Base metals largely consolidated before ending mixed. Zinc was the top performer among the base metal pack as it ended with gains of more than a percent on the back of short covering.
Copper prices however declined by more than a percent on the back of continued increase in stocks. House price index in US declined along with modest decline in Richmond Fed manufacturing index. Investors however seem to have taken respite from expectation of pick up in demand from China and Japan and thereby limited the losses.
On the economic data front, industrial new orders from euro zone are expected to continue there growth and new home sales from US might also indicate slightly increased sales. Overall, given the expectation of largely positive economic data and higher equity markets, base metal prices might remain on the higher side.
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