Copper Surges To Fresh Two-Year High On Virus Vaccine Hopes

Copper surged to a fresh two-year high on Friday, and is set for its longest run of weekly gains since September, as investors weighed concerns about rising coronavirus cases against promising news on vaccines that could hasten an economic recovery.

Base metals have climbed this month on signs of progress in developing a drug to combat Covid-19, which would help economies reopen and global growth recover. But there are still immediate fears that fresh lockdowns – especially in the US – could bring renewed pressure on economic activity. The Trump administration moved Thursday to end several emergency pandemic lending programmes at the Federal Reserve.

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