LME base metals were mostly weaker yesterday, with only zinc gaining ground as weak US data hurt the complex. The University of Michigan consumer sentiment survey came in weaker than expected, hitting sentiment in general, with many market participants increasingly concerned by a slowdown in economic growth in the US. Running higher yesterday though was zinc, which finished up $70 a tonne as LME warehouses fell again to stand at 88,950 tonnes.
In other news shares in Freeport McMoRan rose 3% yesterday following talk that BHP Billiton may be considering a bid, only two days after Freeport agreed to buy larger rival Phelps Dodge.
Overnight Shanghai copper futures edged up on the back of strong domestic spot premiums.
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