The S&P 500 reached a fresh high intraday which has been attributed to positive sentiment after the full approval of a COVID-19 vaccine.

Gold was back above US$1,800 ounce, at $1,802/oz on the spot market.

"We've seen softening of US real rates, which has provided a tailwind," Pepperstone head of research Chris Weston said.

"I hold a small bullish bias, but if the USD turns and I don't trust the move lower at all, then gold will flip."

Copper rose 2.85% on the London Metal Exchange to $9,301.45 per tonne as strike action and water issues dog major producer Chile.

Marex's Al Munro pointed to reports China had closed its border to Mongolia for a fortnight which was driving a sharp rally on coking coal, trading "within a whisker of its all-time high".

Meanwhile iron ore has continued to slump, with MySteel Australian 62% fines losing another 2.7% to $145.50/t.

In Toronto there were the usual inexplicable moves among the juniors.

Santana Resources (TSXV: STA) rose 56.25% yesterday despite no news since announcing a director resignation earlier this month.

Finally among the mining majors, Freeport-McMoRan rose 4.27% in New York and Glencore gained 2.55% in London.