Futures market fluctuates upward, spot price remains stable for now [SMM Manganese Silicon Futures Review]

[SMM Manganese-Silicon Futures Review: Futures Market Fluctuates Upward, Spot Prices Remain Stable] The SM2509 contract opened at 5,826 yuan/mt, fluctuated upward after the morning session, and eventually closed at 5,866 yuan/mt, up 1.80%. The daily high was 5,916 yuan/mt, and the low was 5,762 yuan/mt. Trading volume was 336,948 lots, and open interest was 381,170. On the raw material side, the manganese ore market saw sluggish transactions, with alloy plants driving down prices when purchasing manganese ore, leading to a continuous decline in spot prices. On the spot side, the futures market held up well, with SiMn plants showing weak willingness to quote prices actively. Downstream steel mills' purchases were sluggish, and the market was mostly in a wait-and-see attitude.