May 19, 2020 / 1:40 AM / 19 days ago

METALS-London copper rises to two-month high on vaccine hopes

SINGAPORE, May 19 (Reuters) - London copper climbed to a two-month high on Tuesday, as positive data from an early-stage trial for a coronavirus vaccine and moves by many countries to ease restrictions lifted investor optimism about a pickup in economic activities.

Moderna Inc’s experimental COVID-19 vaccine, the first to be tested in the United States, produced protective antibodies in a small group of healthy volunteers, very early data released by the biotech company showed.

Three-month copper on the London Metal Exchange (LME) rose as much as 1.1% to $5,377.50 a tonne, its highest since March 16.

The most-traded copper contract on the Shanghai Futures Exchange advanced 2% to 43,770 yuan ($6,157.33) a tonne.

FUNDAMENTALS

* OTHER PRICES: LME aluminium rose 0.2% to $1,499.50 a tonne, while nickel advanced 0.3% to $12,290 a tonne. In Shanghai, aluminium hit a 2-1/2-month high of 12,920 yuan a tonne, while nickel jumped 2.9% to 101,930 yuan a tonne.

* EU: France and Germany proposed a 500-billion-euro ($545.65 billion) Recovery Fund for European Union regions and sectors hit hardest by the pandemic.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian shares were set to rise after data from Moderna lifted hopes for a near-term economic recovery, sending global equity markets and oil prices surging.

DATA/EVENTS (GMT)

0600 UK Claimant Count Unem Chng April

0600 UK ILO Unemployment Rate March

0600 UK Employment Change March

0900 Germany ZEW Economic Sentiment May

0900 Germany ZEW Current Conditions May

1230 US Building Permits: Number April

1230 US Housing Starts Number April

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

ARBS ($1 = 7.1086 yuan) ($1 = 0.9163 euros) (Reporting by Mai Nguyen; Editing by Subhranshu Sahu)

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