Dec 1 (Reuters) - Copper rose on Tuesday, with Shanghai prices hitting a more than eight-year high, as solid Chinese data and prospects for COVID-19 vaccines underpinned hopes of a swift economic recovery.

The most-traded January copper contract on the Shanghai Futures Exchange rose as much as 1.9% to 57,980 yuan ($8,826.84) a tonne, its highest since September 2012, before easing to close at 57,040 yuan a tonne, up 0.2%.

Three-month copper on the London Metal Exchange advanced 0.4% to $7,610 a tonne by 0708 GMT, but just off Monday's peak of $7,708.50, which was its highest since March 2013.

The London copper contract is the best performer among LME base metals year-to-date.

China's factory activity accelerated at the fastest pace in a decade in November, a business survey showed, as the world's second-largest economy and top copper consumer recovers to pre-pandemic levels.

Moderna Inc moved ahead with its COVID-19 vaccine by applying for U.S. emergency authorisation after proving 94.1% effective in late-stage trials.

"More positive vaccine trial news continues to boost sentiment," ANZ analysts said in a note. "Sentiment was also supported by more positive economic data."

However, with LME copper leaping 75% since March low and ShFE contract climbing 66% in the same period, copper is at risk of profit taking.

"Anyone financing short term physical long positions in metals will lose the funds and, at these prices, will most likely sell out the physical positions and take the profits," said Malcolm Freeman, director at UK-based broker Kingdom Futures, in a note.

FUNDAMENTALS

* ShFE aluminium hit its highest since September 2017 at 16,765 yuan a tonne, while nickel closed down 2.6% at 119,240 yuan a tonne and lead declined 1.8% to 15,265 yuan a tonne.

* LME zinc rose 0.2% to $2,795 a tonne and aluminium dipped 0.3% to $2,039.50 a tonne.

* Yangshan copper premium hit its highest since Sept. 18 at $56 a tonne, indicating stronger demand for imported metal into China.

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($1 = 6.5686 yuan) (Reporting by Mai Nguyen; Editing by Subhranshu Sahu and Rashmi Aich)