By Maytaal Angel LONDON, Oct 25 (Reuters) - Copper prices steadied on Tuesday, falling from one-month highs hit earlier as some investors grew nervous ahead of an EU summit many had hoped would deliver a convincing plan to deal with the region's debt crisis. Three-month copper on the London Metal Exchange rose was at $7,595.50 a tonne at 1011 GMT from $7,635 at the close on Monday. Earlier, the metal used in power and construction hit $7,820 a tonne, a level not seen since Sept. 22. "The surprise rise of copper over the last two to three days has been too fast and we don't think it's sustainable. We see potential for disappointment in the forthcoming political events especially the EU summit tomorrow," said Commerzbank analyst said Daniel Briesemann. EU leaders are to meet on Wednesday with tentative plans in place for Greece's debt to be reduced, European banks to be recapitalised and the euro zone's EFSF rescue fund to be increased to provide partial insurance for sovereign bonds. But the agreements and how far they go remain under discussion, causing some nervousness on financial markets. Adding to the uncertainty, German lawmakers secured a full parliamentary vote on any euro zone crisis measures negotiated, a move that risks delaying Europe's response to its debt problems. "There is no magic bullet to rid Europe of its debt. Policy makers' action may well help keep a bad situation under control but that is unlikely to lead to any return to strong growth any time soon," said BaseMetals.com analyst William Adams. Spain's short-term borrowing costs rose to their highest since 2008 earlier, reflecting market pressures ahead of the EU summit, though German consumer moral unexpectedly rose going into November. Moreover in China, the world's top copper consumer, recent data has shown the economy may not be in as much danger as feared, as the manufacturing sector snapped a three-month run of contraction in October. UNDERPINNING Also underpinning copper was data on LME stocks, seen as an indicator of demand. Latest figures showed stocks fell 5,125 tonnes to total 439,150 tonnes, the lowest since early April, while cancelled warrants - material set to leave warehouses - stood at almost 15 percent of stock. Added to this, the discount for cash copper over the three-month benchmark price has narrowed to just $5.50, a level not seen since June, reflecting that near term supply is getting less easy to come by. BlackRock Inc , the world's largest money manager, said widespread destocking of copper inventories in China had obscured underlying strong demand for the metal in the world's top consuming nation. In other metals traded, zinc , used in galvanizing was at $1,867 a tonne from $1,876 on Monday's close, while soldering metal tin was at $22,100 from $22,500. Tin smelters in Indonesia, the world's top refined tin exporter, could impose a monthly quota that will slash shipments by about 40 percent, the Indonesian Tin Industry Association said, in a move to further boost prices. Battery material lead was at $1,989 from $2,019, aluminium was at $2,221 from $2,218 while nickel was at $19,850 from $19,995, having earlier hit a one month high of $20,300. Metal Prices at 1015 GMT Comex copper in cents/lb, LME prices in $/T and SHFE prices in yuan/T Metal Last Change Pct Move End 2009 Ytd Pct move COMEX Cu 347.25 2.45 +0.71 334.65 3.77 LME Alum 2218.00 93.00 +4.38 2230.00 -0.54 LME Cu 7635.00 0.00 +0.00 7375.00 3.53 LME Lead 2019.00 0.00 +0.00 2432.00 -16.98 LME Nickel 19990.00 -5.00 -0.03 18525.00 7.91 LME Tin 22540.00 40.00 +0.18 16950.00 32.98 LME Zinc 1875.00 -1.00 -0.05 2560.00 -26.76 SHFE Alu 16390.00 -100.00 -0.61 17160.00 -4.49 SHFE Cu* 56710.00 1960.00 +3.58 59900.00 -5.33 SHFE Zin 15035.00 -5.00 -0.03 21195.00 -29.06 ** Benchmark month for COMEX copper * 3rd contract month for SHFE AL, CU and ZN SHFE ZN began trading on 26/3/07

Source