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Metal markets stable ahead of this weekend’s Euro summit

Date: Thu, 20 Oct 2011 | Author: Paul Sanderson

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Prices yesterday on the LME were little changed as the market looks ahead to this weekend’s summit to deal with the Euro crisis.

Reports have suggested that when European leaders meet on Sunday, a €2 trillion financial rescue fund will be unveiled.

Copper was up a touch yesterday to $7,325 (£4,636) from $7,294 (£4,639) on Tuesday.

Aluminium was up to $2,195 on Wednesday from $2,183 yesterday but was unchanged in sterling at £1,389. Alloy increased to $2,180 (£1,380) yesterday compared to $2,135 (£1,358) on Tuesday.

Lead was down a little to $1,910 (£1,209) from Tuesday’s $1,930 (£1,228). Nickel moved up to $18,975 (£12,009) on Wednesday compared to $18,600 (£11,831) a day earlier.

Tin was up to $21,700 (£13,733) from Tuesday’s $20,625 (£13,119). Zinc was a touch lower at $1,850 (£1,171) from $1,853 (£1,179) on Tuesday.

Steel was at $530 (£335) down from $535 (£340) on Tuesday.   

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