Strong Chinese macro data London copper rose to a 29-month high

At 17:00 London time on Nov.
16 (01:00 Beijing time on Nov.
17), three-month LME copper closed up 1.
8% at $7,108 a tonne, having earlier hit its highest level since June 2018 at $7,179
.

China's industrial sector has rebounded from the initial blow of the coronavirus outbreak thanks to strong exports, creating strong demand
for metals such as copper.

An analyst at ING said strong Chinese macro data pushed copper prices higher again and reinforced the view of
a sustained recovery in Chinese demand.
Solid consumption in China overshadowed concerns
about rising supply.

Modemna said Monday that its experimental coronavirus vaccine was 94.
5 percent effective in preventing the virus, making it the second U.
S.
drugmaker
to report much better than expected results, based on preliminary data from a late-stage trial.
The news gave support
to copper prices.

The Dow Jones Industrial Average in the United States hit a record high
.

China's primary aluminum production rose 9.
7 percent in October from a year earlier, to a record high, data from the National Bureau of Statistics showed on Monday, as strong prices accelerated production at new smelting capacity
.

In other news, BHP Group's Spence copper mine in Chile said on Saturday that it had reached a preliminary agreement with the supervisory union and that the contract would run until November 2023
.

Workers at the Candelaria copper mine in Chile, owned by Lundin Mining Corp LUN in Canada, are divided
over whether to accept the contract or go ahead with the strike.