March 7 (Reuters) - Zinc futures rose to their highest level in five weeks on Thursday, as output reduction at a smelter in South Korea threatened supply, but tepid demand in major consumer China capped gains.

The most traded April zinc contract on the Shanghai Futures Exchange climbed as much as 1.5% to 21,065 yuan ($2,926.34), the highest since Feb. 1. LME zinc also hit a five-week high of $2,499.50 a ton.

The zinc price rally was fuelled by a 20% production cut at Young Poong Corp's Seokpo smelter in South Korea, analysts and a trader said.

However, the demand for zinc was subdued in China.

"Zinc consumption from downstream galvanizing manufacturers in northern China has recently been subject to environmental protection and production restrictions, and demand has been mediocre," said Huatai Futures in a report.

Combined zinc inventories in SHFE and LME warehouses were hovering near the highest since May 2021, exchange data showed.

SHFE copper rose 0.6% to 69,450 yuan ($9,647.98) a metric ton by 0631 GMT, having hit 69,580 yuan earlier in the session, its highest since Feb. 1.

Prices were supported by the reassurance that the United States would likely cut rates in the coming months.

Yangshan copper premium rose to $60 a ton on Wednesday, the highest since Jan. 19, indicating an improving appetite for copper imports into China.

Unwrought copper imports into China

rose 2.6% in the first two months of 2024.

Meanwhile, LME copper fell 0.2% to $8,559 a ton, as uncertainty over demand and the lack of details on Chinese stimulus measures disappointed.

SHFE aluminium edged up 0.5% at 19,130 yuan a ton, nickel increased 0.7% to 136,530 yuan, lead was up 0.3% at 16,055 yuan and tin rose 1.4% to 221,770 yuan.

LME aluminium eased 0.1% to $2,233.50 a ton, nickel was nearly flat at $17,720, lead rose 0.7% to $2,079.50, and tin advanced 0.1% to $27,205.

For the top stories in metals and other news, click or ($1 = 7.1984 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich and Eileen Soreng)