SHANGHAI, Dec. 16 (CBI China) -- The overall decline in base metals was not affected by the sharp decline in dollar index last night, indicating the current market confidence has reached a lower level; meanwhile the negative correlation between dollar index and base metals has been broken for the time being. Overnight LME aluminum once again fell below USD 1500/mt, closed at USD 1478/mt, down USD 25/mt, the premium fell further to USD 40/mt, LME aluminum inventories continued to rise 13,575 mt to 1.9326 million mt. Today, SHFE aluminum prices fell after being on upward trend yesterday under the influence of weak outer disk, the main contract tested RMB 10,500/mt. Recently refined aluminum producers are positive to cup productions but with limited implementations, and the production cuts will be difficult to take effect on the market in the short term.
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