Plastic PP:

Core Logic:

1. Overall trading activity remains subdued. Following the post-holiday return, inventory accumulation for both oil types has been notably evident. While some coal chemical enterprises have engaged in pre-sales activities, enterprise inventories have simultaneously experienced growth.

2. Current demand during the traditional peak season of "Golden September and Silver October" has fallen short of expectations. Downstream enterprises are anticipated to primarily adopt a wait-and-see approach, showing limited restocking intentions and conducting mainly just-in-time procurement activities.

3. Expectations for a Russia-Ukraine ceasefire have diminished significantly, with geopolitical conflicts providing support to oil prices. However, balancing OPEC+'s November production increase plans against shrinking demand dynamics, expectations of crude oil oversupply continue to constrain the oil market. Crude oil prices are likely to maintain an oscillating pattern.

Market Outlook: Weak oscillation pattern expected, with focus on inventory digestion.