Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report Through macro - fundamental analysis and technical analysis such as the golden section line, horizontal line, and moving average, the report predicts the trend of today's (September 25, 2025) futures main contracts. Index futures are expected to fluctuate and consolidate; copper futures will fluctuate with an upward bias; glass, crude oil, fuel oil, PTA, and soybean meal futures will fluctuate strongly; gold futures will fluctuate weakly [1][2]. Summary by Related Catalogs 1. Futures Market Forecast - Index Futures: On September 25, it is expected to fluctuate and consolidate. For IF2512, the resistance levels are 4545 and 4580 points, and the support levels are 4495 and 4455 points; for IH2512, the resistance levels are 2946 and 2955 points, and the support levels are 2923 and 2912 points; for IC2512, the resistance levels are 7200 and 7300 points, and the support levels are 7100 and 7035 points; for IM2512, the resistance levels are 7380 and 7459 points, and the support levels are 7245 and 7174 points [2][20]. - Treasury Bond Futures: - Ten - year Treasury Bond Futures: The main contract T2512 on September 25 is likely to fluctuate weakly, with support levels at 107.49 and 107.40 yuan, and resistance levels at 107.75 and 107.91 yuan [42]. - Thirty - year Treasury Bond Futures: The main contract TL2512 on September 25 is likely to have a wide - range weak fluctuation, with support levels at 113.5 and 113.0 yuan, and resistance levels at 114.3 and 114.7 yuan [46]. - Precious Metal Futures: - Gold Futures: The main contract AU2512 on September 25 is likely to fluctuate weakly, with support levels at 852.0 and 848.0 yuan/gram, and resistance levels at 862.1 and 865.0 yuan/gram [3][47]. - Silver Futures: The main contract AG2512 on September 25 is likely to have a wide - range fluctuation, with support levels at 10300 and 10250 yuan/kg, and resistance levels at 10500 and 10550 yuan/kg [3][54]. - Base Metal Futures: - Copper Futures: The main contract CU2511 on September 25 is likely to fluctuate with an upward bias and attack the resistance levels of 83000 and 84000 yuan/ton, with support levels at 80700 and 80500 yuan/ton [3][58]. - Aluminum Futures: The main contract AL2511 on September 25 is likely to fluctuate strongly and attack the resistance levels of 20860 and 20940 yuan/ton, with support levels at 20700 and 20650 yuan/ton [3][65]. - Alumina Futures: The main contract AO2601 on September 25 is likely to fluctuate strongly, with resistance levels at 2934 and 2963 yuan/ton, and support levels at 2900 and 2881 yuan/ton [3][69]. - Industrial Silicon Futures: The main contract SI2511 on September 25 is likely to have a wide - range fluctuation, with resistance levels at 9100 and 9230 yuan/ton, and support levels at 8820 and 8700 yuan/ton [3][73]. - Polysilicon Futures: The main contract PS2511 on September 25 is likely to have a wide - range fluctuation, with resistance levels at 51600 and 52500 yuan/ton, and support levels at 49800 and 49300 yuan/ton [3][74]. - Lithium Carbonate Futures: The main contract LC2511 on September 25 is likely to have a wide - range fluctuation, with support levels at 72000 and 71100 yuan/ton, and resistance levels at 74100 and 75100 yuan/ton [4][76]. - Ferrous Metal Futures: - Rebar Futures: The main contract RB2601 on September 25 is likely to fluctuate and consolidate, with support levels at 3144 and 3123 yuan/ton, and resistance levels at 3185 and 3214 yuan/ton [4][83]. - Hot - Rolled Coil Futures: The main contract HC2601 on September 25 is likely to fluctuate and consolidate, with support levels at 3340 and 3327 yuan/ton, and resistance levels at 3365 and 3380 yuan/ton [4][88]. - Iron Ore Futures: The main contract I2601 on September 25 is likely to fluctuate and consolidate, with support levels at 800 and 796 yuan/ton, and resistance levels at 808 and 811 yuan/ton [4][89]. - Energy and Chemical Futures: - Coking Coal Futures: The main contract JM2601 on September 25 is likely to have a wide - range fluctuation, with resistance levels at 1233 and 1246 yuan/ton, and support levels at 1217 and 1205 yuan/ton [5][95]. - Glass Futures: The main contract FG601 on September 25 is likely to fluctuate strongly, with resistance levels at 1270 and 1281 yuan/ton, and support levels at 1237 and 1220 yuan/ton [5][98]. - Soda Ash Futures: The main contract SA601 on September 25 is likely to fluctuate and consolidate, with support levels at 1290 and 1271 yuan/ton, and resistance levels at 1314 and 1333 yuan/ton [5][102]. - Crude Oil Futures: The main contract SC2511 on September 25 is likely to fluctuate strongly and attack the resistance levels of 492 and 494 yuan/barrel, with support levels at 485 and 482 yuan/barrel [5][104]. - Fuel Oil Futures: The main contract FU2601 on September 25 is likely to fluctuate strongly and attack the resistance levels of 2900 and 2929 yuan/ton, with support levels at 2873 and 2860 yuan/ton [7][111]. - PTA Futures: The main contract TA601 on September 25 is likely to fluctuate strongly and attack the resistance levels of 4666 and 4694 yuan/ton, with support levels at 4618 and 4600 yuan/ton [7][111]. - PVC Futures: The main contract V2601 on September 25 is likely to fluctuate and consolidate, with support levels at 4891 and 4868 yuan/ton, and resistance levels at 4938 and 4960 yuan/ton [7][115]. - Agricultural Futures: - Soybean Meal Futures: The main contract M2601 on September 25 is likely to fluctuate strongly and attack the resistance levels of 2983 and 2997 yuan/ton, with support levels at 2950 and 2938 yuan/ton [7][117]. 2. Macro - news and Trading Tips - Domestic Macro - news: - China's President Xi Jinping announced a new round of national independent contributions at the United Nations Climate Change Summit. By 2035, China aims to reduce its net greenhouse gas emissions by 7% - 10% from the peak, increase the proportion of non - fossil energy consumption to over 30%, and achieve other climate - related goals [8]. - Premier Li Qiang attended the High - level Meeting on the Global Development Initiative, stating that China will not seek new special and differential treatment in current and future WTO negotiations [8]. - Premier Li Qiang met with European Commission President Ursula von der Leyen, hoping that the EU will keep its trade and investment markets open [9]. - The central bank announced a 600 billion yuan MLF operation on September 25, with a net injection of 300 billion yuan, and a total net injection of 60 billion yuan in medium - term liquidity in September [9]. - The Ministry of Commerce held a round - table meeting for Chinese - funded enterprises in the US, emphasizing efforts to stabilize Sino - US economic and trade cooperation [10]. - Eight departments jointly issued a document to promote digital consumption, proposing 14 tasks in four aspects [10]. - Nine departments issued 13 measures to support service exports [10]. - A new policy - based financial instrument with an initial scale of 500 billion yuan is being established, and many places are in the project application stage [11]. - Alibaba announced a cooperation with NVIDIA at the 2025 Yunqi Conference and plans to invest 380 billion yuan in AI infrastructure [11]. - International Macro - news: - The US and the EU finalized a tariff agreement, imposing a 15% tariff on EU automobiles and parts since August 1, and exempting some EU products from tariffs since September 1 [12]. - US Treasury Secretary criticized Federal Reserve Chairman Powell for not having a clear agenda for interest - rate cuts and urged a 100 - 150 basis - point cut by the end of the year [12]. - The US government is negotiating with Lithium Americas to restructure a 2.3 billion - dollar energy - department loan [12]. - US new - home sales in August reached an annualized total of 800,000 units, a 20.5% month - on - month increase [12]. 3. Commodity Futures - related Information - Exchange Policy Adjustments: - Zhengzhou Commodity Exchange will adjust the trading margin standards and price - limit ranges of multiple futures contracts from September 29 [12]. - Shanghai Futures Exchange will adjust the trading margin ratios and price - limit ranges of multiple futures contracts from the close of trading on September 29 [13]. - International Futures Market Performance on September 24: - International precious - metal futures generally closed down, with COMEX gold futures down 1.24% and COMEX silver futures down 1.11% [13]. - International oil prices rose strongly, with US crude oil futures up 2.21% and Brent crude oil futures up 1.93% [13]. - London base metals all rose, with LME copper futures up 3.46% [14]. - The on - shore RMB against the US dollar closed down 86 basis points at 7.1219, and the offshore RMB against the US dollar fell 243 basis points [14][15]. - The US dollar index rose 0.65%, and most non - US currencies fell [15].
股指期货将震荡整理，铜期货将震荡偏强，玻璃、原油、燃料油、PTA、豆粕期货将偏强震荡，黄金期货将偏弱震荡
Guo Tai Jun An Qi Huo·2025-09-25 02:10