Copper hit its highest in more than two years on Monday after news of progress on a coronavirus vaccine and investor optimism over global trade after Joe Biden’s U.S. election victory. Metals were also boosted by hopes of containing the COVID-19 pandemic and resulting economic stress after Pfizer Inc said that its experimental vaccine was more than 90% effective based on initial data from a large study. “There is definitely euphoria in the market at the moment after the news of the vaccine. This will drive cyclical commodities like copper even further,” said Commerzbank analyst Daniel Briesemann. “But there is still a long way to go until the vaccine is delivered. I think markets will calm down again. It will take a long time before we all profit from a vaccine.” Investors were also buying trade-exposed currencies on expectations that a calmer White House would bring better diplomacy and less trade angst. The U.S. dollar sagged, meanwhile, making dollar-priced metals more attractive to holders of other currencies. Three-month copper on the London Metal Exchange (LME) rose 1.4% to $7,045 a tonne in official trading, its highest since June 2018. “Copper is benefiting from a very strong risk-on rally driven by a weaker dollar after the election last week,” said Ole Hansen, head of the commodity strategy at Saxo Bank in Copenhagen. CHINA EXPORTS: Chinese exports grew at the fastest pace in 19 months in October, while imports also rose, as the world’s top copper consumer continued to recover from its coronavirus-driven slump early this year. China accounts for nearly half of global copper consumption estimated at 24 million tonnes.