Copper jumps more than 2% amid vaccine optimism

Copper prices rose on Friday, as the US dollar fell against most of its peers, amid optimism about the Covid-19 vaccine.

The recently announced effective and safe Covid-19 vaccines are boosting optimism about the near end of the crisis in the coming months.

Otherwise, experts forecast an increase in Chinese demand for copper, as Beijing will start pilling up inventories in preparation for any emergencies.

Despite lockdowns in some European countries due to a second wave of the coronavirus, the European Commission stated that vaccination will launch before the end of this year.

The dollar index fell against a basket of major currencies by 0.1% to 91.9 points as of 14:26 GMT, after hitting a high of 92.05 points and a low of 91.8 points.

Copper March futures rose 2.4% to $3.41 per pound as of 14:26 GMT, after hitting a high of $3.41 and a low of $3.33.