Copper advances on solid China data, vaccine optimism
- China's factory output grew at the fastest pace in 20 months in November on rising demand for its manufactured goods.
HANOI: Copper prices rose on Wednesday as data showed a solid economic recovery in top consumer China, with sentiment also underpinned by optimism around the roll-out of COVID-19 vaccines.
Three-month copper on the London Metal Exchange increased 0.5% to $7,818 a tonne by 0253 GMT, while the most-traded January copper contract on the Shanghai Futures Exchange climbed 0.7% to 57,960 yuan ($8,859.81) a tonne.
China's factory output grew at the fastest pace in 20 months in November on rising demand for its manufactured goods.
Copper and most base metals are widely used in manufacturing.
Moderna Inc's COVID-19 vaccine appeared set for US regulatory authorisation this week, while Europeans could start getting coronavirus vaccines before the new year.
Meanwhile, top US congressional leaders began a second meeting on Tuesday to try to come up with a coronavirus aid package, fuelling hopes of further stimulus.
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