Copper rises on strong demand and falling dollar

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.