Arab Today, arab today london metal exchange base metals fall on fed rate expectations
Last Updated : GMT 22:49:43
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London Metal Exchange base metals fall on Fed rate expectations

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Arab Today, arab today London Metal Exchange base metals fall on Fed rate expectations

London Metal Exchange (LME)
London - XINHUA

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

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