Nov 25 (Reuters) - London copper climbed on Wednesday to its highest in nearly seven years, as U.S. political stability, COVID-19 vaccine developments and China demand boosted investor confidence.
U.S. President-elect Joe Biden beginning his transition to the White House ends weeks of post-election political uncertainty in the world’s biggest economy, while his $2 trillion climate plan would see rising demand for copper.
Three-month copper on the London Metal Exchange rose as much as 0.9% to $7,360 a tonne, a level unseen since January 2014.
The most-traded January copper contract on the Shanghai Futures Exchange hit a 33-month high at 55,100 yuan ($8,372.08) a tonne.
Boosting investor sentiment were also developments on the coronavirus vaccine front and low copper inventories in China, the world’s biggest consumer of the metal.
Copper stocks in ShFE warehouses CU-STX-SGH were at their lowest since December 2014 at 96,766 tonnes, while premiums for imported copper into the country CU-BMPBW-SHMET were at a one-month high of $53 a tonne, indicating improving demand.
AstraZeneca, Pfizer-BioNTech, and Moderna have all reported positive results in their coronavirus vaccine trials.
* The global zinc market surplus in September rose to 33,100 tonnes from 31,500 tonnes in August, data from the International Lead and Zinc Study Group showed.
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* Asian stocks made early gains, following a world rally overnight that saw the Dow Jones benchmark crack 30,000 for the first time as investors cheered a dramatically improved global outlook.
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