MARKETS-METALS (UPDATE 3) * EU summit on Greek debt gets underway * Copper stocks continue to decline * Nickel fundamentals tighten, investors jump in * COMING UP: U.S. weekly jobless claims at 1230 GMT (Adds fresh comment/details, changes dateline from Shanghai) By Maytaal Angel LONDON, March 25 (Reuters) - 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. Investors were waiting for an EU summit on Thursday and Friday for any signs of aid for Athens, after efforts to arrange a special currency bloc meeting failed. Initial comments from Germany that International Monetary Fund and bilateral European Union aid could be agreed as "last resort" did little to comfort investors. Credit Agricole analyst Robin Bhar said base metals looked to be batting away soverign debt concerns, helping prices to stay fairly well anchored despite unfavorable currency fundamentals. "Metals have been resilient, it seems as if copper is managing to detach from strong dollar weak euro syndrome. Economic data, stock data on the LME are suggesting a more positive background to these markets," Bhar said. The dollar held near a 10 month high against the euro on Thursday as the EU summit on Greece got underway. A strong dollar normally makes dollar priced metals more expensive for non-U.S. investors. On the plus-side, LME data showed copper stocks fell 1,625 tonnes to total 518,825 tonnes. Copper stocks have fallen each day this month, and are down 36,250 tonnes from a peak of 555,075 tonnes in February. STRIKES LOOM On the supply side, workers at the Cerro Verde copper mine, one of Peru's largest copper pits, and Shougang Hierro Peru iron mine will go on strike next week to demand better wages. But traders and analysts said the strike is unlikely to affect the market. "This is very minor compared to Chile's earthquake. In addition, the focus of the market these days is not supply but demand. The supply surplus from 2009 is extending into this year." said Peng Qiang, an analyst at COFCO Futures. Investors are also cautious ahead of a hearing by a U.S. market regulator to discuss possible limits on metal futures trading. Among other industrial metals, stainless steel ingredient nickel was at $22,450 from $22,275. Nickel looks set to remain the top performer this year, as a strike in Canada and problems bringing the New Caledonia Goro mine into production couple with a pick-up in demand from the stainless sectors. Added to that, speculators have jumped on the nickel bandwagon in recent weeks, with LME data showing a dominant position controlling between 50-80 percent of cash warrants. Also, the discount between the cash and the three-month contract has more than halved to $36 a tonne from $83 on March 1. 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. For a take a look at iron ore price negotiations, click: For a take a look at the Rio Tinto trial in China, click: Metal Prices at 1116 GMT Metal Last Change Percent Move End 2009 Ytd Percent move COMEX Cu 333.50 -0.15 -0.04 334.65 -0.34 LME Alum 2198.00 -26.00 -1.17 2230.00 -1.43 LME Cu 7380.00 5.00 +0.07 7375.00 0.07 LME Lead 2043.00 17.00 +0.84 2432.00 -16.00 LME Nickel 22400.00 125.00 +0.56 18525.00 20.92 LME Tin 17500.00 -150.00 -0.85 16950.00 3.24 LME Zinc 2224.00 13.00 +0.59 2560.00 -13.13 SHFE Alu 16380.00 -145.00 -0.88 17160.00 -4.55 SHFE Cu* 59320.00 20.00 +0.03 59900.00 -0.97 SHFE Zin 18400.00 25.00 +0.14 21195.00 -13.19 ** 1st contract month for COMEX copper * 3rd contract month for SHFE AL, CU and ZN SHFE ZN began trading on 26/3/07

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