Futures fluctuated rangebound as all parties remained on the sidelines [SMM SiMn Alloy Futures Review]

Published: Nov 1, 2024 17:50

Source: SMM

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The 2501 contract opened at 6,340 yuan/mt.

The 2501 contract opened at 6,340 yuan/mt, fluctuated rangebound after the morning session, and finally closed at 6,342 yuan/mt, down 0.44%. The highest price of the day was 6,374 yuan/mt, and the lowest was 6,218 yuan/mt. Trading volume was 182,426 lots, and open interest was 305,188 lots. On the raw material side, overseas December manganese ore quotes remained flat, and miners' sentiment to stand firm on quotes was still strong, with few low-priced spot manganese ore available. Currently, SiMn alloy production has increased, but downstream buyers are cautious about purchasing SiMn alloy, leading to slow destocking. The SiMn alloy spot market is currently running steadily.

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