一、在山东分公司负责人耿敬离职后，未在规定时间内报送相关材料，未在原负责人离职后及时指定新负责人或代为履职人员，反映出公司存 在报告不及时、对山东分公司管理不到位的问题。 决定书显示，前海期货存在以下问题： 蓝鲸新闻12月25日讯，近日，青岛证监局发布行政监管措施决定书，剑指前海期货有限公司。 如果对本监督管理措施不服，可在收到本决定书之日起60日内向 中国证券监督管理委员会申请行政复议（行政复议申请可以通过邮政 快递寄送至中国证券监督管理委员会法治司），也可在收到本决定书 之日起6个月内直接向有管辖权的人民法院提起行政诉讼。复议和诉讼 期间，上述监督管理措施不停止执行。 二、未将山东分公司员工工作手机纳入交易监控范围，内部控制存在漏洞。 上述行为违反了《期货公司董事、监事和高级管理人员任职管理办法》《期货公司监督管理办法》的规定。 针对以上问题，青岛证监局决定对前海期货有限公司采取出具警示函的监督管理措施，并将相关情况记入证券期货市场诚信档案。 青岛证监局 2025年12月22日 ...

Group 1 - The core idea of the news is the collaboration between CITIC Futures and the rural community of Jiangjun Mountain Village, focusing on the integration of party building and financial support to promote rural revitalization through the "Xinxing Agriculture" project [1][3] - During the recent visit, CITIC Futures donated 30,000 yuan to support local industry development and improve living conditions in Jiangjun Mountain Village [1] - The partnership aims to create a replicable service path for rural revitalization by exploring areas such as industry cultivation and risk prevention over the past year [3] Group 2 - The "Xinxing Agriculture" project serves as a link for CITIC Futures to provide comprehensive services including industry planning, risk management, and resource matching to support the agricultural sector [3] - A discussion was held regarding the cultivation of corn and the use of financial tools like "insurance + futures" to help farmers manage price volatility and stabilize their income [3]

在各种利好刺激之下，稀有金属走出波澜壮阔的行情，广期所铂金主力期货罕见走出三连板行情！ 12月24日，在国际黄金、白银价格接连刷新历史纪录的刺激下，广期所上市交易的铂金期货、钯金期货 全部涨停。铂金主力期货在开盘经过换手之后，便牢牢封住涨停，大涨7%，报657.65元/克，走出惊人 的三连板行情，截止收盘，铂金2606、2608、2610、2612合约全部涨停，其中铂金2606、2608、2612合 约大涨7%，2610合约大涨12%。自11月27日上市以来，在短短20个交易日中，铂金大涨49.13%，区间 最大涨幅超过54%。 | | 铂主连 | | --- | --- | | | pt99999 | | 657.65 | 657.65 振幅 0.62% = 15803 | | | 653.85 昨空 614.65 持仓 39147 | | PROCESS | 异动解读: 白宫再次呼吁降息+拍把价格相 ... ● × | | 分时 日K | 周K 月K 五日 #8 v | | | 前星权 筹码 | | 657.65 668,50 -------- | | | 605.16 | | | 541.83 | | ...

Group 1 - The core issue is the administrative regulatory measures taken by the Tianjin Securities Regulatory Bureau against Everbright Futures Co., Ltd. Tianjin Branch for multiple violations [1] - The identified problems include inadequate client follow-up, employment of unqualified personnel for futures business, and incomplete materials provided during the on-site inspection [1] - These actions are in violation of the relevant regulations outlined in the "Futures Company Supervision and Management Measures" and the "Futures Practitioners Management Measures" [1] Group 2 - The Tianjin Securities Regulatory Bureau has decided to issue a warning letter as a supervisory management measure against Everbright Futures Co., Ltd. Tianjin Branch, which will be recorded in the integrity archives of the securities and futures market [2] - The company has a period of six months from the date of the decision to file a lawsuit with the competent people's court, and the supervisory measures will remain in effect during the review and litigation period [4]

Core Insights - The annual strategy meeting of Guotai Junan Futures for 2026 was held in Hangzhou, focusing on macro trends, industrial upgrades, asset allocation, and the development of the derivatives market [1] - Experts emphasized the need for continuous policy support for economic recovery and highlighted the potential impact of RMB appreciation on asset performance [1][2] - There is an optimistic outlook for the A-share market starting in 2025, with expectations of significant growth driven by capital market reforms and reduced economic uncertainty [1] Group 1 - Guotai Junan Futures' chairman, Jiang Tao, and other industry experts participated in discussions on macroeconomic trends and asset allocation strategies [1] - Professor Sheng Songcheng pointed out that while the economy is stable, further recovery requires sustained policy efforts, advocating for a balance between investment and consumption [1][2] - Fang Yi expressed a positive outlook for the A-share market, predicting a major growth cycle beginning in 2025, supported by changes in the underlying logic of the stock market [1] Group 2 - Wang Xiao indicated that the economic structure's recovery in 2026 will depend on policy guidance and the natural recovery of the economy, with significant changes expected by 2027 [2] - The roundtable forum discussed various perspectives on macroeconomic positioning and asset allocation opportunities for 2026, focusing on cross-border arbitrage and diversified strategies [2]

·南华期货：白银价格回调风险可能进一步累积黄金形态相对良好 ·东吴期货：美元信用式微贵金属将维持上涨趋势 ·金瑞期货：金银价格的长期核心驱动因素仍保持稳健 ·Kitco Metals：避险升温推动下期金下一目标是收盘站稳4500美元 金瑞期货表示，美国此前公布的非农以及CPI数据偏弱，有利于美联储进一步降息，叠加议息会议结果 偏鸽，使得金银获得一定利好。而白银继续受到工业和金融双重属性影响，在供需缺口和现货偏紧的驱 动下强势上涨。而中长期来说，宏观上包括主权国家赤字问题、地缘风险以及去美元化驱动的央行购金 等因素并未改变，金银价格的长期核心驱动因素仍保持稳健，短期调整不改长期趋势，且下方空间相对 有限。 Kitco Metals高级市场分析师Jim Wyckoff在最新点评中写道，在地缘政治紧张局势加剧的情况下，金银 价格强劲上涨并创下了历史新高。日内发生的两大事件推升了市场对地缘局势紧张的担忧。一方面，美 国继续在委内瑞拉附近扣押油轮，美国加强对委内瑞拉的石油封锁导致原油和贵金属价格上涨。另一方 面，俄罗斯高级将领在莫斯科因汽车炸弹身亡，也推高了避险。此外，外部环境对贵金属价格也较为有 利：美元指数温和下跌 ...

Core Viewpoint - The central financial work conference during the "14th Five-Year Plan" period emphasizes the goal of accelerating the construction of a financial power, aiming to create a capital market that is "safe, standardized, transparent, open, vibrant, and resilient" to promote high-quality financial development in the new era [1] Group 1: Company Development and Strategy - The company is committed to implementing the spirit of the 20th National Congress of the Communist Party and the series of important instructions from General Secretary Xi Jinping regarding financial work, focusing on a path of financial development with Chinese characteristics [1][2] - The number of party branches within the company increased from 4 to 21 during the "14th Five-Year Plan," with the proportion of party members rising from 12% to 20%, enhancing the grassroots party organization's role [2] - The company has been recognized for its strong leadership and core competitiveness, with continuous improvement in various operational indicators [2] Group 2: Focus on Core Business - The company focuses on its main responsibilities, utilizing the futures market for price discovery, risk management, and resource allocation to support the stable development of real enterprises [3] - In serving technology finance, the company has expanded its services to national-level specialized and innovative enterprises, providing comprehensive solutions such as hedging and consulting [3] - The company has established a significant advantage in green finance, contributing to the industrial chains of industrial silicon, lithium carbonate, and polysilicon, while also participating in the preparation for the listing of electricity and carbon emission rights [3] Group 3: Social Responsibility and Financial Inclusion - The company has successfully conducted 445 "insurance + futures" projects, benefiting nearly 250,000 farmers with compensation exceeding 200 million yuan [4] - It has established a public welfare futures trader education base in Chongqing, producing over 4,000 original educational materials and reaching more than 750,000 people since its operation began in October 2021 [4] - The company is enhancing its professional service capabilities in pension finance and has introduced age-friendly services to protect investor rights [4] Group 4: Regional Development - The company has been deeply involved in the "智融惠畅" project in Chongqing, assisting in the establishment of the first log futures delivery warehouse and enhancing regional resource allocation capabilities [5][6] - It provides risk management services to traditional and emerging industries in Chongqing, contributing to the growth of the "33618" modern manufacturing cluster [6] Group 5: Collaborative Development - The company is strengthening internal and external collaboration to enhance customer service quality, building a comprehensive business advantage through a nationwide collaborative network [7] - It integrates services with various stakeholders, including government, exchanges, and educational institutions, to expand its service ecosystem and enhance brand image [7] Group 6: Risk Management - The implementation of the futures and derivatives law during the "14th Five-Year Plan" is crucial for the industry to serve the real economy and mitigate financial risks [8] - The company is enhancing its risk prevention and compliance management systems, focusing on early detection and resolution of risks [8] Group 7: Future Outlook - As the "15th Five-Year Plan" begins, the company aims to continue its commitment to serving the real economy, focusing on financial innovation and risk management to support national strategic goals [9]

南华期货公告称，公司本次全球发售H股1.08亿股，香港公开发售0.16亿股，国际发售0.92亿股。每股发 售价12港元，所得款项净额估计约12.03亿港元。1.08亿股H股于2025年12月22日在香港联交所主板挂牌 上市，股票中文简称"南华期货股份"，代码"2691"。发行后，公司股份总数增至7.18亿股，A股股东持 股比例降至85%，H股股东占比15%。持股5%以上股东横店集团控股等持股数量不变，但比例均有下 降。 ...

Group 1: Investment Rating - No investment rating information provided in the report Group 2: Core Views - The urea market is within the range of fundamentals and policies. In the short term, its downside space is strongly supported, but there is also pressure on the upside. It is expected to show a volatile trend [3]. - The short - term domestic urea market is weak and stalemated. The weekend domestic urea market continued to be firm and rising, but the mid - to - long - term trend is under pressure, and the 1 - 5 month spread is in a reverse arbitrage pattern [10][18][19]. - The overall urea market is expected to be volatile, with a possible narrow rebound followed by a stalemate, and the bottom range may continue to rise [16]. Group 3: Chapter Summaries Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - The change in phosphate fertilizer policy suppresses the speculative nature of the fertilizer sector, weakening the spot trading of urea. The high daily production of urea under policy support and profit repair exerts significant pressure on prices, but the export policy adjustment weakens the downward price drive. The short - term domestic urea market is weak, but the continuous destocking of explicit inventory supports prices [3]. - Regarding futures trading, although new delivery warehouses are added, the cheapest deliverable goods are still from Henan and Shandong. Considering the disappearance of the export expectation for the 01 contract, a reverse arbitrage strategy is adopted for the 1 - 5 month spread. The 01 contract still has a premium due to the autumn fertilizer expectation [5]. 1.2 Trading - type Strategy Recommendations - **Trend Judgment**: Urea is expected to fluctuate weakly. - **Price Range**: UR2601 is expected to trade between 1550 - 1750 yuan/ton. - **Strategy Suggestions**: Short positions are recommended when the price is above 1750 yuan/ton, and a reverse arbitrage is recommended for the 1 - 5 month spread when it is above - 10 [12]. - **Basis, Month - spread and Hedging Arbitrage Strategy Suggestions**: The 11, 12, and 01 contracts have a weak unilateral trend, while the 02, 03, 04, and 05 contracts are strong with peak - season demand expectations. The 01 contract has an upper pressure range of 1710 - 1720 yuan/ton and a lower static support range of 1550 - 1620 yuan/ton. It is recommended to short at high prices and conduct a reverse arbitrage for the 1 - 5 month spread. No hedging arbitrage strategy is provided [13][14]. Chapter 2: This Week's Important Information and Next Week's Key Events 2.1 This Week's Important Information - **Positive Information**: The fourth quarter is the winter storage period for the fertilizer industry, and the relatively low price may attract spontaneous reserves. India's NFL issued a new urea import tender, intending to purchase 1.5 million tons [15]. - **Negative Information**: The current domestic daily urea production is 208,100 tons. After the maintenance of some plants in Shandong and Jiangsu, and the expected concentrated maintenance of some gas - based urea plants in Inner Mongolia and Sichuan, the domestic daily urea production is expected to decline significantly to around 200,000 tons [15]. 2.2 Next Week's Key Events - China's urea production is expected to reach around 1.34 million tons next week, an increase from this week. There are no plans for plant shutdowns, and 5 - 6 plants may resume production, increasing the probability of production growth [17]. Chapter 3: Disk Interpretation 3.1 Price - Volume and Capital Interpretation - The domestic urea market continued to rise over the weekend, with a price increase of 10 - 40 yuan/ton. The fourth batch of urea export quotas and the new Indian tender boosted market sentiment, but mid - to - downstream resistance emerged. The short - term market is still strong [18]. - The weak domestic demand is the main contradiction. It is expected that the increase in exports cannot make up for the weakening domestic demand, so the medium - term trend is under pressure, and the 1 - 5 month spread of urea is in a reverse arbitrage pattern [19]. 3.2 Industry Hedging Suggestions - **Price Range Forecast**: The price range of urea is predicted to be 1650 - 1950 yuan/ton, with a current volatility of 27.16% and a historical percentile of 62.1% over three years. - **Hedging Strategies**: - **Inventory Management**: For enterprises with high finished - product inventory, shorting urea futures, buying put options, and selling call options are recommended to lock in profits and reduce costs. - **Procurement Management**: For enterprises with low procurement inventory, buying urea futures, selling put options are recommended to lock in procurement costs and reduce expenses [24]. Chapter 4: Valuation and Profit Analysis 4.1 Upstream Profit Tracking of the Industrial Chain - The report presents the seasonal trends of the weekly fixed - bed production cost, natural - gas production cost, water - coal slurry gasification profit, and fixed - bed production profit of urea [27][30][33]. 4.2 Upstream Production Rate Tracking - The report shows the seasonal trends of the daily urea production, weekly production capacity utilization rate, coal - based production capacity utilization rate, and natural - gas - based production capacity utilization rate [36][37]. 4.3 Upstream Inventory Tracking - The report provides the seasonal trends of China's weekly urea enterprise inventory, port inventory, Guangdong and Guangxi inventory, and the combined port and inland inventory [39][41][43]. 4.4 Downstream Price and Profit Tracking - The report presents the seasonal trends of the weekly production capacity utilization rate and inventory of compound fertilizers, the production profit, production capacity utilization rate, market price, and weekly output of melamine, as well as the market prices of compound fertilizers in different regions and the daily market price of synthetic ammonia in Henan [45][48][52][58][65]. 4.5 Spot Production and Sales Tracking - The report shows the seasonal trends of the average production and sales of urea and the production and sales of urea in Shandong, Henan, Shanxi, Hebei, and East China [67][69].

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The core contradiction this week lies in the impact of the US non-farm payroll data and unemployment rate on the probability of interest rate cuts, the supply-demand relationship in the copper market, and the confirmation of the tight supply of copper mines in 2026. Looking ahead to next week, macroeconomic data will affect market sentiment and copper prices. The strategy is to follow the trend if there is a breakthrough; otherwise, buy at low levels within the range [2][3]. - Cathode copper is currently in the mid - stage of an uptrend with a neutral cycle, while LME copper is in the late stage of an uptrend at a high cycle level, and there is a risk of a pullback. The risk - return ratios for going long on SHFE copper and LME copper are low, so caution is advised [3]. Summary by Relevant Catalogs 1. Core Contradiction and Strategy Suggestion 1.1 Core Contradiction - **Macroeconomic Aspect**: The US non - farm payroll data and unemployment rate exceeded market expectations, slightly increasing the probability of interest rate cuts. The probability of a 25 - basis - point interest rate cut by the Fed in January 2026 is 26.6% (24.4% the previous week), and the probability of keeping interest rates unchanged is 73.4%. By March 2026, the probability of a cumulative 25 - basis - point cut is 46.8%, the probability of keeping interest rates unchanged is 41.8%, and the probability of a cumulative 50 - basis - point cut is 11.5%. Next week, the release of macroeconomic data such as the US initial jobless claims and core PCE price index will affect market sentiment [2][3]. - **Fundamental Aspect**: Near the end of the year, holders of copper have a stronger willingness to destock. In the context of increasing electrolytic copper production from November to December, the sellers' willingness to sell continues to rise, while downstream processing enterprises are still hesitant to buy at high prices, resulting in limited spot price increases. The LME copper cancelled warrants remain above 60,000 tons, supporting the rebound of the copper premium in China's bonded area. The export window is still open. The 2026 copper long - term TC/RC, announced over the weekend, is set at $0/ton and 0 cents/pound, confirming the tight supply of copper mines in that year [2]. 1.2 Trading - Type Strategy Suggestion - **Trend Judgment**: Cathode copper is in the mid - stage of an uptrend with a neutral cycle; LME copper is in the late stage of an uptrend at a high cycle level, and attention should be paid to the risk of a pullback. The risk - return ratio for going long on SHFE copper is 0.69% (low risk - return ratio), and for LME copper is 0.71% (low risk - return ratio), so caution is advised [3][14]. - **Price Range**: The price range for SHFE copper is [89,735, 95,178], with a price center of 92,457; for LME copper, it is [11,303, 12,145], with a price center of 11,724 [14]. - **Strategy Suggestion**: Follow the trend if there is a breakthrough; otherwise, buy at low levels within the range [3]. - **Basis, Calendar Spread, and Arbitrage Strategy**: The basis strategy is to expect it to strengthen. On December 19, the basis was - 565 yuan/ton, in the lowest 10% of historical quantiles, and the probability of an expansion in the next 1 - 2 weeks is 82.3%. The calendar spread strategy is neutral, with the main fluctuation range of the spread between the first - and third - month contracts being [- 90, 260], and the current spread is - 40. The cross - border spread is within the normal range, and it is recommended to wait and see. The current SHFE - LME ratio is 7.89, at the 43.3% historical quantile (lower than last week) [14][16]. 1.3 Enterprise Hedging Strategy Suggestion - **Inventory Management**: For enterprises with high finished - product inventory worried about price drops, when the expected price has strong resistance at 95,000 yuan/ton and the lower limit is 90,000 yuan/ton, they can short the SHFE copper main contract at the resistance level, build positions at high prices, and stop losses if the price breaks through. They can also sell call options or buy put options but should wait and see for now. - **Raw Material Management**: For enterprises with low raw - material inventory worried about price increases, when the expected price has strong support at 90,000 yuan/ton, they can buy the main contract futures near the support level. They can also buy up - and - out cumulative options in the range of 90,000 - 94,000 yuan/ton [20]. 1.4 Review of Trading and Hedging Strategies - The previous long futures hedging positions bought at low levels can continue to be held. Those who have not hedged may have missed the ideal hedging price. If they are in a hurry to purchase, they can consider the "sell put option + buy call option" combination to synthesize a long strategy [25]. 2. This Week's Important Information and Next Week's Key Event Interpretation 2.1 This Week's Important Information - **Positive Information**: On December 20, Chinese smelters and Antofagasta set the 2026 copper concentrate long - term processing fee Benchmark at $0/ton and 0 cents/pound. From January to October 2025, the global refined copper market had a surplus of 122,000 tons, less than the 261,000 - ton surplus in the same period last year. Global copper demand growth forecasts have been revised upward, with the 2025 growth rate expected to increase from 2.4% to 2.7%. China's demand expectation has been raised from 3.3% to 3.7%, and demand outside China has been raised from 1.0% to 1.2%. Institutions expect the 2026 market to remain slightly in surplus, with the surplus potentially expanding in 2027, and the market to return to a structural shortage by 2030 [28][29][30]. - **Negative Information**: In November 2025, the domestic copper rod output was 106,210 tons, a 7.87% increase from October, and the comprehensive capacity utilization rate was 54.08%, a 3.95% increase from the previous month. The Chinese copper industry monthly prosperity index in November was 39.7, a 2 - point decrease from the previous month, and continued to operate in the "normal" range. The LME plans to implement new position limit regulations from July next year. The probability of a 25 - basis - point interest rate cut by the Fed in January 2026 and cumulative cuts by March 2026 has been adjusted [30][31][32]. 2.2 Next Week's Key Event Interpretation Next week, many macroeconomic indicators will be released, including the UK GDP year - on - year, US PCE price index, initial jobless claims, etc., which will affect market sentiment on copper prices [34]. 3. Interpretation of Price, Volume, and Capital on the Disk 3.1 Domestic Market Interpretation This week, the trading volume and open interest of the SHFE copper weighted index decreased significantly, and the market speculation degree dropped below the mid - line. The price of the SHFE copper main contract fluctuated around 92,579 yuan/ton, with a weekly increase of 0.57% and an amplitude of 3.95%, and closed at 93,180 yuan/ton on Friday [35][36]. 3.2 Overseas Market Interpretation This week, the overseas copper futures performed better than the domestic market. The Comex copper price reached a one - month high on Friday night and then pulled back, while the LME copper price maintained an uptrend with a small amplitude. The LME copper price mainly fluctuated in the range of [11,536.5, 11,928] dollars/ton, increased by 1.58% week - on - week, and closed at 11,870.5 dollars/ton. The Comex copper price mainly fluctuated in the range of [531.75, 556.55] cents/pound, increased by 1.41% week - on - week, and closed at 548.35 cents/pound. The LME copper term structure has gradually changed from contango to backwardation, and the positive spread between months has widened negatively. The open interest of the Comex copper active contract remains at a high level in the same period [35][38]. 4. Analysis of Spot Price and Profit 4.1 Spot Price and Smelting Profit In the second half of this week, the electrolytic copper spot price strengthened, but the discount widened. The scrap copper market showed "higher prices but less volume", and the invoice situation in Guangdong and Jiangxi was tight, increasing the capital cost pressure on scrap copper enterprises. The purchasing and selling sentiment in the electrolytic copper spot market changed. The smelting income of refined copper increased week - on - week [42][43]. 4.2 Import Profit and Import Volume This week, the copper import profit and scrap copper import profit increased significantly year - on - year, and domestic enterprises' willingness to import copper is expected to increase. The Yangshan copper premium in the bonded area has been rising, which will continue to support smelters' copper exports. It is expected that the copper inventory in the bonded area will remain balanced. It is estimated that China will import 2.6 million physical tons of copper ore and concentrates in December 2025, with an annual import volume of 30.26 million physical tons, a year - on - year increase of 7.43% [45][46]. 4.3 Inventory Analysis This week, the "siphon effect" of the Comex copper inventory still exists. The domestic copper inventory increased year - on - year, and the LME copper inventory decreased year - on - year. The LME copper cancelled warrants remained above 60,000 tons but decreased compared to the previous week, while the LME copper registered inventory increased significantly. The total Comex copper inventory increased, and the registered inventory continued to rise, indicating that holders continued to sell on the disk [49]. 5. Supply - Demand Deduction and Price Expectation 5.1 Supply Deduction - **Global Perspective**: In 2025, the global copper concentrate production is expected to be 19.871 million metal tons, with an actual copper rough - smelting output of 20.154 million metal tons, and the global copper concentrate supply - demand balance is - 166,000 metal tons. In 2026, the global copper concentrate production is expected to be 20.441 million metal tons, with an actual copper rough - smelting output of 20.664 million metal tons, and the global copper concentrate supply - demand balance is - 331,000 metal tons [55]. - **Domestic Perspective**: In November, China's electrolytic copper production was 1.1031 million tons, a 1.05% month - on - month increase and a 9.75% year - on - year increase. The cumulative production from January to November was 12.2545 million tons, a 11.76% year - on - year increase. In December, it is expected that 4 smelters will be under maintenance, with an expected impact of 0.5 million tons. It is estimated that the electrolytic copper production in December will be 1.1688 million tons, a 5.96% month - on - month increase and a 6.69% year - on - year increase [56][57]. 5.2 Demand Expectation In November, the domestic copper product output was 1.7879 million tons, slightly lower than expected, and the comprehensive copper product operating rate was 61.6%, a 3.8% month - on - month increase. Except for the recycled copper rod industry, the operating rates of other industries increased. In December, it is expected that the operating rates of most industries will continue to increase slightly. The expected copper product output, copper rod output, copper strip output, copper tube output, and copper rod output are likely to increase month - on - month, and the apparent consumption of electrolytic copper will also increase month - on - month [59][60][61]. 5.3 Price Expectation This Friday, the market sentiment was high, and the copper price increased significantly, especially in the Comex copper market, where the price reached a one - month high. The copper price can either rise or fall at the current level. From the perspective of the 2026 long - term TC/RC announced over the weekend, the confidence of funds to buy at low levels will be re - stimulated, and the probability of the copper price breaking through again will increase. If the breakthrough is less than expected and the market returns to a volatile situation, it is still advisable to buy at low levels within the range [65].