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U.S. Containerboard and box numbers for October again showed weak industry volumes, Wilde adds. Box shipment volumes fell 7.9% y/y in October. Adjusted for one fewer shipping day this year, volumes fell 3.7% y/y on an "average week" basis. "We think the 'real' number is a blend of the two, a decline of 5.8% y/y. This looks disappointing given that September's decline was just 4.8% y/y, and it looks even worse given the very easy comp of October '08 (itself down8.6% y/y)."
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