CITIC Construction Investment Futures: Expectations of interest rate cuts strengthen precious metals' performance
2025-09-16 10:18:49
Precious Metals: Ahead of the Federal Reserve's interest rate meeting, US economic data continued to weaken. The New York Fed's manufacturing index plummeted 21 points to -8.7 in September, far below market expectations. The market is still strengthening its interest rate cut bets, and precious metals are performing strongly. However, a US appeals court rejected Trump's bid to remove Fed Governor Tim Cook, allowing Cook to attend this week's Fed meeting. This will further facilitate the Fed's independent monetary policy decisions, rather than being forced to cut rates under pressure from the Trump administration. Overall, the market has been trading on expectations of a Fed rate cut, and precious metals remain strongly supported, with a continued long-term bull market. The Fed meeting remains under scrutiny. In terms of short-term trading, a wait-and-see approach is recommended, while long-term long positions can be held. The reference range for Shanghai Gold 2510 is 820-850 yuan/gram, and the reference range for Shanghai Silver 2510 is 9700-10300 yuan/kilogram.
Stock Index Futures: In the previous trading day, the Shanghai Composite Index fell 0.26%, the Shenzhen Component Index rose 0.63%, the ChiNext Index rose 1.51%, the STAR Market 50 Index rose 0.18%, the CSI 300 Index rose 0.24%, the SSE 50 Index fell 0.20%, the CSI 500 Index fell 0.15%, and the CSI 1000 Index fell 0.10%. Trading volume for the two markets totaled 2.277385 trillion yuan, down approximately 243.541 trillion yuan from the previous trading day. Among the Shenwan First-Level Sectors, the best-performing sectors were Power Equipment (2.22%), Media (1.94%), and Agriculture, Forestry, Animal Husbandry, and Fishery (1.79%). The worst-performing sectors were General Purpose (-1.80%), Communications (-1.52%), and Defense (-1.05%). Regarding basis, the basis of all four major stock indices weakened slightly. The annualized basis rates for the IH and IF quarterly contracts are 0.00% and -3.10%, respectively; while the annualized basis rates for the IC and IM quarterly contracts are -10.80% and -14.30%, respectively. For hedging purposes, quarterly and monthly contracts may be considered for short positions. Both the Shanghai and Shenzhen stock markets saw a slight rise and then decline on the previous trading day, with a significant divergence between the two markets. Trading volume in both markets declined slightly compared to the previous trading day. Looking at primary industries, sectors that previously attracted significant market attention, such as communications and defense, continued to decline slightly. A slight decline in the financial sector also exerted significant pressure on the broader market index. In terms of index performance, both large and small caps saw mixed gains and losses, and there was no significant market bias yesterday. Yesterday, the National Bureau of Statistics released macroeconomic data for August and the period from January to August. While August's economic data generally maintained a stable growth trend, with structural growth continuing in key sectors, the slight decline in overall growth suggests that macroeconomic development still faces certain headwinds. From September 14th to 17th, China and the United States will hold another round of talks on trade, economics, and other issues. While the outcome is currently expected to be positive, it remains to be seen. IC and IM are expected to continue their upward trend on buoyant sentiment, so we recommend maintaining long positions.
Stock Index Options: Last trading day, the Shanghai Composite Index fell 0.26%, the Shenzhen Component Index rose 0.63%, the ChiNext Index rose 1.51%, the STAR Market 50 Index rose 0.18%, the CSI 300 Index rose 0.24%, the SSE 50 Index fell 0.2%, the CSI 500 Index fell 0.15%, the CSI 1000 Index fell 0.1%, and the Shenzhen 100 ETF rose 1.11%. Trading volume for the two markets totaled 2.277385 trillion yuan, down approximately 243.5 billion yuan from the previous trading day. Among the Shenwan Securities primary sectors, the best-performing were power equipment (2.22%), media (1.94%), and agriculture, forestry, animal husbandry, and fishery (1.79%). The worst-performing sectors were defense and military (-1.05%), communications (-1.52%), and general (-1.8%). The overall implied volatility of options has entered a downward range, and the cost-effectiveness of put option strategies has increased. You can consider building positions in batches and holding a double-sell strategy for options; if the fundamentals such as the macro economy and the profits of listed companies improve, there will be sufficient upside space. The market may be dominated by a volatile strengthening with the center gradually moving upward in the long term. You can pay attention to the covered call strategy of stock index futures long positions combined with selling out-of-the-money call options.
Treasury bond futures: Treasury bond futures rose on Monday. Unilaterally, based on closing prices, the 30-year bond futures contract rose 0.21%, the 10-year bond futures contract rose 0.12%, the 5-year bond futures contract rose 0.07%, and the 2-year bond futures contract rose 0.01%. The yield on the most active 30-year bond rose 1.5 basis points to 2.094%, the yield on the most active 10-year bond rose 1.05 basis points to 1.8%, and the yield on the most active 2-year bond fell 0.5 basis points to 1.415%. Inter-product spreads for futures contracts: 4TS-T, 2TF-T, and 3T-TL futures contracts changed by -0.077 yuan, 0.025 yuan, and 0.135 yuan, respectively. Unilateral strategies: Sentiment continues to recover, with long-term bonds strong and short-term bonds weak, possibly due to the generally weaker-than-expected economic data in August. The bond market is expected to stabilize in the short term, but the correction is far from over. Be wary of a flattening of the interest rate curve, as there is a risk of unexpected liquidity tightening. Regarding operations, a cautious wait-and-see approach is recommended, with opportunities to short TS. A cross-product strategy: The interest rate curve is short-steep and long-flat. Subsequently, a short-TS (short-long) and long-T (long-term) arbitrage strategy is gradually introduced. Currently, this strategy offers value for money, pending clear signals of tightening liquidity. Hedging strategies: The net basis is still high, making short arbitrage difficult. We recommend reducing current bond positions to mitigate potential liquidity risks.
Industrial silicon prices fluctuated widely overnight, with a sharp intraday surge followed by a pullback. The market oscillated between weak fundamentals and positive policy expectations. On the one hand, fundamental pressures persist. Northwest industrial silicon companies continue to ramp up production, leading to an overall increase in supply, while downstream polysilicon continues to face pressure from subsequent production cuts. On the other hand, expectations of "anti-involutionary" policies continue to roil the market, but with no policy yet in place, expectations are fluctuating. Overall, industrial silicon fundamentals remain under pressure, but expectations of anti-involutionary policies frequently fluctuate, resulting in a broad range of market fluctuations. For trading purposes, a wait-and-see approach is recommended. A short put option strategy with a low strike price may also be considered. The SI2511 contract range is 8,300-8,900 yuan/ton.
Copper: Copper prices rose overnight, with Shanghai copper stabilizing at the upper limit of $81,000 yuan, and London copper rising about 1% to break through $10,100 yuan. Macroeconomic outlook is neutral to bullish. Trump's prediction of a significant Federal Reserve interest rate cut this week, coupled with rising overseas market sentiment, has boosted copper prices. However, China's August social consumption growth rate narrowed to 3.4% year-on-year, far below expectations, and the domestic economy continues its moderate recovery. Fundamentals are neutral. Yesterday, copper warehouse receipts on the Shanghai Futures Exchange increased by 5,083 tons to 30,600 tons, while LME copper inventories decreased by 1,325 tons to 152,600 tons. Shanghai bonded copper inventories decreased slightly by 4,000 tons to 76,400 tons. According to SMM, small and medium-sized smelters in the Democratic Republic of the Congo have reduced production due to limited water and electricity supplies and sulfuric acid imports. Watch for overseas supply disruptions. Overall, with the Federal Reserve's interest rate cut imminent and the third round of US-China trade talks underway, the macroeconomic environment remains positive. However, the peak season is currently underdeveloped, and with the previous rate cut fully priced in, copper prices are awaiting stronger drivers for further gains. Short-term price increases are expected to gradually slow. Be wary of profit-taking following the release of positive news. Today's Shanghai copper price range is expected to be between 80,000 and 82,000 yuan/ton. Strategically, wait and see or trade within the intraday range.
Latex: On Monday, domestic full latex was 15,150 yuan/ton, up 150 yuan/ton from the previous day; Thai No. 20 mixed rubber was 15,150 yuan/ton, up 170 yuan/ton from the previous day. Raw materials: Yesterday, Thai rubber closed at 56.2 baht/kg, unchanged from the previous day; Thai cup rubber closed at 51 baht/kg, down 0.7 baht/kg from the previous day; Yunnan rubber closed at 14.8 yuan/kg, unchanged from the previous day; Hainan rubber closed at 13.4 yuan/kg, unchanged from the previous day. As of September 14, 2025, the combined bonded and general trade inventories of natural rubber in Qingdao were 586,600 tons, a decrease of 5,600 tons, or 0.95%, from the previous period. Bonded area inventories were 66,200 tons, down 8.32%, while general trade inventories were 520,400 tons, up 0.07%. The inbound rate of natural rubber at sample bonded warehouses in Qingdao decreased by 3.44 percentage points, while the outbound rate increased by 1.96 percentage points. The inbound rate at general trade warehouses increased by 0.27 percentage points, while the outbound rate decreased by 1.65 percentage points. Viewpoint: The recent peak of the rainy season in major Southeast Asian producing regions, such as Thailand, continues to pose certain restrictions on rubber tapping. Rainfall remains scarce in Côte d'Ivoire; therefore, short-term expansion in production remains limited, in line with seasonal patterns. On the demand side, domestic tire companies are entering a period of concentrated maintenance. With production capacity declining, finished goods inventories are being reduced. Over time, demand remains resilient (i.e., past expectations are being met). With market expectations cooling, RU and NR prices are experiencing a unilateral correction. Looking ahead, as overall demand expansion remains limited (interest rate cuts may not offset the impact of tariffs on global demand), while domestic demand growth in China materializes over time, and absent extreme weather in producing regions this year, the balance sheet remains relatively stable, meaning that the normalized pricing range will not experience significant fluctuations.
Methanol: Spot prices are 2110 in Daqi, 2260 in Luoyang, and 2390 in Lunan. Upstream plant auction shipments show regional divergence, and traders are reluctant to follow the upward trend, adopting a wait-and-see approach to the market. In the short term, spot coal prices will continue to rise slightly, and overall prices are expected to remain stable. Methanol operating rates remain high, with some major plants in mainland China undergoing inspections this month. Inventory pressure in the mid- and upstream markets is minimal, and with the upcoming long holiday, downstream manufacturers are actively purchasing for immediate needs, so watch closely. On Monday, the spot basis in East China fluctuated within a narrow range of 01-100, and 01-95 for 9-day. Ports continue to accumulate available supply, and overseas shipments are expected to remain high this month, with port inventory pressures yet to reach a turning point. In the short term, mainland procurement and plant activity are driving port flows to support futures prices. Long-term, focus on Middle East energy risks and port shipping dynamics. In terms of trading, methanol prices are expected to fluctuate in the short term, with limited momentum. The reference range for methanol 2601 is 2360-2460 yuan/ton.
Urea: Spot prices in Shandong are 1,600-1,610 yuan/ton ex-factory, and in Henan, 1,590-1,600 yuan/ton. Domestic urea market prices remain stable. On the supply side, several large-granule production plants in production areas have been shut down or temporarily shut down for technical upgrades, easing supply pressure. Following a period of continuous decline in spot prices, shipping sentiment has significantly improved. Agricultural demand is beginning to improve in some regions, while industrial demand, impacted by logistics during the long holiday, is closing in, providing some support for orders. The futures market has also stopped falling, and the outlook is expected to remain volatile. The interaction between the futures and spot markets has significantly strengthened. Overall, upstream supply pressure has eased, while demand remains strong, leading to a period of volatility. Urea prices are expected to fluctuate in the short term, with the reference range for urea 2601 at 1,630-1,730 yuan/ton.
Rebar: Rebar production fell by 67,500 tons to 2.1193 million tons last week, while social inventories increased by 185,700 tons. Factory inventories decreased slightly by 47,100 tons, resulting in a 40,000-ton decrease in apparent demand compared to the previous week. Currently, rebar fundamentals remain unchanged, primarily due to rapid inventory accumulation, which is 1.6023 million tons higher than the previous year, leading to accumulating industry conflicts. Hot metal prices remain high, and while demand for construction steel is expected to improve, high inventories are holding back futures prices, limiting any potential price recovery.
Hot-rolled coil (HRC): Last week, HRC production increased by 109,000 tons, while inventories decreased slightly by 10,200 tons. Apparent demand increased by 208,000 tons to 3.2616 million tons. The current fundamentals for HRC are relatively optimistic. Although overall production is high, demand remains resilient. We should monitor the progress of inventory reduction in the future. If demand remains weak, there is still a risk of a downward price trend. Strategically, the 3050-3200 range is recommended for rebar 2601 contracts, and the 3250-3450 range is recommended for HRC 2601 contracts.
Authorized by CITIC Construction Investment Futures Co., Ltd. to be forwarded by "a professional market analysis information website focusing on domestic futures derivatives trading": [ http:// ]
Stock Index Futures: In the previous trading day, the Shanghai Composite Index fell 0.26%, the Shenzhen Component Index rose 0.63%, the ChiNext Index rose 1.51%, the STAR Market 50 Index rose 0.18%, the CSI 300 Index rose 0.24%, the SSE 50 Index fell 0.20%, the CSI 500 Index fell 0.15%, and the CSI 1000 Index fell 0.10%. Trading volume for the two markets totaled 2.277385 trillion yuan, down approximately 243.541 trillion yuan from the previous trading day. Among the Shenwan First-Level Sectors, the best-performing sectors were Power Equipment (2.22%), Media (1.94%), and Agriculture, Forestry, Animal Husbandry, and Fishery (1.79%). The worst-performing sectors were General Purpose (-1.80%), Communications (-1.52%), and Defense (-1.05%). Regarding basis, the basis of all four major stock indices weakened slightly. The annualized basis rates for the IH and IF quarterly contracts are 0.00% and -3.10%, respectively; while the annualized basis rates for the IC and IM quarterly contracts are -10.80% and -14.30%, respectively. For hedging purposes, quarterly and monthly contracts may be considered for short positions. Both the Shanghai and Shenzhen stock markets saw a slight rise and then decline on the previous trading day, with a significant divergence between the two markets. Trading volume in both markets declined slightly compared to the previous trading day. Looking at primary industries, sectors that previously attracted significant market attention, such as communications and defense, continued to decline slightly. A slight decline in the financial sector also exerted significant pressure on the broader market index. In terms of index performance, both large and small caps saw mixed gains and losses, and there was no significant market bias yesterday. Yesterday, the National Bureau of Statistics released macroeconomic data for August and the period from January to August. While August's economic data generally maintained a stable growth trend, with structural growth continuing in key sectors, the slight decline in overall growth suggests that macroeconomic development still faces certain headwinds. From September 14th to 17th, China and the United States will hold another round of talks on trade, economics, and other issues. While the outcome is currently expected to be positive, it remains to be seen. IC and IM are expected to continue their upward trend on buoyant sentiment, so we recommend maintaining long positions.
Stock Index Options: Last trading day, the Shanghai Composite Index fell 0.26%, the Shenzhen Component Index rose 0.63%, the ChiNext Index rose 1.51%, the STAR Market 50 Index rose 0.18%, the CSI 300 Index rose 0.24%, the SSE 50 Index fell 0.2%, the CSI 500 Index fell 0.15%, the CSI 1000 Index fell 0.1%, and the Shenzhen 100 ETF rose 1.11%. Trading volume for the two markets totaled 2.277385 trillion yuan, down approximately 243.5 billion yuan from the previous trading day. Among the Shenwan Securities primary sectors, the best-performing were power equipment (2.22%), media (1.94%), and agriculture, forestry, animal husbandry, and fishery (1.79%). The worst-performing sectors were defense and military (-1.05%), communications (-1.52%), and general (-1.8%). The overall implied volatility of options has entered a downward range, and the cost-effectiveness of put option strategies has increased. You can consider building positions in batches and holding a double-sell strategy for options; if the fundamentals such as the macro economy and the profits of listed companies improve, there will be sufficient upside space. The market may be dominated by a volatile strengthening with the center gradually moving upward in the long term. You can pay attention to the covered call strategy of stock index futures long positions combined with selling out-of-the-money call options.
Treasury bond futures: Treasury bond futures rose on Monday. Unilaterally, based on closing prices, the 30-year bond futures contract rose 0.21%, the 10-year bond futures contract rose 0.12%, the 5-year bond futures contract rose 0.07%, and the 2-year bond futures contract rose 0.01%. The yield on the most active 30-year bond rose 1.5 basis points to 2.094%, the yield on the most active 10-year bond rose 1.05 basis points to 1.8%, and the yield on the most active 2-year bond fell 0.5 basis points to 1.415%. Inter-product spreads for futures contracts: 4TS-T, 2TF-T, and 3T-TL futures contracts changed by -0.077 yuan, 0.025 yuan, and 0.135 yuan, respectively. Unilateral strategies: Sentiment continues to recover, with long-term bonds strong and short-term bonds weak, possibly due to the generally weaker-than-expected economic data in August. The bond market is expected to stabilize in the short term, but the correction is far from over. Be wary of a flattening of the interest rate curve, as there is a risk of unexpected liquidity tightening. Regarding operations, a cautious wait-and-see approach is recommended, with opportunities to short TS. A cross-product strategy: The interest rate curve is short-steep and long-flat. Subsequently, a short-TS (short-long) and long-T (long-term) arbitrage strategy is gradually introduced. Currently, this strategy offers value for money, pending clear signals of tightening liquidity. Hedging strategies: The net basis is still high, making short arbitrage difficult. We recommend reducing current bond positions to mitigate potential liquidity risks.
Industrial silicon prices fluctuated widely overnight, with a sharp intraday surge followed by a pullback. The market oscillated between weak fundamentals and positive policy expectations. On the one hand, fundamental pressures persist. Northwest industrial silicon companies continue to ramp up production, leading to an overall increase in supply, while downstream polysilicon continues to face pressure from subsequent production cuts. On the other hand, expectations of "anti-involutionary" policies continue to roil the market, but with no policy yet in place, expectations are fluctuating. Overall, industrial silicon fundamentals remain under pressure, but expectations of anti-involutionary policies frequently fluctuate, resulting in a broad range of market fluctuations. For trading purposes, a wait-and-see approach is recommended. A short put option strategy with a low strike price may also be considered. The SI2511 contract range is 8,300-8,900 yuan/ton.
Copper: Copper prices rose overnight, with Shanghai copper stabilizing at the upper limit of $81,000 yuan, and London copper rising about 1% to break through $10,100 yuan. Macroeconomic outlook is neutral to bullish. Trump's prediction of a significant Federal Reserve interest rate cut this week, coupled with rising overseas market sentiment, has boosted copper prices. However, China's August social consumption growth rate narrowed to 3.4% year-on-year, far below expectations, and the domestic economy continues its moderate recovery. Fundamentals are neutral. Yesterday, copper warehouse receipts on the Shanghai Futures Exchange increased by 5,083 tons to 30,600 tons, while LME copper inventories decreased by 1,325 tons to 152,600 tons. Shanghai bonded copper inventories decreased slightly by 4,000 tons to 76,400 tons. According to SMM, small and medium-sized smelters in the Democratic Republic of the Congo have reduced production due to limited water and electricity supplies and sulfuric acid imports. Watch for overseas supply disruptions. Overall, with the Federal Reserve's interest rate cut imminent and the third round of US-China trade talks underway, the macroeconomic environment remains positive. However, the peak season is currently underdeveloped, and with the previous rate cut fully priced in, copper prices are awaiting stronger drivers for further gains. Short-term price increases are expected to gradually slow. Be wary of profit-taking following the release of positive news. Today's Shanghai copper price range is expected to be between 80,000 and 82,000 yuan/ton. Strategically, wait and see or trade within the intraday range.
Latex: On Monday, domestic full latex was 15,150 yuan/ton, up 150 yuan/ton from the previous day; Thai No. 20 mixed rubber was 15,150 yuan/ton, up 170 yuan/ton from the previous day. Raw materials: Yesterday, Thai rubber closed at 56.2 baht/kg, unchanged from the previous day; Thai cup rubber closed at 51 baht/kg, down 0.7 baht/kg from the previous day; Yunnan rubber closed at 14.8 yuan/kg, unchanged from the previous day; Hainan rubber closed at 13.4 yuan/kg, unchanged from the previous day. As of September 14, 2025, the combined bonded and general trade inventories of natural rubber in Qingdao were 586,600 tons, a decrease of 5,600 tons, or 0.95%, from the previous period. Bonded area inventories were 66,200 tons, down 8.32%, while general trade inventories were 520,400 tons, up 0.07%. The inbound rate of natural rubber at sample bonded warehouses in Qingdao decreased by 3.44 percentage points, while the outbound rate increased by 1.96 percentage points. The inbound rate at general trade warehouses increased by 0.27 percentage points, while the outbound rate decreased by 1.65 percentage points. Viewpoint: The recent peak of the rainy season in major Southeast Asian producing regions, such as Thailand, continues to pose certain restrictions on rubber tapping. Rainfall remains scarce in Côte d'Ivoire; therefore, short-term expansion in production remains limited, in line with seasonal patterns. On the demand side, domestic tire companies are entering a period of concentrated maintenance. With production capacity declining, finished goods inventories are being reduced. Over time, demand remains resilient (i.e., past expectations are being met). With market expectations cooling, RU and NR prices are experiencing a unilateral correction. Looking ahead, as overall demand expansion remains limited (interest rate cuts may not offset the impact of tariffs on global demand), while domestic demand growth in China materializes over time, and absent extreme weather in producing regions this year, the balance sheet remains relatively stable, meaning that the normalized pricing range will not experience significant fluctuations.
Methanol: Spot prices are 2110 in Daqi, 2260 in Luoyang, and 2390 in Lunan. Upstream plant auction shipments show regional divergence, and traders are reluctant to follow the upward trend, adopting a wait-and-see approach to the market. In the short term, spot coal prices will continue to rise slightly, and overall prices are expected to remain stable. Methanol operating rates remain high, with some major plants in mainland China undergoing inspections this month. Inventory pressure in the mid- and upstream markets is minimal, and with the upcoming long holiday, downstream manufacturers are actively purchasing for immediate needs, so watch closely. On Monday, the spot basis in East China fluctuated within a narrow range of 01-100, and 01-95 for 9-day. Ports continue to accumulate available supply, and overseas shipments are expected to remain high this month, with port inventory pressures yet to reach a turning point. In the short term, mainland procurement and plant activity are driving port flows to support futures prices. Long-term, focus on Middle East energy risks and port shipping dynamics. In terms of trading, methanol prices are expected to fluctuate in the short term, with limited momentum. The reference range for methanol 2601 is 2360-2460 yuan/ton.
Urea: Spot prices in Shandong are 1,600-1,610 yuan/ton ex-factory, and in Henan, 1,590-1,600 yuan/ton. Domestic urea market prices remain stable. On the supply side, several large-granule production plants in production areas have been shut down or temporarily shut down for technical upgrades, easing supply pressure. Following a period of continuous decline in spot prices, shipping sentiment has significantly improved. Agricultural demand is beginning to improve in some regions, while industrial demand, impacted by logistics during the long holiday, is closing in, providing some support for orders. The futures market has also stopped falling, and the outlook is expected to remain volatile. The interaction between the futures and spot markets has significantly strengthened. Overall, upstream supply pressure has eased, while demand remains strong, leading to a period of volatility. Urea prices are expected to fluctuate in the short term, with the reference range for urea 2601 at 1,630-1,730 yuan/ton.
Rebar: Rebar production fell by 67,500 tons to 2.1193 million tons last week, while social inventories increased by 185,700 tons. Factory inventories decreased slightly by 47,100 tons, resulting in a 40,000-ton decrease in apparent demand compared to the previous week. Currently, rebar fundamentals remain unchanged, primarily due to rapid inventory accumulation, which is 1.6023 million tons higher than the previous year, leading to accumulating industry conflicts. Hot metal prices remain high, and while demand for construction steel is expected to improve, high inventories are holding back futures prices, limiting any potential price recovery.
Hot-rolled coil (HRC): Last week, HRC production increased by 109,000 tons, while inventories decreased slightly by 10,200 tons. Apparent demand increased by 208,000 tons to 3.2616 million tons. The current fundamentals for HRC are relatively optimistic. Although overall production is high, demand remains resilient. We should monitor the progress of inventory reduction in the future. If demand remains weak, there is still a risk of a downward price trend. Strategically, the 3050-3200 range is recommended for rebar 2601 contracts, and the 3250-3450 range is recommended for HRC 2601 contracts.
Authorized by CITIC Construction Investment Futures Co., Ltd. to be forwarded by "a professional market analysis information website focusing on domestic futures derivatives trading": [ http:// ]
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- The market involves risk, and trading may not be suitable for all investors. This article is for reference only and does not constitute personal investment advice, nor does it take into account certain users’ specific investment objectives, financial situation, or other needs. Any investment decisions made based on this information are at your own risk.
