LME base metals decline mostly on Monday

The base metals prices on the London Metal Exchange (LME) closed lower mostly on Monday.

The base metals prices dropped mostly as concerns about a European debt deal for Greece and the upcoming testimony by the U.S. central bank chief.

Greece won some time and breathing space after bridging arrangement was reached on Friday with its eurozone creditors. The progress pushed away scenarios of an imminent Grexit, but more tough challenges lie ahead.

In order to secure the financial lifeline, Greece must present a list of reform proposals on Monday.

Besides, the market is focusing on Federal Reserve Chair Janet Yellen's semi-annual testimony on Congress in the next two days. Some analysts believe it's possible for Fed to hike rates in June.

The three-month unofficial copper price dropped 47 U.S. dollars, or 0.82 percent, to 5,682 dollars per tonne.

The three-month unofficial aluminium price lost 15.5 dollars, or 0.86 percent, to 1,790 dollars a tonne.

The three-month unofficial lead price lost 11 dollars, or 0.62 percent, to 1,770 dollars a tonne.

Besides, the three-month unofficial zinc price lost 10 dollars, or 0.49 percent, to 2,046 dollars a tonne.

The three-month unofficial nickel price increased 52.5 dollars, or 0.37 percent, to 14,165 dollars a tonne.

The three-month unofficial tin price lost 25 dollars, or 0.14 percent, to 17,925 dollars a tonne. Endit