股指期货将偏强震荡，黄金、白银期货将震荡偏强，焦煤期货将震荡偏弱，多晶硅、玻璃、纯碱期货将偏弱震荡

Report Industry Investment Rating No relevant content provided. Core View of the Report Through macro - fundamental and technical analysis, the report anticipates the trend of various futures on October 21, 2025. Index futures are expected to oscillate strongly; gold and silver futures will oscillate with an upward bias; coking coal futures will oscillate weakly; polysilicon, glass, and soda ash futures will oscillate weakly [1][2][3][4]. Summary by Related Catalogs Futures Market Overview - On October 9, 2025, the total funds in China's futures market exceeded 2 trillion yuan, a 24% increase from the end of 2024 [11]. - The monthly average price futures of linear low - density polyethylene, polyvinyl chloride, and polypropylene on the Dalian Commodity Exchange will be listed for trading starting at 21:00 on October 28, 2025, and will be included in the scope of tradable varieties for qualified overseas investors [11]. Macro News and Trading Tips - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China began in Beijing on the morning of October 20, 2025 [7]. - China and the United States are about to return to the negotiation table. The US listed rare earths, fentanyl, and soybeans as the three major issues to be raised with China [7]. - In the first three quarters of 2025, China's GDP increased by 5.2% year - on - year. In September, the added value of industrial enterprises above designated size increased by 6.5% year - on - year, and the total retail sales of consumer goods increased by 3% [7]. - In September 2025, housing prices in various cities declined month - on - month, but the year - on - year decline continued to narrow, and the number of cities with year - on - year increases in new housing prices increased [8]. - China's LPR in October 2025 remained unchanged for the fifth consecutive month, with the 1 - year and 5 - year varieties reported at 3% and 3.5% respectively [8]. - As of October 17, 2025, the new policy - based financial instruments of the China Development Bank had invested 189.35 billion yuan, expected to drive a total project investment of 2.8 trillion yuan; the Export - Import Bank of China had invested 83% of its funds in major economic provinces; the Agricultural Development Bank of China had completed 100.111 billion yuan of the 150 - billion - yuan fund investment, expected to drive a total project investment of over 1.26 trillion yuan [8]. - The US and Australia signed an agreement on rare earths and critical minerals, planning to jointly invest over $3 billion in critical mineral projects in the next 6 months [9]. Futures Market Analysis and Forecast Index Futures - On October 20, 2025, the main contracts of index futures such as IF2512, IH2512, IC2512, and IM2512 all opened slightly higher, then rose, encountered resistance, and fell back, showing a slightly strong oscillation. It is expected that on October 21, they will continue to oscillate strongly. For the whole of October 2025, they are expected to oscillate weakly in a wide range [13][14][15][18]. Treasury Bond Futures - On October 20, 2025, the main contracts of 10 - year and 30 - year treasury bond futures opened lower and oscillated downward. It is expected that on October 21, they will oscillate in a wide range [32][36]. Precious Metal Futures - On October 20, 2025, the main contracts of gold and silver futures opened lower and oscillated downward during the day, but showed a strong upward oscillation during the night session. It is expected that in October 2025, they will oscillate with an upward bias and reach new highs; on October 21, they will continue to oscillate with an upward bias [40][48]. Base Metal Futures - On October 20, 2025, the main contracts of copper, aluminum, nickel, and other base metal futures showed different trends. It is expected that in October 2025, copper and aluminum will oscillate strongly in a wide range, nickel will oscillate in a wide range, and alumina will oscillate weakly in a wide range. On October 21, copper and nickel will oscillate strongly, aluminum will oscillate and consolidate, and alumina will oscillate weakly [52][57][66][71]. Energy and Chemical Futures - On October 20, 2025, the main contracts of polysilicon, glass, soda ash, and other energy and chemical futures showed different trends. It is expected that in October 2025, polysilicon, glass, and soda ash will oscillate weakly in a wide range, and crude oil will oscillate weakly. On October 21, polysilicon, glass, and soda ash will oscillate weakly, and crude oil will oscillate strongly [71][93][98][103]. Agricultural Product Futures - On October 20, 2025, the main contracts of PTA, methanol, and soybean meal futures showed different trends. It is expected that on October 21, PTA and soybean meal will oscillate strongly, and methanol will oscillate weakly [107][110][112].