Futures market fluctuates downward, spot price in the doldrums [SMM Manganese-Silicon Futures Review]

[SMM Manganese-Silicon Futures Review: Futures Market Fluctuates Downward, Spot Prices in the Doldrums] The SM2509 contract opened at 5,662 yuan/mt. After the morning session, it fluctuated downward, eventually closing at 5,616 yuan/mt, down 1.23%. The daily high was 5,672 yuan/mt, and the low was 5,588 yuan/mt. Trading volume was 293,076 lots, with open interest at 440,811. On the raw material side, inventory buildup of manganese ore at ports continued, and the enthusiasm for stockpiling and purchasing by downstream alloy plants was weak ahead of the Dragon Boat Festival. On the spot side, SiMn plants' willingness to offer quotes actively was weak. End-users of SiMn were more inclined to drive down prices during purchases, and some holders slightly lowered their quotes.