Copper heads towards 7-year high

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    London copper prices climbed towards a seven-year high on Thursday, as positive COVID-19 vaccine developments raised hopes for a recovery in global economy soon.

    Three-month copper on the London Metal Exchange advanced 1.2 percent to $7,384 a ton, having hit $7,388 a ton earlier in the session, the highest since Jan. 3, 2014.

    The most-traded January copper contract on the Shanghai Futures Exchange rose to a 34-month high at 55,220 yuan ($8,408.45) a ton.

    AstraZeneca, Pfizer-BioNTech and Moderna have all reported positive results in their coronavirus vaccine trials, fuelling hopes for a swift economic recovery.