Materials Flat on Mixed Economic Data -- Materials Roundup

Features Dow Jones Newswires

Shares of mining companies and other commodities producers were flat amid mixed economic data.

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Weakness in consumer confidence was offset by strength in industrial and home-price data.

An analyst at money manager Thornburg Investment Management said Chinese state-run steelmaker Baosteel was shutting down high-cost production as part of a consolidation of the industry in China, was crimping iron-ore demand in the short term but could eventually drive up the price of metals. "Beijing's push to forge a balance between domestic steel supply and demand bodes well for pricing on potentially undervalued steel stocks," said Thornburg analyst Charles Wilson, in a research note published on the firm's web site.

Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

May 30, 2017 17:25 ET (21:25 GMT)