GLNCY Glencore Plc (PK)

  By Ese Erheriene 
 

LONDON--Copper futures closed higher in London on Tuesday, as expectations of weaker mine output outweighed concerns about weak Chinese economic data.

The London Metal Exchange's three-month copper contract was up 0.5% at $5,338 a metric ton at the PM kerb, after hitting a five-day low earlier in the session at $5,251 a ton.

The industrial metal declined on Monday after data released by the Chinese National Bureau of Statistics over the weekend showed that factory production and fixed-asset investment came in below analysts' expectations in August. This reignited fears about the state of the top metal consumer's economy.

On Tuesday afternoon prices rebounded, however, as traders refocused on signs of weaker supply from the world's copper mines. Glencore PLC last week shocked markets with a decision to shut two large copper mines in Africa, taking roughly 400,000 metric tons of copper per year off the market. The move follows decisions to scuttle expansion projects by Freeport McMoRan Inc. and Chile's Codelco, which will also trim future copper output.

Looking ahead, some market participants are more bullish about copper than the other base metals given potential weakness in output.

"Copper is the most credible of the base metals in terms of having the potential to recover," said Michael Hulme, a commodities fund manager at Carmignac. Still, concern over demand in China will keep trading of this metal volatile.

"There are a number of imponderables in China and it is very hard to understand what they are in the short term," Mr. Hulme said.

Among the other base metals, aluminum closed down 0.5% at $1,613 a ton, zinc was down 0.8% at $1,738 a ton, nickel was up 1.8% at $10,100 a ton, lead was up 0.7% at $1,687 a ton and tin was down 0.5% at $15,525 a ton.

Tatyana Shumsky contributed to this article.

Write to Ese Erheriene at

ese.erheriene@wsj.com

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September 15, 2015 13:26 ET (17:26 GMT)

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