Southern Manganese (01091) fell more than 13% at the end of the session. As of press release, it was down 13.33% to HK$0.52, with a turnover of HK$26.64,600.
The Zhitong Finance App learned that Southern Manganese (01091) fell by more than 13% at the end of the session. As of press release, it fell 13.33% to HK$0.52, with a turnover of HK$26.64,600.
According to the news, on May 14, the main manganese-silicon contract, which had been rising for many days, fell by more than 5%. Previously, due to the South32 manganese ore incident in Australia that continued to ferment, domestic manganese ore prices continued to rise sharply, approaching the 2020 high. Over the past month, manganese ore prices have risen close to 60%; at the same time, futures prices have risen to a high of more than two years, with a cumulative increase of more than 14% in just 6 trading days in May.
Industry insiders pointed out that recent increases in manganese and silicon are rare. Naturally, there are also quite a few bulls that want to leave the market at a profit. Therefore, there is a rapid decline in the market from time to time, which should be caused by the bulls closing their positions, but they can quickly pull back and reach new highs every time, indicating that market capital is still strongly bullish. Under these circumstances, we must not blindly touch the peak.