Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The polypropylene (PP) market is currently in a state of weak oscillation. The fundamental situation of PP is under significant supply pressure, but the spot price is relatively firm, and the recent trading volume has improved to some extent. It is expected that the PP market will continue to oscillate in the near future [2] Group 3: Summary by Relevant Catalogs Polypropylene Price Range Forecast - The monthly price range forecast for polypropylene is 6900 - 7200, with a current 20 - day rolling volatility of 11.17% and a 3 - year historical percentile of 20.1% [1] Polypropylene Hedging Strategy Table Inventory Management - For companies with high finished - product inventory worried about price drops, it is recommended to short PP2509 futures with a 25% hedging ratio at an entry range of 7100 - 7200 to lock in profits and cover production costs. Also, sell the PP2509C7200 call option with a 50% hedging ratio at a premium range of 20 - 50 to collect premiums and reduce costs [1] Procurement Management - For companies with low regular procurement inventory looking to purchase based on orders, it is recommended to buy PP2509 futures with a 50% hedging ratio at an entry range of 6900 - 7000 to lock in procurement costs in advance. Also, sell the PP2509P6900 put option with a 75% hedging ratio at a premium range of 30 - 70 to collect premiums and reduce costs, and lock in the spot purchase price if the price drops [1] Core Contradictions - The PP market is facing great supply pressure. Multiple plants were put into operation in the middle of the year, and the PP output is at a historical high even with a high rate of plant maintenance. Although the operating rate of some PDH plants has declined recently, it is expected to rise again due to the recovery of PDH profits, leading to an increase in supply. On the other hand, the spot price of PP is relatively firm, and the trading volume has improved, which supports the market. Therefore, it is difficult for the PP market to show a trending movement and is expected to oscillate in the near future [2] Bullish Factors - The inventory is at a neutral level, and the spot price is relatively firm with improved trading volume [3] Bearish Factors - Two plants in Daxie are expected to be put into operation in August. Multiple plants have been or will be put into operation from June to August, which will significantly increase PP production capacity. The recovery of PDH profits will lead to the return of marginal plants [4] Polypropylene Daily Report Table Futures Prices and Spreads - The basis of the polypropylene main contract on July 17, 2025, was 40 yuan/ton, a daily change of - 17 yuan/ton and a weekly change of 32 yuan/ton. The prices of PP01, PP05, and PP09 contracts also showed certain daily and weekly changes, as did the spreads between different contracts [1][5][7] Spot Prices and Regional Spreads - The spot prices in North China, East China, and South China showed different degrees of decline on July 17, 2025, compared with previous days, and the regional spreads also changed [7] Non - standard and Standard Product Spreads - The spreads between various non - standard and standard polypropylene products also showed different degrees of change on July 17, 2025, compared with previous days [7] Upstream Prices and Processing Profits - The Brent crude oil price remained stable, while the US propane price decreased. The prices of Northwest coal, East China methanol, and the processing profits of different PP production methods also showed various changes [7]

Group 1: Report Summary - The report predicts the price range of polypropylene (PP) for the month to be between 6,800 and 7,100 yuan/ton, with a current 20 - day rolling volatility of 9.93% and a historical percentile of 13.3% over 3 years [1] - It provides hedging strategies for inventory and procurement management, including using futures and options contracts [1] - The core contradiction is that the PP market is in a supply - strong and demand - weak pattern, limiting its upward space. The supply pressure is high due to expected decline in planned maintenance and upcoming new installations, while demand is weak due to the traditional off - season and poor downstream profits [2] - There are some利多 factors such as high - level ongoing device maintenance leading to marginal supply reduction and the current low - level of the market limiting its downward space [3] - There are also利空 factors including new installations during the Dragon Boat Festival and more in 6 - 8 months, a decline in exports after the seasonal peak, and weak domestic demand due to the off - season and poor profits [4] Group 2: Price and Spread Data Futures Prices and Spreads - The polypropylene main basis on 2025 - 06 - 10 was 139 yuan/ton, with a daily change of 21 yuan/ton and a weekly change of - 27 yuan/ton. PP01, PP05, and PP09 contracts also had corresponding price changes [1][5] - The PP1 - 5, PP5 - 9, and PP9 - 1 month spreads had specific values and daily/weekly changes [5] Spot Prices and Regional Spreads - Spot prices in North China, East China, and South China showed different changes on 2025 - 06 - 10 compared to previous days, and regional spreads also changed [7] Non - standard and Standard Product Spreads - Spreads between different non - standard and standard PP products (e.g., homopolymer injection - molding to wire - drawing) had various daily and weekly changes [7] Upstream Prices and Processing Profits - Brent crude oil price, US propane price, Northwest coal price, and East China methanol price had different changes. Different PP production methods (oil - based, coal - based, etc.) had corresponding profit changes [7]