Copper price surged to a fresh two-year high on Friday following positive reports on covid-19 vaccine breakthroughs from Pfizer and Moderna.
On the Comex market, copper for delivery in December gained 3.1% to $3.3015 a pound ($7,276 a tonne) by mid-afternoon in New York. If copper closes above $3.30 it would be the highest level since January 2014.
The metal surged as much as 1.6% to $7,207.50 a tonne on the London Metal Exchange, to the highest since June 2018. Pfizer and BioNTech SE plan to file for emergency use, allowing for the vaccine, which they say is 95% effective, to be used in the US in the next month.
Copper is heading for an eighth straight monthly gain, the longest run in almost a decade, as rebounding growth in China and signs of progress in developing a covid-19 vaccine buoy demand prospects.
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