LME base metals rally on short-covering

The base metals prices on the London Metal Exchange (LME) moved higher on Tuesday, with Glencore output cut lifting copper to a one-week high.

Commodity trader Glencore said Monday it will suspend 400,000 tonnes per year of production from its Katanga Mining and Mopani copper mines.

"We suspect the markets are giving the Glencore initiative a second look," INTL FCStone analyst Edward Meir told Metal Bulletin.

In the metals, the three-month unofficial copper price was up 172 U.S. dollars, or 3.34 percent, to 5,323 U.S. dollars per tonne.

In other metals, the three-month unofficial aluminium price was up 24 U.S. dollars, or 1.49 percent, to 1,630.5 U.S. dollars a tonne. The three-month unofficial lead price was up 20 U.S. dollars, or 1.20 percent, to 1,691 U.S. dollars a tonne.

Meanwhile, the three-month unofficial zinc price rose 29 U.S. dollars, or 1.63 percent, to 1,812 U.S. dollars a tonne. The three-month unofficial nickel price was up 260 U.S. dollars, or 2.66 percent, to 10,050 U.S. dollars a tonne. The three-month unofficial tin price was up 147.5 U.S. dollars, or 0.99 percent, to 15,025 U.S. dollars a tonne.