MUMBAI (Commodity Online): In a move to cash in on the increased demand, National Aluminium has announced that it has raised prices by Rs 5,000 per tonne.

Followign this, shares of National Aluminium have gained by 1.2% to Rs2 99.

Nalco raised the price of aluminium by 5% after the metal gained on the London Metal Exchange or LME. Aluminium has gained more than 20 per cent on the LME since June on the back of rising demand.

Aluminum prices jumped to the highest in almost nine months in Shanghai 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 six months of this year. The quantity was 16 times higher than the same period a year ago, data from the Beijing-based customs office showed this week.

Aluminum prices have gained more than 20 percent since June 1 on the LME. Prices for three-month delivery traded at $1,775 a metric ton at 5:45 a.m. in London. Metal for November delivery on the Shanghai Futures Exchange rose as much as 2.4 percent to 14,260 yuan ($2,087) a ton, the highest since Oct. 30.

Orders for the metal are picking up in India after the government said it planned to spend 1.79 trillion rupees to build networks of roads, telephones, electricity and irrigation in the fiscal year ending March 31.

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