LONDON, Dec 1 (Reuters) - Copper prices hit their highest since 2013 on Tuesday as data showed manufacturing expanding rapidly in Europe, the United States and Asia in November, and coronavirus vaccines turned investors increasingly bullish about the economic outlook. Factory activity in China, the biggest metals user, accelerated at the fastest pace in a decade. Benchmark copper on the London Metal Exchange (LME) was 1.3% higher at $7,677 a tonne at 1720 GMT after touching $7,743. Global share markets rose and the U.S. dollar weakened. LME aluminium hit a two-year high of $2,069 a tonne before slipping to $2,061.50, up 0.8%. REBOUND: Copper has recovered from a low of $4,371 hit in March and has surged by around $1,000 just in the past four weeks as governments pumped money into markets and speculators bought into the rally. ADVERTISEMENT POSITIONING: Speculators’ net long in LME copper is equal to 24% of open contacts, the highest since November 2017, brokers Marex Spectron said. COLUMN: Options are the accelerant for copper’s raging bull run, writes Andy Home. GOLDMAN: Analysts at Goldman Sachs said tight supplies meant copper was in a structural bull market and could rise to $9,500 within a year and record highs above $10,000 in 2022. TOO BULLISH: “We are aiming for a $8,200 short term target,” said Gianclaudio Torlizzi, a partner at consultants T-Commodity. “The upside has been justified by the break above resistance at $7,350. That prompted funds to go long and shorts to cover, giving some fuel to the rally,” he said. But Goldman is too bullish and copper is likely to be volatile and peak in the first quarter of next year, he said, adding that, for now, “every dip has to be bought”. ADVERTISEMENT CHINA PREMIUMS: Yangshan copper import premiums rose to $56 a tonne from $46 in mid-October, pointing to higher Chinese demand for overseas metal. SMM-CUYP-CN VACCINES: Pfizer and Moderna are applying for authorization of their COVID-19 vaccines. U.S. STIMULUS: A bipartisan group of U.S. senators and members of the House of Representatives on Tuesday proposed a $908 billion COVID-19 relief bill. LUNDIN: Canadian miner Lundin Mining Corp said its 2021 copper production would increase 25% to between 275,000 tonnes and 299,000 tonnes and its zinc output would also rise. OTHER METALS: LME zinc was down 0.7% at $2,770 a tonne, nickel was 1.5% higher at $16,280, lead was flat at $2,070 and tin gained 1.2% to $18,845. (Reporting by Peter Hobson; Additional reporting by Mai Nguyen; Editing by Jan Harvey)