NALCO raises aluminium prices by 5pct on global increase

Bloomberg reported that National Aluminium Company raised the price 5% after aluminum gained on the London Metal Exchange. Mr BL Bagra finance director of NALCO said that the price was increased by INR 5,000 per tonne starting July 22nd. The price outlook is positive and improving. Data from the Beijing based customs office showed this week that aluminum prices jumped to the highest in almost 9th months in Shanghai today after China, the world’s largest producer and consumer of the light metal, imported more than 1 million tonnes of refined aluminum in the first 6th months of this year. The quantity was 16 times higher than the same period a year ago. Aluminum prices have gained more than 20% since June 1st on the LME. Prices for three-month delivery traded at USD 1,775 per tonne at 5:45 AM in London. Metal for November delivery on the Shanghai Futures Exchange rose as much as 2.4% to CNY 14,260 per tonne, the highest since October 30th. Orders for the metal are picking up in India after the government said that it planned to spend INR 1.79 trillion to build networks of roads, telephones, electricity and irrigation in the fiscal year ending March 31st. (Sourced from Bloomberg)