This afternoon, ferrosilicon futures prices rose sharply, at one point to 7328 yuan / tonne, and then narrowed some of the gains held steady above 7200 yuan / tonne, an increase of more than 4 per cent. Since Wednesday, ferrosilicon prices have risen for three days in a row, basically recovering all the decline since mid-March.
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Guotai Junan Futures pointed out that the current price trend of double silicon lacks the direct trend support of the fundamentals. The sharp decline in positions validates the logical assumption that prices have been driven by the departure of empty positions. Driven by the pullback trend of the previous low support level, the upward trend of double silicon is expected to continue slightly. However, from the performance of the basis near the delivery month, the space for the upward price and the duration of the trend need to be considered. Ferrosilicon may rise and fall later, hovering in the current position. However, there is still some room for the price of manganese silicon to fall back, and the market is cautious and wait-and-see mood is strong.
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