1Today's Summary

On March 24, the United States plans to strengthen sanctions against oil-producing countries such as Venezuela, increasing potential supply risks and causing international oil prices to rise. NYMEX crude oil futures for May rose by $0.83 to $69.11 per barrel, an increase of 1.22%; ICE Brent crude futures for May rose by $0.84 to $73.00 per barrel, an increase of 1.16%. China's INE crude oil futures for the main contract 2505 rose by 2.0 to 533.3 yuan per barrel, with a night session increase of 5.5 to 538.8 yuan per barrel.

②, HDPE market price adjustment today, the range is 2-6 yuan/ton; LDPE market price increased, the range is 15 yuan/ton; LLDPE market price slightly decreased, the range is 1 yuan/ton.

2Current Inventory Status

Today's domestic spot market prices for polyethylene (PE) showed mixed trends. HDPE spot market prices saw a slight adjustment of 2-6 yuan/ton. The overall market remained at low prices, with some sales pressure easing at the end of the month. Traders followed market trends, leading to small price fluctuations. LDPE spot market prices increased by 15 yuan/ton, supported by strengthened costs and some improved transactions. Market participants tentatively increased prices, with offers slightly higher. LLDPE spot market prices decreased slightly by 1 yuan/ton. Although low-priced transactions improved, marginal supply and demand remained weak. Market participants lacked confidence in the future and mostly maintained active selling. However, downstream purchasing activity slowed, and transactions weakened.

3Spot-Futures Basis

LL's main contract fluctuated and declined, opening at 7669 yuan per ton. By 15:00, the closing price was 7655 yuan per ton, 21 yuan per ton lower than the previous settlement price. The trading volume was 314,400 lots, and the open interest was 490,100 lots, a decrease of 29,000 lots. Today’s basis between the futures and spot markets was 107 yuan per ton, an increase of 12 yuan per ton compared to the previous working day.

4Price prediction

Due to the improvement in market trading atmosphere the previous day, LDPE prices have risen today. However, other varieties have remained relatively stable, while LLDPE prices have shown signs of weakening due to sluggish futures. In the short term, as the end of the month approaches, suppliers' sales plans will gradually be completed, entering a phase of suspension and settlement, which will reduce the market's spot supply. However, the receiving parties will likely adopt a wait-and-see attitude, waiting for companies to announce early-month prices. It is expected that market prices will mainly fluctuate within a narrow range in the near term.