The cost of copper rises weakly on Monday, the indicator remains near the highest levels in seven years on expectations for a COVID-19 vaccine, Prime reported.

The cost of March copper futures on the Comex exchange rose by 0.29% to $ 3.5463 per pound. The figure hit a record since February 2013, climbing to $ 3.6245, last week.

As a result of trading on Friday at the London Metal Exchange (LME), the cost of a ton of copper for delivery in three months decreased by 1.34%, to $ 7772.5, aluminum - by 1.82%, to $ 2,022.5, zinc - by 2,51%, up to $ 2,795 per ton.

Investors are optimistic about the economic recovery in light of the vaccine situation, its development, regulatory approvals in different countries, and its use. Traders expect the vaccine to help contain the pandemic, thus avoiding another lockdown.

Earlier, the US authorities said that the Food and Drug Administration (FDA) has given permission for the emergency use of the Pfizer COVID-19 vaccine. The first shipments of the vaccine from Pfizer and BioNTech will begin arriving at US state distribution centers on Monday morning. The COVID situation in the US remains one of the most alarming in the world.