股指期货将偏强震荡，黄金、白银期货将震荡偏弱，焦煤、纯碱期货将震荡偏强，铜、螺纹钢、玻璃、碳酸锂、原油、豆粕期货将偏强震荡，铁矿石、生猪期货将偏弱震荡

Report Industry Investment Rating No information provided. Core Viewpoints of the Report The report provides a forecast of the futures market on October 20, 2025, based on macro - fundamental and technical analysis. It predicts the likely trends (such as strong - side or weak - side oscillations) and support and resistance levels for various futures contracts across different sectors, including stock index futures, bond futures, precious metal futures, base metal futures, energy futures, and agricultural futures. It also presents the performance of these futures on October 17, 2025, and offers a monthly outlook for October 2025 [2]. Summary by Related Catalogs 1. Futures Market Forecast for October 20, 2025 - Stock index futures (IF2512, IH2512, IC2512, IM2512) are expected to oscillate strongly. For example, IF2512 has resistance levels at 4550 and 4600 points and support levels at 4455 and 4400 points [2]. - Ten - year and thirty - year bond futures (T2512, TL2512) are likely to have wide - range oscillations. T2512 has resistance at 108.32 and 108.43 yuan and support at 108.17 and 108.13 yuan [2]. - Gold and silver futures (AU2512, AG2512) are expected to oscillate weakly. AU2512 may test support levels at 960.0 and 949.5 yuan/gram [2]. - Copper, aluminum, alumina, zinc, nickel, tin, and other base metal futures have different expected trends. For instance, copper futures (CU2512) are likely to oscillate strongly with resistance at 85600 and 86400 yuan/ton and support at 84400 and 83800 yuan/ton [3]. - Energy futures such as crude oil (SC2512) and fuel oil (FU2601) are expected to oscillate strongly. SC2512 may attack resistance levels at 446 and 450 yuan/barrel [7]. - Agricultural futures like bean粕 (M2601) and palm oil (P2601) are also expected to oscillate strongly. M2601 may attack resistance at 2914 and 2926 yuan/ton [7]. 2. Performance on October 17, 2025 - Stock index futures generally showed weak oscillations. For example, IF2512 closed at 4485.2 points, down 2.19% [16]. - Bond futures closed up across the board. The 30 - year main contract rose 0.74% to 115.870 yuan [40]. - Gold futures showed strong oscillations during the day but weak oscillations at night. The main contract AU2512 closed at 999.80 yuan/gram during the day, up 3.82%, and 973.88 yuan/gram at night, down 1.27% [46]. - Silver futures also had a similar pattern. The main contract AG2512 closed at 12249 yuan/kilogram during the day, up 2.06%, and 11748 yuan/kilogram at night, down 3.94% [52]. 3. Monthly Outlook for October 2025 - Stock index futures (IF, IH, IC, IM) are likely to have weak wide - range oscillations. For example, IF is expected to have support at 4307 and 4200 points and resistance at 4750 and 4850 points [23]. - Gold and silver futures are expected to oscillate strongly. Gold futures may attack resistance at 1000.0 and 1100.0 yuan/gram [49]. - Copper, aluminum, and other base metal futures have different expected trends. Copper futures are expected to have strong wide - range oscillations with resistance at 89000 and 90000 yuan/ton [61]. - Energy futures such as crude oil are expected to oscillate weakly and may test support at 417 and 395 yuan/barrel [124]. 4. Macro - economic Information - China - US economic and trade officials held a video call and agreed to hold a new round of economic and trade consultations as soon as possible [9]. - The central bank will continue to implement a moderately loose monetary policy to support economic growth and maintain financial market stability [9]. - The Ministry of Finance announced measures to consolidate and expand the economic recovery, including allocating 500 billion yuan from the local government debt balance limit to local governments [11]. - The national fiscal revenue in the first three quarters was 16.39 trillion yuan, up 0.5% year - on - year, and the fiscal expenditure was 20.81 trillion yuan, up 3.1% year - on - year [11].