SMM

In the futures market for stainless steel on March 19th, the SS2405 contract opened at 13,785 yuan per ton and closed at 13,745 yuan per ton, a decrease of 5 yuan per ton compared to the previous trading day's closing price. Intraday trading weakened compared to the previous trading day, with a decrease of 69,679 lots in trading volume and a decrease of 4,724 lots in open interest. The total trading volume of the top five institutions today was 279,888 lots, a decrease of 67,709 lots. The total long position of the top five institutions was 41,768 lots, an increase of 1,473 lots, while the total short position of the top five institutions was 57,989 lots, a decrease of 489 lots. This indicates that both bulls and bears have reduced trading and are inclined to wait and see, with bulls actively closing positions. The decrease in trading volume indicates a rational closing of long positions by bulls, with no urgency but rather a pursuit of ideal prices. Therefore, the market is characterized by a gentle decline, with a high probability of sustained downward movement. The spot market saw premiums today, ranging from 55 to 255 yuan per ton, while futures prices were under pressure to decline.