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
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
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.
* For the top stories in metals and other news, click
* 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
1330 US Durable Goods Oct
1330 US GDP 2nd Estimate Q3
1330 US Initial Jobless Clm Weekly
1500 US Consumption Adjusted MM Oct
1500 US U Mich Sentiment Final Nov
1500 US New Home Sales-Units Oct
1900 US Federal Open Market Committee will release
minutes from its November 4-5 policy meeting
($1 = 6.5814 yuan)
(Reporting by Mai Nguyen; Editing by Subhranshu Sahu)