuan/ton, and 9100 - 9600 yuan/ton respectively, compared to 9150 - 9400 yuan/ton, 9150 - 9300 yuan/ton, and 9500 - 9650 yuan/ton previously [2]. News - On Tuesday (March 31), the settlement price of West Texas Intermediate crude oil futures for May 2026 on the New York Mercantile Exchange was $101.38 per barrel, down $1.50 or 1.46% from the previous trading day, with a trading range of $99.62 - $106.86. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $118.35 per barrel, up $5.57 or 4.94% from the previous trading day, with a trading range of $111.35 - $119.24 [2].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report Core View - On Monday, polyolefins opened higher and then declined. For linear LL, Sinopec kept prices stable, and some prices of PetroChina remained stable. For拉丝PP, both Sinopec and PetroChina kept prices stable. From a fundamental perspective, the game in the Middle East has increased, and oil prices have turned volatile. This week, attention should be paid to the latest developments of the US - Israel - Iran conflict. Currently, the macro - environment has a repeated impact on the chemical industry during trading. In the future, attention should be paid to the actual start - up situation of the plants. At this stage of the polyolefin market, attention should be paid to the support of demand at the lower level [2]. Group 3: Summary by Relevant Catalog Futures Market - **Price and Change**: For LL, the previous day's closing prices for January, May, and September contracts were 8313, 8804, and 8684 respectively, with price drops of - 103, - 64, and - 55 and percentage drops of - 1.22%, - 0.72%, and - 0.63% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 8459, 9269, and 8931 respectively, with price drops of - 77, - 44, and - 49 and percentage drops of - 0.90%, - 0.47%, and - 0.55% respectively [2]. - **Volume and Position**: For LL, the trading volumes for January, May, and September contracts were 9908, 890738, and 351294 respectively, and the positions were 15234, 324187, and 190270 respectively, with position changes of 1576, - 2555, and 2476 respectively. For PP, the trading volumes for January, May, and September contracts were 7273, 1032463, and 345405 respectively, and the positions were 21839, 337577, and 211164 respectively, with position changes of 1281, - 19730, and - 6088 respectively [2]. - **Spread**: For LL, the current spreads of January - May, May - September, and September - January were - 491, 120, and 371 respectively, compared with previous values of - 452, 129, and 323. For PP, the current spreads of January - May, May - September, and September - January were - 810, 338, and 472 respectively, compared with previous values of - 777, 333, and 444 [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 3314 yuan/ton, 8770 yuan/ton, 1070 dollars/ton, 5600 yuan/ton, 9160 yuan/ton, and 9600 yuan/ton respectively, compared with previous values of 3295 yuan/ton, 8300 yuan/ton, 1054 dollars/ton, 5600 yuan/ton, 8820 yuan/ton, and 9600 yuan/ton [2]. - **Mid - stream**: For LL, the current price ranges in the East China, North China, and South China markets were 8850 - 9700 yuan/ton, 8700 - 9800 yuan/ton, and 9000 - 9700 yuan/ton respectively. For PP, the current price ranges in the East China, North China, and South China markets were 9150 - 9400 yuan/ton, 9150 - 9300 yuan/ton, and 9500 - 9650 yuan/ton respectively [2]. News - On Friday (March 27), the settlement price of West Texas Intermediate crude oil futures for May 2026 on the New York Mercantile Exchange was $99.64 per barrel, the highest since July 20, 2022, up $5.16 or 5.46% from the previous trading day, with a trading range of $92.08 - $101.24. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $112.57 per barrel, the highest since July 4, 2022, up $4.56 or 4.22% from the previous trading day, with a trading range of $105.09 - $114.88 [2].

1. Report's Industry Investment Rating - No information provided in the given content 2. Core View of the Report - On Thursday, polyolefins traded in a consolidative manner, opening slightly higher in the night session and then falling back. For linear LL, Sinopec kept prices stable while PetroChina lowered some prices by 100. For拉丝 PP, both Sinopec and PetroChina kept prices stable. Due to increased Middle - East tensions, oil prices have shifted to a volatile pattern. Currently, the macro - environment has a fluctuating impact on the chemicals market. In the future, attention should be paid to the actual operating conditions of plants and the support of demand at lower levels [2] 3. Summary According to Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 8338, 8767, and 8632 respectively, with price increases of 65, 52, and 64, and percentage increases of 0.79%, 0.60%, and 0.75%. The trading volumes were 6530, 733675, and 280021, and the open interests were 13238, 322033, and 177527, with increases of 1721, 2213, and 17018 respectively. The current spreads of January - May, May - September, and September - January were - 429, 135, and 294, compared with previous values of - 442, 147, and 295 [2] - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 8404, 9120, and 8809 respectively, with price increases of 198, 145, and 217, and percentage increases of 2.41%, 1.62%, and 2.53%. The trading volumes were 6094, 1030746, and 309387, and the open interests were 19662, 343310, and 206566, with increases of 639, 4112, and 24477 respectively. The current spreads of January - May, May - September, and September - January were - 716, 311, and 405, compared with previous values of - 769, 383, and 386 [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 3198 yuan/ton, 8800 yuan/ton, 1050 dollars/ton, 5600 yuan/ton, 8830 yuan/ton, and 9600 yuan/ton respectively, compared with previous values of 3092 yuan/ton, 8985 yuan/ton, 980 dollars/ton, 5600 yuan/ton, 8740 yuan/ton, and 9600 yuan/ton [2] - **Mid - stream**: The current prices of LL in the East China, North China, and South China markets were 8450 - 9600 yuan/ton, 8450 - 9500 yuan/ton, and 8800 - 9500 yuan/ton respectively, compared with previous values of 8350 - 9400 yuan/ton, 8300 - 9200 yuan/ton, and 8650 - 9550 yuan/ton. The current prices of PP in the East China, North China, and South China markets were 8850 - 9050 yuan/ton, 8850 - 8950 yuan/ton, and 9150 - 9300 yuan/ton respectively, compared with previous values of 8650 - 8800 yuan/ton, 8600 - 8800 yuan/ton, and 8700 - 9200 yuan/ton [2] News - On Thursday (March 26), the settlement price of West Texas Intermediate crude oil futures for May 2026 on the New York Mercantile Exchange was $94.48 per barrel, up $4.16 or 4.61% from the previous trading day, with a trading range of $89.51 - $95.44. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $108.01 per barrel, up $5.79 or 5.66% from the previous trading day, with a trading range of $102.75 - $109.05 [2]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - On Wednesday, polyolefins mainly declined. Sinopec and PetroChina lowered the prices of linear LL and drawn PP. Fundamentally, the market situation changed, and oil prices weakened. The macro - impact on the chemical industry in the market is fluctuating. In the future, attention should be paid to the actual operation of production facilities and the support of demand at lower levels [2] Group 3: Summary According to Related Catalogs Futures Market - **Price and Change**: For linear LL, the previous day's closing prices for January, May, and September contracts were 8273, 8715, and 8568 respectively, with price drops of - 170, - 203, and - 168 and percentage drops of - 2.01%, - 2.28%, and - 1.92% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 8206, 8975, and 8592 respectively, with price drops of - 188, - 139, and - 188 and percentage drops of - 2.24%, - 1.53%, and - 2.14% respectively [2] - **Trading Volume and Open Interest**: The trading volumes of linear LL for January, May, and September contracts were 13742, 1057929, and 325709 respectively, and the open interests were 11517, 319820, and 160509 respectively, with open - interest increases of 1749, 4893, and 3554 respectively. For PP, the trading volumes for January, May, and September contracts were 6404, 1186296, and 345779 respectively, and the open interests were 19023, 339198, and 182089 respectively, with open - interest changes of 434, - 360, and 12164 respectively [2] - **Price Spreads**: For linear LL, the current price spreads of January - May, May - September, and September - January were - 442, 147, and 295 respectively, compared with previous values of - 475, 182, and 293. For PP, the current price spreads of January - May, May - September, and September - January were - 769, 383, and 386 respectively, compared with previous values of - 720, 334, and 386 [2] 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 3092 yuan/ton, 8985 yuan/ton, 980 dollars/ton, 5600 yuan/ton, 8740 yuan/ton, and 9600 yuan/ton respectively, compared with previous values of 3136 yuan/ton, 9030 yuan/ton, 1080 dollars/ton, 5600 yuan/ton, 9160 yuan/ton, and 9600 yuan/ton [2] - **Mid - stream**: The current price ranges of linear LL in the East China, North China, and South China markets were 8350 - 9400 yuan/ton, 8300 - 9200 yuan/ton, and 8650 - 9550 yuan/ton respectively, compared with previous ranges of 8100 - 8250 yuan/ton, 8950 - 9800 yuan/ton, and 8800 - 9800 yuan/ton. The current price ranges of PP in the East China, North China, and South China markets were 8650 - 8800 yuan/ton, 8600 - 8800 yuan/ton, and 8700 - 9200 yuan/ton respectively, compared with previous ranges of 9150 - 9750 yuan/ton, 9000 - 9300 yuan/ton, and 9200 - 9600 yuan/ton [2] News - On Wednesday (March 25), the settlement price of West Texas Intermediate crude oil futures for May 2026 on the New York Mercantile Exchange was $90.32 per barrel, down $2.03 or 2.20% from the previous trading day, with a trading range of $86.46 - $91.73. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $102.22 per barrel, down $2.27 or 2.17% from the previous trading day, with a trading range of $97.15 - $103.37 [2]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - On Tuesday, polyolefins opened significantly lower and closed with a negative candlestick. For linear LL, Sinopec kept prices stable while PetroChina raised some prices by 200. For drawn PP, both Sinopec and PetroChina kept prices stable. Fundamentally, the "taco" situation reappeared and oil prices plummeted. Currently, the macro - environment has a repeated impact on the chemical industry during trading. The future focus should be on the actual operation of plants and the support of demand at lower levels [2]. Group 3: Summary by Related Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 8443, 8918, and 8736 respectively. Compared with two days ago, the price drops were - 275, - 605, and - 576, with percentage drops of - 3.15%, - 6.35%, and - 6.19%. The trading volumes were 10692, 1133666, and 368709, and the open interests were 9768, 314927, and 156955, with changes of 1460, - 58310, and - 10289. The spreads between January - May, May - September, and September - January were - 475, 182, and 293, compared with previous values of - 805, 211, and 594 [2]. - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 8394, 9114, and 8780 respectively. Compared with two days ago, the price drops were - 193, - 679, and - 514, with percentage drops of - 2.25%, - 6.93%, and - 5.53%. The trading volumes were 11775, 1328839, and 372394, and the open interests were 18589, 339558, and 169925, with changes of 2245, - 59592, and - 21892. The spreads between January - May, May - September, and September - January were - 720, 334, and 386, compared with previous values of - 1206, 499, and 707 [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 3136 yuan/ton, 9030 yuan/ton, 1080 dollars/ton, 5600 yuan/ton, 9160 yuan/ton, and 9600 yuan/ton respectively. The previous values were 3349 yuan/ton, 9075 yuan/ton, 1159 dollars/ton, 5600 yuan/ton, 9160 yuan/ton, and 9600 yuan/ton [2]. - **Mid - stream**: For LL, the current price ranges in the East China, North China, and South China markets were 8950 - 9800 yuan/ton, 8800 - 9800 yuan/ton, and 9150 - 9750 yuan/ton respectively. The previous price ranges were 8100 - 8250 yuan/ton, 8950 - 9700 yuan/ton, and 8800 - 9700 yuan/ton. For PP, the current price ranges in the East China, North China, and South China markets were 9000 - 9300 yuan/ton, 8900 - 9300 yuan/ton, and 9200 - 9600 yuan/ton respectively. The previous price ranges were 9150 - 9700 yuan/ton, 9150 - 9350 yuan/ton, and 9350 - 9600 yuan/ton [2]. News - On Tuesday (March 24), the settlement price of West Texas Intermediate crude oil futures for May 2026 on the New York Mercantile Exchange was $92.35 per barrel, up $4.22 from the previous trading day, a 4.79% increase, with a trading range of $86.34 - $93.36. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $104.49 per barrel, up $4.55 from the previous trading day, a 4.55% increase, with a trading range of $98.15 - $105.00 [2].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - On Monday, polyolefins closed at the daily limit and fell sharply in the night session. The prices of linear LL and拉丝PP were partially raised by Sinopec and PetroChina. Fundamentally, oil prices tumbled, and the macro - impact on chemicals in the market is fluctuating. Future attention should be paid to the actual start - up of plants and the support of demand at lower levels [2] Group 3: Summary by Related Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 8718, 9523, and 9312 respectively. Compared with the prices two days ago, they increased by 396, 705, and 708, with percentage increases of 4.76%, 8.00%, and 8.23% respectively. The trading volumes were 6422, 867839, and 306687, and the open interests were 8308, 373237, and 167244, with increases of 1719, 36927, and 10697 respectively. The spreads between January - May, May - September, and September - January were - 805, 211, and 594 respectively, compared with previous values of - 496, 214, and 282 [2] - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 8587, 9793, and 9294 respectively. Compared with the prices two days ago, they increased by 416, 774, and 708, with percentage increases of 5.09%, 8.58%, and 8.25% respectively. The trading volumes were 3977, 1011727, and 250094, and the open interests were 16344, 399150, and 191817, with increases of 944, 37873, and 10086 respectively. The spreads between January - May, May - September, and September - January were - 1206, 499, and 707 respectively, compared with previous values of - 848, 433, and 415 [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 3349 yuan/ton, 9075 yuan/ton, 1159 US dollars/ton, 5600 yuan/ton, 9160 yuan/ton, and 9600 yuan/ton respectively. Compared with the previous values, methanol futures and Shandong propylene prices increased, while South China propane and PP recycled materials remained unchanged, and North China powder price increased [2] - **Spot Market**: In the middle - stream, for LL, the current price ranges in the East China, North China, and South China markets were 8950 - 9700 yuan/ton, 8800 - 9700 yuan/ton, and 9150 - 9700 yuan/ton respectively. For PP, the current price ranges in the East China, North China, and South China markets were 9150 - 9350 yuan/ton, 9100 - 9300 yuan/ton, and 9350 - 9600 yuan/ton respectively. Compared with the previous values, the prices generally increased [2] News - On Monday (March 23), the settlement price of West Texas Intermediate crude oil futures for May 2026 on the New York Mercantile Exchange was $88.13 per barrel, down $10.10 from the previous trading day, a decrease of 10.28%, with a trading range of $84.37 - $101.67. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $99.94 per barrel, down $12.25 from the previous trading day, a decrease of 10.92%, with a trading range of $96.00 - $114.43 [2]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - On Friday, polyolefins showed a relatively strong performance. The tension in the Middle East has increased again, leading to a significant rise in oil prices. Currently, the macro - environment has a fluctuating impact on the chemical sector during trading hours. In the future, attention should be paid to the actual operating conditions of the plants. For the polyolefin market itself, focus on the support of demand at the lower level, and avoid excessive chasing of rising prices. [2] Group 3: Summary by Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 8322, 8818, and 8604 respectively. Compared with the prices two days ago, the price changes were - 68, - 98, and - 77, with percentage changes of - 0.81%, - 1.10%, and - 0.89%. The trading volumes were 3912, 793373, and 280679, and the open interests were 6589, 336310, and 156547, with changes of 660, - 20434, and - 3383. The current spreads of 1 - 5 months, 5 - 9 months, and 9 - 1 months were - 496, 214, and 282, compared with the previous values of - 526, 235, and 291. [2] - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 8171, 9019, and 8586 respectively. Compared with the prices two days ago, the price changes were - 47, - 139, and - 59, with percentage changes of - 0.57%, - 1.52%, and - 0.68%. The trading volumes were 4004, 1021174, and 260035, and the open interests were 15400, 361277, and 181731, with changes of 81, - 29253, and 971. The current spreads of 1 - 5 months, 5 - 9 months, and 9 - 1 months were - 848, 433, and 415, compared with the previous values of - 940, 513, and 427. [2] Raw Materials & Spot Market - **Upstream and Downstream**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder (semi - finished products), and mulch film were 3133 yuan/ton, 8580 yuan/ton, 1159 dollars/ton, 5600 yuan/ton, 8410 yuan/ton, and 9600 yuan/ton respectively, compared with the previous values of 3183 yuan/ton, 8525 yuan/ton, 1090 dollars/ton, 5600 yuan/ton, 8590 yuan/ton, and 9600 yuan/ton. [2] - **Midstream**: For LL, the current price ranges in the East China, North China, and South China markets were 8400 - 9400 yuan/ton, 8300 - 9100 yuan/ton, and 8500 - 9200 yuan/ton respectively, compared with the previous ranges of 8400 - 9200 yuan/ton, 8200 - 9100 (8100 - 8250) yuan/ton, and 8500 - 9100 yuan/ton. For PP, the current price ranges in the East China, North China, and South China markets were 8630 - 8750 yuan/ton, 8600 - 8700 yuan/ton, and 8700 - 8900 yuan/ton respectively, compared with the previous ranges of 8530 - 8700 yuan/ton, 8450 - 8650 yuan/ton, and 8600 - 8800 yuan/ton. [2] News - On Friday (March 20), the settlement price of the West Texas Intermediate crude oil futures contract for April 2026 on the New York Mercantile Exchange was $98.32 per barrel, up $2.18 or 2.27% from the previous trading day, with a trading range of $93.42 - $99.67. The settlement price of the Brent crude oil futures contract for May 2026 on the London Intercontinental Exchange was $112.19 per barrel, the highest since July 4, 2022, up $3.54 or 3.26% from the previous trading day, with a trading range of $105.05 - $113.11. [2]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - On Monday, polyolefins closed up but dropped significantly in the night session. From a fundamental perspective, the increasing tension in the Middle East led to a slight rebound in international crude oil prices, which has a positive impact on chemicals. The market sentiment is highly enthusiastic, and currently, the macro - environment has a significant impact on chemicals with fluctuating sentiment. It is necessary to pay attention to the actual operation of production facilities in the future and treat the polyolefin market rationally [2] Group 3: Summary of Each Section Futures Market - **LL (Linear Low - Density Polyethylene) Futures**: The previous day's closing prices for January, May, and September contracts were 8160, 8677, and 8372 respectively, with price increases of 294, 261, and 227 and percentage increases of 3.74%, 3.10%, and 2.79% respectively. The trading volumes were 4099, 983305, and 283990, and the open interests were 3176, 344947, and 154201, with changes of 1018, 2424, and 9343 respectively. The current spreads of January - May, May - September, and September - January were - 517, 305, and 212 respectively [2] - **PP (Polypropylene) Futures**: The previous day's closing prices for January, May, and September contracts were 7870, 8857, and 8306 respectively, with price increases of 224, 254, and 238 and percentage increases of 2.93%, 2.95%, and 2.95% respectively. The trading volumes were 5222, 1179294, and 267988, and the open interests were 14244, 415782, and 171794, with changes of 1300, - 4918, and - 2676 respectively. The current spreads of January - May, May - September, and September - January were - 987, 551, and 436 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 2837 yuan/ton, 8025 yuan/ton, 980 dollars/ton, 5600 yuan/ton, 8590 yuan/ton, and 8100 yuan/ton respectively [2] - **Mid - stream Products**: For LL, the current price ranges in the East China, North China, and South China markets were 8450 - 9200 yuan/ton, 8400 - 9100 yuan/ton, and 8700 - 9100 yuan/ton respectively. For PP, the current price ranges in the East China, North China, and South China markets were 8600 - 8750 yuan/ton, 8550 - 8750 yuan/ton, and 8600 - 8900 yuan/ton respectively [2] News - On Monday (March 16), the settlement price of West Texas Intermediate crude oil futures for April 2026 on the New York Mercantile Exchange was $93.5 per barrel, down $5.21 or 5.28% from the previous trading day, with a trading range of $92.93 - $102.44. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $100.21 per barrel, down $2.93 or 2.84% from the previous trading day, with a trading range of $99.54 - $106.5 [2]

1. Report Industry Investment Rating - The report suggests a bullish approach towards polyolefins [2] 2. Core View of the Report - The conflict between the US, Israel, and a Middle - Eastern country has disrupted energy transportation in the Middle East, causing Brent crude oil futures to reach their highest level since January 2025 and WTI crude oil futures to hit their highest settlement price since June last year. This has increased the upward pressure on the price of chemicals. Polyolefins closed at the daily limit and continued to rise overnight. For linear LL, some prices of Sinopec and PetroChina were raised, and for拉丝PP, prices of both Sinopec and PetroChina were increased. In the future, attention should be paid to the terminal procurement rhythm after the resumption of work. Overall, a bullish view is taken [2] 3. Summary by Related Catalogs Futures Market - **Price and Change**: For LL, the previous day's closing prices for January, May, and September contracts were 7175, 7200, and 7183 respectively, with price increases of 94, 209, and 112 and percentage increases of 1.33%, 2.99%, and 1.58% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 7070, 7223, and 7169 respectively, with price increases of 122, 225, and 149 and percentage increases of 1.76%, 3.22%, and 2.12% respectively [2] - **Trading Volume and Open Interest**: The trading volumes of LL for January, May, and September contracts were 1745, 1035216, and 185624 respectively, and the open interests were 2208, 436928, and 102815 respectively. For PP, the trading volumes for January, May, and September contracts were 2167, 1031797, and 229863 respectively, and the open interests were 4260, 502966, and 134631 respectively. The changes in open interest for LL were 250, - 68551, and 12703 respectively, and for PP were 318, 4353, and 683 respectively [2] - **Spread**: For LL, the current spreads of January - May, May - September, and September - January were - 25, 17, and 8 respectively, compared with previous values of 90, - 80, and - 10. For PP, the current spreads of January - May, May - September, and September - January were - 153, 54, and 99 respectively, compared with previous values of - 50, - 22, and 72 [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 2560 yuan/ton, 6640 yuan/ton, 750 dollars/ton, 5600 yuan/ton, 7220 yuan/ton, and 8100 yuan/ton respectively. The previous prices were 2369 yuan/ton, 6620 yuan/ton, 740 dollars/ton, 5600 yuan/ton, 6680 yuan/ton, and 8100 yuan/ton respectively [2] - **Mid - stream**: For LL, the current price ranges in the East China, North China, and South China markets were 7050 - 7450 yuan/ton, 6900 - 7550 yuan/ton, and 7400 - 7700 yuan/ton respectively, compared with previous ranges of 6650 - 6750 yuan/ton, 8100 - 8250 yuan/ton, and 6700 - 7100 yuan/ton. For PP, the current price ranges in the East China, North China, and South China markets were 7050 - 7200 yuan/ton, 7050 - 7150 yuan/ton, and 7100 - 7350 yuan/ton respectively, compared with previous ranges of 6600 - 7050 yuan/ton, 7000 - 7250 yuan/ton, and 6650 - 6750 yuan/ton [2] News - The conflict between the US, Israel, and a Middle - Eastern country has disrupted energy transportation in the Middle East. On March 3, 2026, the settlement price of WTI crude oil futures for April 2026 on the New York Mercantile Exchange was $74.56 per barrel, up $3.33 or 4.67% from the previous trading day, with a trading range of $70.41 - $77.98. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $81.40 per barrel, up $3.66 or 4.71% from the previous trading day, reaching the highest settlement price since January 2025, with a trading range of $78.38 - $85.12 [2]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Report Core View - The report suggests taking a bullish view of polyolefins. The increase in Middle East tensions over the weekend led to a rise in international crude oil prices, enhancing the expectation of a boost to chemicals. Attention should be paid to the terminal procurement rhythm after the resumption of work in the downstream demand market [2]. Group 3: Summary by Related Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September were 6684, 6597, and 6672 respectively, with price drops of -81, -71, and -70 and declines of -1.20%, -1.06%, and -1.04% compared to two days ago. The trading volumes were 309, 482487, and 53399, and the open interests were 1832, 566078, and 93335, with increases of 82, 15671, and 10519 respectively. The current spreads of January - May, May - September, and September - January were 87, -75, and -12, compared to the previous values of 97, -74, and -23 [2]. - **PP Futures**: The previous day's closing prices for January, May, and September were 6593, 6611, and 6627 respectively, with price drops of -55, -64, and -65 and declines of -0.83%, -0.96%, and -0.97% compared to two days ago. The trading volumes were 1271, 407409, and 49851, and the open interests were 3396, 490473, and 126530, with changes of +47, -16989, and +2218 respectively. The current spreads of January - May, May - September, and September - January were -18, -16, and 34, compared to the previous values of -27, -17, and 44 [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 2182 yuan/ton, 6470 yuan/ton, 663 US dollars/ton, 5600 yuan/ton, 6450 yuan/ton, and 8100 yuan/ton respectively, compared to the previous values of 2213 yuan/ton, 6525 yuan/ton, 660 US dollars/ton, 5600 yuan/ton, 6530 yuan/ton, and 8100 yuan/ton [2]. - **Mid - stream**: The current price ranges in the East China, North China, and South China markets for LL were 6550 - 6900, 6450 - 6900, and 6750 - 6900 respectively, and for PP were 6500 - 6600, 6500 - 6600, and 6650 - 6800 respectively, remaining unchanged from the previous values [2]. News - After the United States and a Middle Eastern country extended the nuclear negotiations, traders remained vigilant about potential supply disruptions, causing European and American crude oil futures to rise by more than 2%. On Friday (February 27), the settlement price of West Texas Intermediate crude oil futures for April 2026 on the New York Mercantile Exchange was $67.02 per barrel, up $1.81 or 2.78% from the previous trading day, trading in the range of $64.85 - $67.83. The settlement price of Brent crude oil futures for April 2026 on the London Intercontinental Exchange was $72.48 per barrel, up $1.73 or 2.45% from the previous trading day, trading in the range of $70.33 - $73.00 [2].