**Market Brief: Aluminium (MCX/LME)** **Current Status** Aluminium prices on the MCX are trading firmly around **₹315.60 per kg**, showing resilience after recent corrections. On the global front, LME three-month contracts are hovering near **$3,065–$3,110 per tonne**, reflecting a complex mix of supply tightness and steady demand. **Key Drivers** Prices are supported by fresh gains in Asian markets, driven by China’s manufacturing PMI expanding to **50.3** in January 2026. While China’s annual output recently hit a record **45.02 million tons**, fears of a "hard cap" on capacity continue to limit long-term supply elasticity. Global availability faces further pressure from production disruptions in Iceland, Mozambique, and Australia. These supply-side bottlenecks are counteracting the profit-booking seen in other base metals, keeping the floor price elevated. **Market Outlook** Technically, the metal is consolidating after pulling back from recent highs of **₹361**. The primary trend remains bullish, with analysts identifying immediate support in the **₹305–₹310** zone. Buying interest persists at these lower levels. If prices sustain above **₹318**, momentum could drive a recovery toward the **₹335–₹340** range in the coming weeks, supported by robust demand from the EV and power grid sectors. **Actionable Insight** Traders should monitor the **₹310** level closely; a hold here signals continued strength, while a breach could invite deeper corrections toward **₹297**. **Next Step**