股指期货将偏强震荡，氧化铝、锌、碳酸锂、焦煤、螺纹钢、热卷板、铁矿石、玻璃、纯碱、PVC期货将震荡偏强

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, it is expected that stock index futures will show a strong - biased oscillation, and futures such as alumina, zinc, lithium carbonate, coking coal, rebar, hot - rolled coil, iron ore, glass, soda ash, and PVC will oscillate with a strong bias on July 21, 2025 [1][2]. - Multiple policies are being implemented to support economic development, including promoting the stable growth of key industries, encouraging foreign investment, and regulating market competition [10][11][12]. 3. Summary by Relevant Catalogs 3.1 Futures Market Outlook - Stock Index Futures: On July 21, 2025, stock index futures will be strongly - biased oscillating. For example, IF2509 has resistance levels at 4070 and 4100 points and support levels at 4042 and 4030 points [2]. - Bond Futures: On July 21, 2025, the ten - year Treasury bond futures main contract T2509 and the thirty - year Treasury bond futures main contract TL2509 will likely oscillate weakly [3]. - Commodity Futures: Many commodity futures, such as gold, silver, copper, alumina, zinc, etc., are expected to oscillate strongly or with a strong bias on July 21, 2025. For instance, the gold futures main contract AU2510 will likely oscillate strongly with resistance levels at 781.8 and 786.8 yuan/gram and support levels at 776.8 and 773.8 yuan/gram [3]. 3.2 Macro - news and Trading Tips - Domestic News: The Ministry of Commerce responded to relevant trade issues, and multiple departments launched policies to support industrial development, including promoting the stable growth of key industries and regulating the new energy vehicle industry [10][11][12]. - International News: There are various international events, such as the G20 meeting, US - related policies (e.g., defense appropriation bill, Fed's potential interest - rate cut), and EU's sanctions on Russia [14][16][17]. 3.3 Futures Market Analysis and Outlook - Stock Index Futures: On July 18, 2025, major stock index futures contracts showed different trends. For example, IF2509 opened slightly higher and oscillated upwards, closing at 4041.8 points, up 0.91% [23]. - Bond Futures: On July 18, 2025, most bond futures contracts closed lower. The ten - year Treasury bond futures main contract T2509 opened slightly lower, oscillated downwards, and closed at 108.790 yuan, down 0.08% [46]. - Commodity Futures: Different commodity futures had their own trends on July 18, 2025. For example, the silver futures main contract AG2510 opened slightly lower, oscillated upwards, and closed at 9273 yuan/kilogram, up 1.36% [61].