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Data as of: 2026-10-20 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)

CZCE Ferrosilicon Main Continuous (CZCE.SM) In-depth Analysis Report | Bearish: Decline on reduced open interest, below 5836 target 5790 | 2026-10-21

Ferrosilicon SM2701 is bearish. [10-20 settlement] 5830 yuan/ton, down 1.26%, main open interest reduced by 9407 lots, nominal open interest fell to 10.21 billion yuan, a decline on reduced open interest with longs actively exiting. Price is at the 32.2% percentile of the 20-day channel 5760–5940, 5-day -0.68%, 20-day only +0.41%, ATR14 is 72.57, volatility is mild. The next pivot P5836 is the intraday bull-bear watershed; a break below targets S1 at 5790. The last closed weekly bar (10-12 to 10-16) closed at 5816, down 0.55% on the week; the current week has not yet closed. Invalidation condition: daily close firmly above 5864 (next pivot R1).