LME base metals drops mostly on Thursday

The base metals prices on the London Metal Exchange (LME) closed lower mostly on Thursday, amid the rising expectation of the U.S. rates hike.

U.S. existing-home sales increased in June to their highest level in over eight years, according to the National Association of Realtors Wednesday.

Total existing-home sales added 3.2 percent from a downwardly revised 5.32 million in May to a seasonally adjusted annual rate of 5.49 million in June, beating market consensus of 5.40 million.

Analysts said the rising home sales indicated a sign of housing market recovery. It also signaled it's more likely to keep the Federal Reserve on track to raise interest rates later this year.

The three-month unofficial copper price dropped 72 U.S. dollars, or 1.34 percent, to 5,294 U.S. dollars per tonne.

The three-month unofficial aluminium price lost 9 U.S. dollars, or 0.54 percent, to 1,647 U.S. dollars a tonne.

The three-month unofficial lead price lost 19 U.S. dollars, or 1.08 percent, to 1,746 U.S. dollars a tonne.

Besides, the three-month unofficial zinc price lost 10 U.S. dollars, or 0.50 percent, to 1,989 U.S. dollars a tonne.

The three-month unofficial nickel price lost 160 U.S. dollars, or 1.39 percent, to 11,380 U.S. dollars a tonne.

The three-month unofficial tin price increased 75 U.S. dollars, or 0.50 percent, to 14,950 U.S. dollars a tonne. Endit