Stock Index Futures to Consolidate; Crude and Fuel Oil Biased Upward; Gold, Silver, Coking Coal and Iron Ore Firm with Swings
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Guotai Junan Futures' commodity futures desk issues this outlook note by Tao Jinfeng on August 11, 2026, laying out the firm's near-term directional bias across major futures markets. The headline views are explicit. Stock index futures are expected to consolidate within a range as they oscillate and sort out direction. Crude oil and fuel oil futures are seen trading with a bias to the upside, oscillating toward strength. Gold, silver, coking coal, and iron ore futures are likewise expected to swing with a firmer tone, fluctuating while biased stronger. The note thus distinguishes between a neutral, range-bound stance on equity index futures and a constructively tilted view across the energy and metal complexes highlighted. Outlooks of this kind are inherently conditional: expected ranges and biases depend on evolving macro data, policy signals, and spot fundamentals, so the stated directions should be treated as scenario-based judgments carrying uncertainty rather than certainties. Supporting reasoning, technical levels, and risk considerations behind each market call are provided in the full report.