Metals steady as investors wait to see results of euro summit

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Most metals increased slightly on the LME yesterday as traders awaited a hoped for resolution of the euro debt crisis.

However, there were also indications of China wanting more material with Korean and Singaporean stockpiles of copper dwindling.

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Copper was up to $7,601 (£4,748) yesterday from $7,380 (£4,627) on Monday.

Aluminium increased to $2,220 (£1,387) from Monday’s $2,180. Alloy was unchanged on $2,150 but exchange rate fluctuations meant the sterling price fell to £1,343 yesterday from £1,348 a day earlier.

Lead was up to $1,985 (£1,240) on Tuesday from $1,965 (£1,232) on Monday. Nickel moved up to $19,875 (£12,414) yesterday compared to $19,050 (£11,944) a day earlier.

Tin increased to $22,200 (£13,741) from $21,755 (£13,640) on Monday. Zinc was down a little yesterday to $1,858 (£1,161) from $1,861 (£1,167) the day before.

Steel was unchanged at $525 but was down £1 on the day before to £328.