Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trends of various futures contracts on November 26, 2025, including股指期货,国债 futures, precious metal futures, base metal futures, energy futures, and agricultural futures. Futures are expected to show different trends such as strong - side oscillations, weak - side oscillations, and wide - range oscillations [2]. Summary by Related Catalogs 1. Futures Market Outlook 1.1 Stock Index Futures - On November 26, 2025, stock index futures are likely to oscillate strongly. For example, IF2512 has resistance levels at 4511 and 4539 points, and support levels at 4457 and 4439 points; IH2512 has resistance levels at 2977 and 2990 points, and support levels at 2948 and 2935 points; IC2512 has resistance levels at 7000 and 7054 points, and support levels at 6871 and 6827 points; IM2512 has resistance levels at 7264 and 7300 points, and support levels at 7132 and 7116 points [2]. 1.2 Bond Futures - The ten - year Treasury bond futures contract T2603 is likely to oscillate in a wide range on November 26, 2025, with support levels at 108.14 and 108.03 yuan, and resistance levels at 108.36 and 108.49 yuan. The thirty - year Treasury bond futures contract TL2603 is likely to oscillate weakly in a wide range, with support levels at 114.8 and 114.6 yuan, and resistance levels at 115.6 and 116.0 yuan [2]. 1.3 Precious Metal Futures - The gold futures contract AU2602 is likely to oscillate and consolidate on November 26, 2025, with resistance levels at 951.5 and 961.0 yuan/gram, and support levels at 937.8 and 930.0 yuan/gram. The silver futures contract AG2602 is likely to oscillate in a wide range, with resistance levels at 12281 and 12350 yuan/kg, and support levels at 11890 and 11843 yuan/kg [2][3]. 1.4 Base Metal Futures - Copper futures contract CU2601 is likely to oscillate and consolidate on November 26, 2025, with resistance levels at 87600 and 88000 yuan/ton, and support levels at 86000 and 85600 yuan/ton. Aluminum futures contract AL2601 is likely to oscillate weakly, with support levels at 21380 and 21290 yuan/ton, and resistance levels at 21540 and 21650 yuan/ton. Alumina futures contract AO2601 is likely to oscillate weakly and test support levels at 2707 and 2684 yuan/ton, with resistance levels at 2727 and 2741 yuan/ton. Nickel futures contract NI2601 is likely to oscillate strongly and attack resistance levels at 118000 and 119100 yuan/ton, with support levels at 116100 and 115500 yuan/ton [3]. 1.5 Energy Futures - Crude oil futures contract SC2601 is likely to oscillate weakly on November 26, 2025, and test support levels at 437 and 433 yuan/barrel, with resistance levels at 446 and 449 yuan/barrel. Fuel oil futures contract FU2601 is likely to oscillate weakly and test support levels at 2420 and 2400 yuan/ton, with resistance levels at 2470 and 2491 yuan/ton [4][6]. 1.6 Agricultural Futures - Carbonate lithium futures contract LC2605 is likely to oscillate strongly on November 26, 2025, and attack resistance levels at 101200 and 103600 yuan/ton, with support levels at 97300 and 95000 yuan/ton. Corn futures contract C2601 is likely to oscillate strongly and attack resistance levels at 2265 and 2271 yuan/ton, with support levels at 2238 and 2230 yuan/ton. Palm oil futures contract P2601 is likely to oscillate weakly and test support levels at 8280 and 8178 yuan/ton, with resistance levels at 8360 and 8400 yuan/ton [4][7]. 2. Macro - news and Trading Tips - Diplomatic news: The Chinese and US presidents had a positive, friendly, and constructive phone call initiated by the US side, which is important for the stable development of Sino - US relations [8]. - Policy news: The State Council Information Office will hold a press conference on November 27 to introduce policies to enhance the adaptability of consumer goods supply and demand and further promote consumption. The National Economic Crime Investigation Work Conference emphasized cracking down on economic crimes, and the Inter - ministerial Joint Conference on Alleviating the Burden on Enterprises emphasized establishing a comprehensive service system for enterprises [8]. - Economic data: From January to October, China's full - industry foreign direct investment was 144.34 billion US dollars, a year - on - year increase of 6.2%; the newly signed contract value of foreign contracted projects was 210.7 billion US dollars, a year - on - year increase of 18.6%. The US federal government budget deficit in October was 284 billion US dollars due to the "shutdown." The US 9 - month PPI increased by 0.3% month - on - month, and core PPI increased by 0.1% month - on - month. Retail sales increased by 0.2% month - on - month [8][9][10]. 3. Commodity Futures - related Information - On November 25, 2025, US crude oil futures closed down 1.24% at 58.11 US dollars/barrel, and Brent crude oil futures closed down 1.2% at 61.97 US dollars/barrel. International precious metal futures generally closed up, with COMEX gold futures up 0.78% at 4126.3 US dollars/ounce and COMEX silver futures up 1.50% at 51.08 US dollars/ounce. London base metals showed mixed results [11][12]. 4. Futures Market Analysis and Outlook 4.1 Stock Index Futures - On November 25, 2025, stock index futures showed different trends. For example, IF2512 opened slightly higher, rose and then fell back, and finally closed at 4473.0 points, up 0.66% (0.85% based on the closing price). It is expected that in November 2025, stock index futures such as IF, IH, IC, and IM are likely to oscillate weakly in a wide range [13][17][18]. 4.2 Bond Futures - On November 25, 2025, the ten - year Treasury bond futures contract T2603 opened slightly lower, rebounded and then fell back, and closed at 108.220 yuan, down 0.08%. The thirty - year Treasury bond futures contract TL2603 opened slightly lower, rebounded and then fell back, and closed at 115.16 yuan, down 0.33% [37][41]. 4.3 Other Futures - Other futures such as gold, silver, copper, aluminum, etc. also showed different trends on November 25, 2025, and corresponding price trends and support/resistance levels are predicted for November 26, 2025 and November 2025 [43][52][57].