Copper prices rose on Monday, on strong demand as the US dollar fell against most of its peers, amid optimism about the global economy's recovery from the coronavirus pandemic.

Analysts at Bloomberg said that demand for copper increased from global companies in tandem with the renewable energy boom, as the metal is heavily used in the manufacturing of energy-efficient wires.

The American company Moderna announced on Monday that its vaccine was 100% effective at preventing severe COVID-19 in the final analysis of the third and final stage of clinical trials, adding that it is also suitable for all age groups.

Observers expect the coronavirus crisis will ease following further announcements of more effective vaccines.

The dollar index fell against a basket of major currencies by 0.2% to 91.6 points as of 14:01 GMT, after hitting a high of 91.7 points and a low of 91.5 points.

Copper March futures rose 2.3% to $3.49 per pound as of 14:00GMT, after hitting a high of $3.50 and a low of $3.41.

The US dollar rose on Monday to its lowest level in two and a half year, deepening its losses for the second straight day, on strong bets for the US Federal Reserve to inject extra monetary stimulus measures during its next meeting, to support the economy amid the worst economic crisis since the 1930s Great Depression.

The dollar index fell 0.2% to the lowest since April 2018 at 91.62 points, after opening at 91.78 points and hitting an intraday high of 91.78 points.

The index lost 0.2% on Friday, posting its third daily loss in 4 days due to improved risk appetite.

The index lost 0.6% during the past week, in its second straight weekly loss, due to weak demand.

The US Federal Reserve is widely expected to take further monetary stimulus measures to support the coronavirus-battered economy, which is currently suffering its worst economic crisis since the 1930s Great Depression.

The greenback's loss during November is 2.4% so far, which will be the first monthly loss in three months and the biggest loss since July.

This came due to a slowdown in demand for the US dollar as the best alternative investment, as the market sentiment strengthened.

The market sentiment improved thanks to positive news about Covid-19 vaccines, chief among these is AstraZeneca's promising vaccine.

While the political tensions eased in the US over the presidential election after a smooth transition of power from the current Republican President Donald Trump to President-elect Joe Biden began.

European stocks rose on Monday, extending gains for the second straight day, and hit a 9-month high after positive news about Moderna's Covid-19 vaccine candidate, while European stocks are heading for a huge monthly gain thanks to improved market sentiment.

The Stoxx Europe 600 index rose 0.1% as of 12:10 GMT, and hit the highest since February of 393.87 points, after it closed higher by 0.5% on Friday.

The index gained 0.8% during the past week, in its fourth straight weekly gain, as investors' risk appetite continued to improve.

The pan European index opened higher today, extending its gains for the second straight day, and hit a 9-month high, with most of the major European markets and sectors seeing green.

The American company Moderna announced on Monday that its vaccine was 100% effective at preventing severe COVID-19 in the final analysis of the third and final stage of clinical trials.

The Stoxx Europe index's gains during November is more than 14% so far, which will be the third straight monthly gain.

This huge monthly gain came thanks to improved market sentiment following the positive news about Covid-19 vaccines, while the political tensions eased in the US over the presidential election.

S&P 500 futures fell more than 0.3%, after the index closed higher by 0.2% on Friday at Wall Street, after the US stock markets reopened for only half a session following the Thanksgiving holiday.

Back to Europe, the Euro Stoxx 50 index rose 0.1%, France's CAC 40 rose 0.2%, Germany's DAX rose over 0.5%, the UK's FTSE 100 rose 0.2%. 

Gold prices fell on Monday, deepening losses for the second straight day, and hit a 4-month low, while on the cusp of the biggest monthly loss in four years, due to weak safe-haven demand, amid a strong market sentiment.

Gold prices fell more than 1.3% to $1,764.45 an ounce, after opening at $1,788.37, and hit an intraday high of $1,789.90.

The yellow metal lost 1.2% on Friday, as most safe-havens fell due to imporved risk appetite.

Gold prices lost 4.5% during the past week, in the third straight weekly loss, and the biggest weekly loss since September.

Gold also lost 6% during November, heading for the fourth straight monthly loss, and the biggest monthly loss since November 2016.

The biggest monthly loss in four years came due to weak safe-haven demand and a strong sentiment in most global financial markets.

The market sentiment improved thanks to positive news about Covid-19 vaccines, while the political tensions eased in the US over the presidential election after a smooth transition of power to President-elect Joe Biden began.

Gold stocks at the SPDR ETF remained unchanged on Friday, with the total at the lowest level since July 2 of 1,194.78 MT.