Futures Market Fluctuates Upward as Post-Holiday Market Remains Cautious [SMM Manganese Silicon Futures Review]

[SMM SiMn Alloy Futures Review: Futures Market Fluctuated Upward, Post-Holiday Market Remains in Wait-and-See Mode] The SM2505 contract opened at 6,090 yuan/mt, fluctuated upward after the morning session, and finally closed at 6,118 yuan/mt, up by 0.79%. The daily high was 6,150 yuan/mt, and the low was 6,084 yuan/mt. Trading volume reached 109,131 lots, and open interest stood at 330,074 lots. Raw material side, post-holiday manganese ore market purchases were cautious, with Gabonese ore prices remaining relatively firm, while overall manganese ore spot prices remained stable. Spot side, post-holiday SiMn alloy downstream steel mills were cautious in procurement, mostly adopting a wait-and-see approach. Attention should still be paid to the release of downstream demand after the holiday and the actual manganese ore purchasing activities by alloy plants.