1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trends, resistance levels, and support levels of various futures contracts on January 21, 2026, and the trends of futures main continuous contracts in January 2026 [2]. - The report also provides macro - economic information and commodity - related information that may impact futures prices [5][9]. 3. Summary by Relevant Catalogs 3.1 Futures Market Outlook 3.1.1 January 21, 2026 Futures Main Contracts - Stock index futures (IF2603, IH2603, IC2603, IM2603) are expected to fluctuate weakly, with specific resistance and support levels provided [2]. - Gold futures (AU2604) are expected to fluctuate strongly, with resistance at 1080.0 and 1100.0 yuan/gram, and support at 1060.1 and 1054.3 yuan/gram, and may hit a new high [2]. - Silver futures (AG2604) are expected to have a strong and wide - range fluctuation, with resistance at 23800 and 24200 yuan/kilogram, support at 22763 and 22392 yuan/kilogram, and may hit a new high [2]. - Other metal futures such as copper (CU2603), aluminum (AL2603), nickel (NI2602), tin (SN2602), and non - metal futures like lithium carbonate (LC2605), steel products, and coal products also have their respective predicted trends, resistance, and support levels [2]. 3.1.2 January 2026 Futures Main Continuous Contracts - Stock index futures (IF, IH, IC, IM) are expected to fluctuate strongly, with the IM main continuous contract likely to hit a new high [2][4]. - Gold, silver, copper, aluminum, tin futures main continuous contracts are expected to fluctuate strongly and may hit new highs, with specific resistance and support levels provided [4]. - Lithium carbonate futures main continuous contract is expected to fluctuate strongly, and steel products (RB2605, I2605) and coking coal (JM2605) futures main contracts are expected to have wide - range fluctuations [4]. 3.2 Macro Information and Trading Tips - Chinese government officials attended international meetings and held economic and trade consultations, and introduced 2026 macro - policies, including expanding domestic demand, maintaining fiscal spending, and promoting domestic investment through financial policies [5][6]. - The 1 - month LPR remained unchanged, and there were international news such as the US president's remarks on tariffs, the EU's response to US trade threats, and global bond market sell - offs [7][8]. 3.3 Commodity Futures - Related Information - On January 20, domestic commodity futures markets closed with mixed results. Lithium carbonate hit the daily limit, precious metals were strong, base metals were divided, and coking coal futures led the decline [9]. - Shanghai introduced measures to enhance the influence of non - ferrous metals in the global market, and the Shanghai Futures Exchange adjusted margin ratios and price limits for some contracts [9]. - International precious metals, oil, and base metals futures markets had different price trends on January 20, affected by factors such as trade frictions and supply expectations [9][10]. 3.4 Futures Market Analysis and Outlook 3.4.1 Stock Index Futures - On January 20, major stock index futures contracts (IF2603, IH2603, IC2603, IM2603) opened slightly higher, then fell back after hitting resistance, with varying degrees of decline and changes in short - term trends [12][13]. - The A - share market adjusted on January 20, with a style shift from high - valuation growth sectors to value sectors. Hong Kong stocks and US and European stock markets also closed down [14][15]. 3.4.2 Gold Futures - On January 20, the gold futures main contract (AU2604) opened slightly lower, then rose after an initial decline, hitting a new high since its listing in 2008. The main continuous contract also showed a strong upward trend [34]. - It is expected to continue to fluctuate strongly in January 2026 and on January 21, 2026, and may hit new highs [34][35]. 3.4.3 Silver Futures - On January 20, the silver futures main contract (AG2604) opened slightly lower, then fell back after a rebound, with short - term upward momentum weakening. The main continuous contract showed a strong upward trend and hit a new high [38]. - It is expected to continue to fluctuate strongly in January 2026 and on January 21, 2026, and may hit new highs [39]. 3.4.4 Other Futures - Copper, aluminum, nickel, tin, lithium carbonate, steel products (including rebar, hot - rolled coil, iron ore), and coking coal futures all have their respective price trends on January 20 and predicted trends for January 2026 and January 21, 2026 [45][48][54][58][62][66][70][74][79].