股指期货将震荡整理，黄金、白银、铜、铝、螺纹钢、铁矿石期货将偏强震荡，原油期货将震荡偏强

Report Industry Investment Rating No relevant content provided. Core View of the Report Through macro - fundamental analysis and technical analysis using tools like the golden ratio line, horizontal line, and moving average, the report predicts the likely trends of various futures contracts on November 12, 2025. Specifically, stock index futures are expected to oscillate and consolidate; gold, silver, copper, aluminum, rebar, iron ore, PTA, PVC, and methanol futures are likely to oscillate strongly; ten - year and thirty - year Treasury bond futures, and polysilicon and lithium carbonate futures are expected to have wide - range oscillations; crude oil futures are likely to oscillate with an upward bias; while coking coal, glass, and soda ash futures are expected to oscillate and consolidate [2][3][4][5]. Summary by Relevant Catalogs Macro News and Trading Tips - The US will suspend the implementation of the export control penetration rule from November 10, 2025, to November 9, 2026. The Chinese Ministry of Commerce responded that this is an important measure for the US to implement the consensus of the China - US economic and trade consultations in Kuala Lumpur [8]. - The central bank will implement a moderately loose monetary policy, emphasizing the importance of observing the total financial volume through indicators such as social financing scale and money supply [8]. - Minister of Commerce Wang Wentao held a video meeting with the German Federal Minister for Economic Affairs and Climate Action, discussing Sino - German and Sino - European economic and trade issues and emphasizing the role of the Dutch government in the ASM International issue [8]. - The Mexican government postponed the increase of tariffs on Chinese goods, and the EU considered forcing member states to remove Huawei and ZTE equipment. The Chinese Ministry of Foreign Affairs urged the EU to provide a fair business environment for Chinese enterprises [9]. - The National Development and Reform Commission will implement a service industry capacity expansion and quality improvement action [9]. - The US Senate passed the Continuing Appropriations and Extensions Act, and the House of Representatives plans to vote on the temporary appropriation bill [9]. - US President Trump mentioned the potential economic and national security disasters if the Supreme Court rejects his use of emergency powers to impose tariffs, and he is close to reaching a trade agreement with India and reducing tariffs on Indian goods. Switzerland is also close to having its tariffs reduced to 15% by the US [10]. - The US "small non - farm" data showed a significant decrease in private - sector employment, and the optimism index of small businesses in the US dropped to a six - month low [10]. - The Zhengzhou Commodity Exchange and the Dalian Commodity Exchange had leadership changes [10]. - On November 11, US and Brent crude oil futures prices rose due to new US sanctions on Russian oil and the expected end of the US government shutdown [11]. - On November 11, international precious metal futures generally rose, with factors such as the expected Fed rate cut and geopolitical risks supporting prices [11]. - On November 11, most London base metals closed higher, while the US dollar index fell, and the on - shore and offshore RMB against the US dollar also showed different trends [12][13]. Futures Market Analysis and Forecast Stock Index Futures - On November 11, major stock index futures contracts such as IF2512, IH2512, IC2512, and IM2512 all showed a pattern of opening higher, then falling back and oscillating downward, with weakened short - term rebound momentum and increased downward pressure [13][14][15]. - It is expected that in November 2025, major stock index futures contracts will have wide - range oscillations. On November 12, they are likely to oscillate and consolidate, with specific resistance and support levels provided [18][19]. Treasury Bond Futures - On November 11, the ten - year Treasury bond futures contract T2512 opened higher, then fell back and oscillated downward, with weakened short - term rebound momentum and slightly increased downward pressure. The central bank conducted 4038 billion yuan of 7 - day reverse repurchase operations, with a net investment of 2863 billion yuan [35]. - It is expected that on November 12, the ten - year Treasury bond futures contract T2512 will have a wide - range oscillation, and the thirty - year Treasury bond futures contract TL2512 will also have a wide - range oscillation, with specific resistance and support levels provided [36][39]. Precious Metal Futures - On November 11, the gold futures contract AU2512 and the silver futures contract AG2512 both opened higher, then oscillated upward. It is expected that in November 2025, they will have strong wide - range oscillations, and on November 12, they will oscillate strongly, with specific resistance and support levels provided [40][48][49]. Base Metal Futures - On November 11, copper, aluminum, and alumina futures contracts showed different trends. It is expected that in November 2025, they will have wide - range oscillations, and on November 12, they will oscillate strongly, with specific resistance and support levels provided [50][57][60]. Other Commodity Futures - On November 11, polysilicon, lithium carbonate, rebar, hot - rolled coil, iron ore, coking coal, glass, soda ash, crude oil, PTA, PVC, and methanol futures contracts all showed different trends. It is expected that on November 12, they will have different trends such as wide - range oscillations, strong oscillations, or oscillatory consolidation, with specific resistance and support levels provided [63][65][70][75][77][84][86][90][92][95][100][102][105].