GLNCY Glencore Plc (PK)

By Ese Erheriene

LONDON--Copper futures closed slightly higher in London on Wednesday, on hopes that the Chinese government will inject further monetary stimulus into the economy of the largest consumer of this metal.

The London Metal Exchange's three-month copper contract was up 0.4% at $5,365 a metric ton at the PM kerb close, having hit a seven-week high earlier in the session at $5,434.50 a ton.

Prices saw their biggest daily percentage gain in 2½ years on Tuesday, following an announcement by Glencore PLC that they will shutter two large African copper mines over the next 18 months. This will remove roughly 400,000 tons of the industrial metal from global supply.

On Wednesday, prices extended their gains as China's finance ministry said it would roll out a "more forceful" fiscal policy to stimulate its economy, which has been under pressure.

"During the Western trading day, prices drifted lower but the underlying tone was steady," wrote Liz Grant at Sucden Financial.

Trade data out of China on Tuesday was better-than-expected, but still lackluster. China's slowing economy had hammered prices in recent weeks. The country consumes more than 40% of global copper supply.

Among the other base metals, aluminum closed down 0.1% at $1,630 a ton, zinc closed up 0.3% at $1,818 a ton, nickel was up 1% at $10,100 a ton, lead was up 1.7% at $1,718 a ton and tin was up 0.7% at $14,950 a ton.

Write to Ese Erheriene at ese.erheriene@wsj.com

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(END) Dow Jones Newswires

September 09, 2015 13:09 ET (17:09 GMT)

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