US sanctions on Rusal (April 2018) and alumina cost push led to ~10% rise in the aluminium prices since Feb'18 end. Besides, supply disruptions, the sanctions also restrict Rusal's ability to complete new projects or ramping up of exiting capacities (1.5-1.6MT), restricting any new supply coming into the market. This, coupled with China's emphasis on environmental sustainability should support aluminium prices in the near to medium term. As we believe that, lower supply from China, low inventory, and deficit (exChina) will continue to support the aluminium prices. Given the recent uptick in aluminium prices, we believe, NALCO should report improvement...