London Metal Exchange base metals fall on Fed rate expectations

The base metals prices on the London Metal Exchange (LME) closed lower on Thursday, as U.S. economic growth supported views the Federal Reserve would lift rates by year-end.

The U.S. economy expanded at an annual rate of 2.3 percent in the second quarter, a moderate bounce from the revised 0.6 percent increase in the first quarter, the U.S. Commerce Department said Thursday.

After a two-day policy meeting, U.S. Fed officials said economic activity has been expanding moderately in recent months despite soft business investment and net exports.

The statement may strengthen expectations of a rate hike at the Fed's September meeting or later.

The three-month unofficial copper price dropped 52 U.S. dollars, or 0.98 percent, to 5,264 dollars per tonne.

The three-month unofficial aluminium price lost 16 dollars, or 0.96 percent, to 1,646 dollars a tonne.

The three-month unofficial lead price lost 10 dollars, or 0.58 percent, to 1,714 dollars a tonne.

Besides, the three-month unofficial zinc price lost 12 dollars, or 0.61 percent, to 1,955 dollars a tonne.

The three-month unofficial nickel price lost 185 dollars, or 1.65 percent, to 11,060 dollars a tonne.

The three-month unofficial tin price lost 80 dollars, or 0.49 percent, to 16,195 dollars a tonne. Enditem