Wait and see for metal investors as most prices increase a little

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There wasn’t much change for metals on Friday as the markets looked to see if a Greek unity government could be put together.

Greek Prime Minister George Papandreou was putting together a national government on Friday and also promised to resign half way through his term. However, detail over the length of this government, and who would be its ministers and leader was not expected to be announced until today.

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While tomorrow, Italian Prime Minister Silvio Berlusconi also faces a tricky vote on public finance and a possible vote of no confidence. Italian bond yields have risen to the highest level since 1997 this morning to 6.66 per cent signalling fears over its economy and debt levels.

On Friday, three month copper was priced at $7,940 (£4,956) from $7,860 (£4,902) on Thursday.

Aluminium was also up on Friday to $2,153 (£1,344) from $2,145 ($1,338) on Thursday. Alloy increased to $2,100 (£1,311) at the end of last week compared to Thursday’s $2,065 (£1,289).

Lead was up to $2,047 (£1,278) from Thursday’s $2,010 (£1,254). Nickel was the only metal to move down to $18,500 (£11,547) on Friday from $18,750 (£11,693).

Tin was stable at $21,000 but was up in sterling to £13,794 on Friday compared to Thursday’s £13,782. Zinc was up to $1,958 (£1,222) from $1,930 (£1,204) on Thursday.

Steel was unchanged at $525 (£328).