TOKYO, Jan 16 (Reuters) - The premium for aluminium shipments to Japanese buyers for January to March was set at $195 per metric ton, up 127% from the previous quarter, reflecting fears over tightening supply, five sources directly involved in the pricing talks said.

The figure is sharply higher than the $86 per ton paid in the October-December quarter and marks the first quarterly increase in a year. It came below producers' second-round offers of $210-$225 per ton, but above some initial offers of $190-$203 per ton.

Japan is a major Asian importer of the light metal and the premiums PREM-ALUM-JP for primary metal shipments it agrees to pay each quarter over the London Metal Exchange (LME) cash price CMAL0 set the benchmark for the region.

(Reporting by Yuka Obayashi; Editing by Joe Bavier)

((Yuka.Obayashi@thomsonreuters.com; +813-4563-2761;))