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.
Investors are also betting on a boost from spending on green infrastructure following the five-year plan hammered out by China, as well as alternative-energy initiatives outlined by US President-elect Joe Biden.
“Generally a strong week for industrial metals with vaccine news driving recovery hopes outside China where demand is already robust,” Ole Hansen, head of commodity strategy at Saxo Bank A/S, told Reuters.
“Positive news for the metals is compounding and copper is gaining momentum,” RJO Futures senior market strategist Peter Mooses told Bloomberg.
“Base metals have been driven by bullish news all around, and a vaccine is just what the market is looking for: a long-term solution to fears for further disruptions to a global recovery.”
Fear of supply disruptions
As coronavirus infections surge worldwide, fears of further near-term disruptions to supply are also