Silico-Manganese Futures Prices Dropped 0.31%, Spot Prices Stood High

SHANGHAI, Feb 24 (SMM) – The SHFE SM2205 contract opened at 8,462 yuan/mt today, and fluctuated around 8,408 yuan/mt in the intraday trading, meeting resistance at 8,492 yuan/mt and gaining support at 8,352 yuan/mt. it closed at 8,404 yuan/mt, down 0.31%. The highest and lowest prices were 8,504 yuan/mt and 8,312 yuan/mt respectively. The trading volume was 78,629 lots, and the longs reduced their positions by 4,226 lots to 139,448 lots. The inquiries for silico-manganese increased in the market, but the transactions were thin, and the goods holders were reluctant to lower their quotations. The market sees strong wait-and-see sentiments.