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The US Conference Board released on Tuesday that the US consumer confidence index in October fell to 47.7, which helped support the US dollar index to rise further. The US dollar index hit a daily high of 76.33 yesterday. Although the strengthened US dollar exerted limited downward pressure on base metal prices, the negative impact waned gradually after the US dollar index advanced to 76.
SHFE three-month contract aluminum prices moved in the RMB 15,125-15,270/mt range yesterday, and the aluminum prices above RMB 15,000/mt raised cargo-holders’ interest in cargo movement due to sufficient market supply recently, which will have further downward pressure on SHFE aluminum prices. SHFE three-month contract aluminum prices will try to break through RMB 15,300/mt today.
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