LME base metal prices decline as Fed rates outlook boosts dollar

The base metal prices on the London Metal Exchange (LME) closed higher on Thursday, as a sharp rise in the U.S. dollar after the U.S. Federal Reserve signalled interest rates could rise faster than expected
The Federal Reserve on Wednesday renewed its pledge to keep interest rates near zero for a "considerable time", but also indicated it could raise borrowing costs faster than expected when it starts moving.
The outlook for future interest rates lifted the U.S. dollar to a more-than six-year high against the yen. A rising dollar makes commodities priced in the U.S. unit more expensive for holders of other currencies.
The three-month unofficial copper price dropped 69 U.S. dollars, or 1.00 percent, to 6,849 U.S. dollars per tonne.
The three-month unofficial aluminium price lost 14.5 U.S. dollars, or 0.73 percent, to 1,985 U.S. dollars a tonne.
The three-month unofficial lead price lost 14 U.S. dollars, or 0.67 percent, to 2,091 U.S. dollars a tonne.
Besides, the three-month unofficial zinc price lost 7.5 U.S. dollars, or 0.33 percent, to 2,257 U.S. dollars a tonne.
The three-month unofficial nickel price lost 207.5 U.S. dollars, or 1.14 percent, to 17,967.5 U.S. dollars a tonne.
The three-month unofficial tin price increased 25 U.S. dollars, or 0.12 percent, to 21,175 U.S. dollars a tonne.