Nov 26 (Reuters) - 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% to $7,384 a tonne by 0236 GMT, having hit $7,388 a
tonne 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 tonne.
AstraZeneca, Pfizer-BioNTech, and
Moderna have all reported positive results in their
coronavirus vaccine trials, fuelling hopes for a swift economic
* The speculative net long in LME copper rose to 18% of open
interest on Monday, close to this year's high of 18.1% on July
13, and rising from 5.2% at the start of the month, Marex
Spectron's analytics data showed.
* LME aluminium rose 0.5% to $1,980 a tonne and
nickel advanced 0.5% to $16,145 a tonne. In Shanghai,
nickel eased 0.7% to 119,640 yuan a tonne.
* A surge in the use of scrap metal due to strict
environmental policies could slash global demand for primary
aluminium by almost half and cut demand for primary copper and
iron by more than a third by 2040, Wood Mackenzie said.
* The price difference between three-month aluminium
contracts on the ShFE and LME hit $136.6 a tonne,
the highest level since February 2014.
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* Asian shares dipped slightly as the hot run up in global
markets took a breather, with investors switching their focus
from vaccine hopes to disappointing U.S. jobs data and new
DATA/EVENTS AHEAD (GMT)
0700 Germany GfK Consumer Sentiment Dec
0745 France Consumer Confidence Nov
($1 = 6.5672 yuan)
(Reporting by Mai Nguyen;
Editing by Vinay Dwivedi)