Aluminium settled up 0.05% at 105.15 amid stronger equities and optimism over the return of Chinese metals traders. US non-farm employment data rleased last Friday fell short of expectations, weighing down the US dollar index and supporting LME prices to continue rising. US unemployment rate fell to a new five-year low of 6.6% in January, further approaching the US Federal Reserve's 6.6% threshold. The nation's nonfarm payrolls added during the same period by 113,000, significantly up from December's level, but still far less than forecasts. Nevertheless, markets showed no angst, blaming severe weather for the downbeat job data. It was also worth noting that US labor participation rate rose to 63% from the December trough of 62.8% since 1978. Market risk appetite thus was boosted, and US shares ended up across all boards. LME base metals prices also sustained gains. In addition, US finance minister reiterated the country's debt ceiling, indicating that emergent measures are being taken to avoid reaching the ceiling. The US debt ceiling will be due on February 27, and investors risk appetite is inevitably being affected with the approach of the deadline. In Europe, France's December trade deficit decreased to EUR 5.207 billion from a month ago due to export growth and tightening policy. Germany's export unexpectedly fell in December, capping a four straight month rising streak. In addition, UK December industrial and manufacturing output missed expectations YoY and MoM. Global shares rose, while LME base metals prices also finished with gains across all boards. Now Aluminium is getting support at 104.9 and below same could see a test of 104.5 level, And resistance is now likely to be seen at 105.8, a move above could see prices testing 106.3.

Trading Ideas:

Aluminium trading range for the day is 104.5-106.3.

Aluminium settled flat amid stronger equities and optimism over the return of Chinese metals traders.

In December, the number of jobs created in the private sector was revised up to 89,000 from a previously estimated 87,000.

Aluminium weekly stocks at Shanghai exchange came up by 6725 tonnes