Nov 30 (Reuters) - Copper rose on Monday, with the Shanghai
benchmark hitting a more than eight-year high and London prices
set for their best month in four years, as solid China
manufacturing data and risk-on sentiment fuelled by vaccine
developments lifted sentiment.
The most-traded January copper contract on the Shanghai
Futures Exchange ended up 3.7% at 57,680 yuan
($8,757.31) a tonne, its highest close since September 2012.
Three-month copper on the London Metal Exchange rose
2% to $7,647.50 a tonne by 0738 GMT, up 13.8% on a monthly basis
- on track for its biggest monthly gain since November 2016.
China's factory activity expanded at the fastest pace in
more than three years in November, on track to be the first
major economy to fully recover from the coronavirus crisis.
Copper is used widely in the manufacturing sector and China
consumes about half of the metal globally.
"From a trading point of view, there's no reason to short
now. It's good, good and good," said a China-based analyst,
referring to the solid Chinese data, positive COVID-19 vaccine
developments and global stimulus measures.
"I would buy every metal, especially those relatively
undervalued like lead," she said, adding that the market would
further rally until funds trading on macroeconomic news started
taking profit and reducing positions.
* A union on strike at Chile's Candelaria copper mine
accepted a new offer from Canadian miner Lundin Mining Corp
* Copper miners and smelters are still miles apart in their
negotiations on concentrate treatment charges for next year.
* ShFE lead climbed 1.5% to 15,530 yuan a tonne,
zinc advanced 2.9% to 21,535 yuan a tonne and aluminium
was up 2.9% at 16,485 yuan a tonne. LME zinc
increased 1.7% to $2,841 a tonne.
* For the top stories in metals and other news, click
($1 = 6.5865 yuan)
(Reporting by Mai Nguyen; Editing by Rashmi Aich and Subhranshu