Affected by seasonal accumulation, aluminum prices lack drivers

In terms of news, large-scale layoffs in bars and restaurants, the number of non-farm payrolls in the United States fell by 140,000 in December, and it was expected to rise by 71,000, and the unemployment rate in the United States recorded 6.
7% in December, ending the previous seven-day downward trend
.
U.
S.
wholesale sales in November were 0.
2% m/m vs 1.
8%
prior.
Recently, the epidemic situation in Europe and the United States has expanded sharply, and the market is eager to know the details of
Biden's new stimulus policy.
U.
S.
non-farm payrolls for December fell sharply less than expected and employment deteriorated, with non-ferrous metals falling
across the board on Friday.

In terms of the market, aluminum ingot inventories continued to accumulate last week, with weekly accumulation of 51,000 tons to 664,000 tons, aluminum price volatility was weak, and the overall center of gravity moved
down slightly.
Exchange and social inventories have accumulated, short-term fundamentals are generally weak, downstream demand is seasonally weak, and spot aluminum prices are expected to fall
.

At present, the fundamentals of the aluminum market are weak
in the short term.
Subsequently, in the case of the impact of imported aluminum superimposed on the gradual increase of new production capacity in January and February, the supply side is relatively clear; In addition, according to the survey, although the downstream terminal consumption is weak, it is not bad, and there is some support
below the aluminum price.
It is expected that the subsequent aluminum price will show a volatile downward trend, but there will not be too much
downward.