Nov 26 (Reuters) - London copper prices hit near seven-year high on Thursday, fuelled by hopes that progress in developing COVID-19 vaccines would spur a swift global economic revival.

Three-month copper on the London Metal Exchange advanced 1.3% to $7,395 a tonne by 0707 GMT, after hitting $7,410 a tonne earlier in the session, its highest since Jan. 2, 2014.

The most-traded January copper contract on the Shanghai Futures Exchange rose to a 34-month high of 55,390 yuan ($8,432.93) a tonne before closing up 1.1% at 55,310 yuan.

"Vaccine is a game changer and now we have at least three in the making," said commodities broker Anna Stablum of Marex Spectron. "There has been a massive stimulus injection globally. We need to reprice most assets."

AstraZeneca, Pfizer-BioNTech and Moderna reported positive results in their coronavirus vaccine trials.

"It might look grim in the near term, with more deaths and higher unemployment, but these are futures markets. The biggest risk for me is a stronger dollar," Stablum added.

FUNDAMENTALS

* The speculative net long in LME copper rose to 18% of open interest on Monday, close to this year's high of 18.1% on July 13, Marex Spectron's data showed.

* "China seems to be coming back into these markets as buyers - we see price moves during Asian hours and the copper (import) premiums are finding a floor," Stablum said.

* LME aluminium rose 0.5% to $1,979.50 a tonne and nickel advanced 0.6% to $16,155 a tonne. In Shanghai, zinc rose 0.9% to 21,045 yuan a tonne.

* A surge in scrap metal usage could slash global demand for primary aluminium and copper, Wood Mackenzie said.

* The price difference between three-month aluminium contracts on the ShFE and LME hit $138.80 a tonne, the highest level since February 2014.

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