Futures Fluctuate Upward, Market Remains Stable [SMM Manganese Silicon Futures Review]

[SMM SiMn Alloy Futures Review: Futures Fluctuate Upward, Market Remains Stable] The SM2505 contract opened at 6,750 yuan/mt, fluctuated upward after the morning session, and finally closed at 6,764 yuan/mt, up by 1.08%. The daily high was 6,826 yuan/mt, and the low was 6,646 yuan/mt. Trading volume reached 605,887 lots, with an open interest of 388,078. Raw material side, miners maintained a strong sentiment to stand firm on quotes, with no low-price offers before the Chinese New Year, leading to slow follow-up transactions in the manganese ore market. Spot side, approaching the Chinese New Year, most SiMn alloy plants held back from selling. Pre-holiday downstream purchasing sentiment remained mediocre, while mainstream steel tenders were delayed in pricing, resulting in a strong wait-and-see sentiment in the market.