Copper steady, demand signals vie with debt concerns

Copper prices held steady on Thursday as investors weighed euro zone sovereign debt concerns against signs of a pick up in demand for the metal, mirrored by the decline of London Metal Exchange stockpiles. Benchmark copper for three-months delivery on the London Metal Exchange traded at $7,380.00 a tonne at 1050 GMT from a close of $7,375 on Wednesday. The metal, used in power and construction, has not gained in percentage terms this year. Among other industrial metals, stainless steel ingredient nickel was at $22,450 from $22,275. Battery material lead was at $2,048 from $2,026, with LME data showing lead stock rose 400 tonnes to total 172,000 tonnes. Stocks are at their highest since 2003. Aluminium, used in transport and packaging, was at $2,204 from $2,224, zinc was at $2,231 from $2,211, while tin was at $17,550 from $17,500.