The Portevin- Le Chatelier effect in an AlCu/Al2O3 composite with a large volume fraction (60%) of ceramic particles is investigated from a numerical point of view using a strainageing visco-plastic material model for the metallic matrix and several different finite element meshes based on real microstructures. Even for this very large volume fraction, some serrations are observed on the experimental tensile stress/strain curves, together with the propagation of bands of localised plasticity. The finite element model succeeds in reproducing the serrations and the propagation of bands experimentally observed, and allows a fine analysis of the spatio-temporal evolution of the bands of localised plastic strain rate. Different volume fractions are then virtually generated, tested, and compared to outline the influence of this second phase on the Portevin-Le Chatelier effect.