Copper prices rose on Monday, despite the US dollar's rise against most currencies, and concerns over the Omicron variant.

Concerns increased around the world after a new Covid-19 variant emerged called "Omicron," as it first appeared in South Africa last week, which sparked concerns of its rapid spread and resistance to vaccines.

Countries around the world, including the Netherlands and Germany, discovered the Omicron variant coming from African countries.

Moderna company announced that it is developing an anti-vaccine to prevent the Omicron variant to be available in large quantities early next year.

The dollar index rose against a basket of major currencies by 0.3% to 96.4 points as of 14:58 GMT, after hitting a high of 96.4 points and a low of 96.1 points.

Copper December futures rose 1.1% to $4.33 per pound as of 14:49 GMT.

US stock indices rose in early trading on Monday, as investors assess the latest updates about the coronavirus variant and its spread.

Concerns increased around the world after a new Covid-19 variant emerged called "Omicron," as it first appeared in South Africa last week, which sparked concerns of its rapid spread and resistance to vaccines.

Countries around the world, including the Netherlands and Germany, discovered the Omicron variant coming from African countries.

Moderna company announced that it is developing an anti-vaccine to prevent the Omicron variant to be available in large quantities early next year.

As for stocks, Dow Jones rose 0.3% or 103 points to 35,002 as of 15:26 GMT, and S&P 500 rose 1% or 46 points to 4,640, while Nasdaq rose 1.4% or 222 points to 15,714 points.

Brent prices jumped nearly 5% as the US market opened on Monday, within recovery from a 2-month low, amid focus on the new coronavirus variant Omicron, and the upcoming Iranian nuclear talks in Vienna.

Brent crude rose 5.0% to $76.44 a barrel, after opening at $72.86, and hit a high at $72.86.

Brent fell 11.5% on Friday, the largest daily loss since April 2020 and hit the lowest level since September 10 at $72.14.

The worst daily loss in 2021 came due to global demand fears after a new coronavirus variant emerged, which the scientists call Omicron.

South Africa discovered the omicron variant last week, which led countries to re-impose travel restrictions to prevent the new variant, but these measures seem inefficient in preventing the rapid spread of infection..

The risks are that Omicron is highly resistant to current vaccines, with cases already reported in the UK, Germany, Canada, Australia, and Hong Kong, which raises fears over the speed of the spread and the current vaccines ability to prevent it.

BioNTech said on Friday that it'll know in just two weeks whether its vaccine is capable of protecting people from the new Covid19 variant. 

The OPEC+ alliance postponed its monthly meeting by several days, to have more time to assess the impact of Omicron on global fuel demand.

The alliance will meet on Thursday instead of Tuesday, to decide on adjusting or keeping the plan to increase output by 400,000 barrels per day in January.

Energy experts believe the alliance may pause the increase, especially after major countries decided to tap their strategic fuel reserves, and the Omicron impact on global demand.

Talks on reviving the 2015 Iran nuclear deal will resume later today in Vienna, as world powers try to bring the US and Tehran to fully comply with the agreement.

European shares rose on Monday, rebounding from a 6-week low after posting the largest daily loss in 2021 on Friday, which comes despite fears over the spread of the new coronavirus variant "Omicron."

The Stoxx Europe 600 index rose 1.1% as of 11:32 GMT, after closing lower by 3.7% on Friday, and hit a 6 week-low at 463.69 points.

The pan index lost more than 4.5% last week, posting its second straight weekly loss and the largest weekly loss since late October 2020, due to concerns about the fourth wave of the coronavirus infections in Europe.

The traveling sector saw the largest gains in Europe today, with a rise of over 3%, as most of the sector companies recouped Friday's heavy losses.

The risks are that Omicron is highly resistant to current vaccines, with cases already reported in the UK, Germany, Canada, Australia, and Hong Kong, which raises fears over the speed of the spread and the current vaccines ability to prevent it.

The World Health Organization on Friday said Omicron variant poses a very high global risk, and scientists stressed it contained a high number of mutations.

S&P 500 futures rose 1.2% today ahead of Wall Street's opening, after the index closed 2.3% lower on Friday and hit a 4-week low.

Back to Europe, the Euro Stoxx 50 index rose 1.3%, France's CAC 40 rose 1.4%, and Germany's DAX index rose 1%, while the UK's FTSE 100 rose 1.2%.