Materials Flat on Mixed Economic Data -- Materials Roundup

FeaturesDow Jones Newswires

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

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

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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)