Copper higher

Manila

LME copper was off 0.2 percent at $5,932.50 a tonne, not far below Tuesday´s peak of $5,956.50, its loftiest since Dec. 5. Tracking gains in its London counterpart, the most-traded March copper contract in Shanghai rose 1.5 percent to 47,560 yuan ($6,915) a tonne.

London aluminium futures held close to 20-month highs in Asia on Wednesday, buoyed by reports of possible capacity cuts in China, while copper steadied near its highest in almost two months.

Three-month aluminium on the London Metal Exchange was little changed at $1,864 a tonne by 0338 GMT.

The metal on Tuesday touched its highest level since May 2015 at $1,883.Traders cited a Bloomberg story saying that China is drawing up plans that would halt about 3.3 million tonnes of operational aluminium capacity during the winter to combat air pollution.