Copper near 7-year high as investors regain nerve; gold and oil firm up

Copper prices pushed towards multi-year highs on Wednes­day, as investors spooked by the emergence of a more contagious variant of the coronavirus regained their nerve. 

Benchmark copper on the London Metal Exchange (LME) traded up 0.5 per cent at $7,784.50 a tonne in official rings, nearing Friday's peak of $8,028, its highest since 2013.

Gold and oil prices, too, inched higher on Wednesday after US President Donald Trump's threat not to sign the pandemic relief Bill triggered a drop in the dollar.

Spot gold was up 0.77 per cent at $1,876.63 an ounce (8.33 pm IST). Bullion has climbed about 23 per cent