For its part, three-month copper on the LME rose 2% to $ 9,835 a tonne.
Electricity prices have reached record levels in recent weeks, driven by energy shortages in Asia and Europe, This has led to a reduction in the production of some metals and threatens a global economic recovery.
Nyrstar, based in Belgium, said that It would cut production by as much as 50% at its three European zinc smelters starting Wednesday. The three plants have a combined capacity of around 700,000 tonnes per year, according to Commerzbank.
The cuts come at a time when inventories are low in the LME system. Total zinc stocks in warehouses registered with the LME fell 1,475 tonnes to 189,600 tonnes, the lowest level since January.
The global zinc market will see a surplus of 217,000 tonnes in 2021, and 44,000 tonnes next year, according to the International Lead and Zinc Study Group (ILZSG).
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