LME aluminium rose 0.9% to $2,298 a tonne and zinc eased 0.1% to $2,862 while lead advanced 0.2% to $2,072.50 and tin lost 1.9% to $22,030. The premium for SHFE first-month aluminium over the three-month contract was at 20 yuan a tonne, the first premium since Jan. 5, indicating tightening near-term supplies. The Australian arm of U.S. aluminium producer Alcoa Corp announced a production cut at its Portland smelter in Victoria to about 75% of total capacity of 358,000 metric tonnes a year, citing instability and production challenges. The most-traded April copper contract on the Shanghai Futures Exchange fell 3.5% to 66,420 yuan ($9,624.83) a tonne, tracking overnight losses in London and dropping to as low as 66,360 yuan, its weakest price since Jan. 9. SHFE aluminium declined 1.2% to 18,135 yuan a tonne, nickel fell 2.3% to 173,890 yuan, zinc shed 3.4% to 22,095 yuan and tin tumbled as much as 4.8% to 178,140 yuan for its lowest since November last year.
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