The base metal prices on the London Metal Exchange (LME) closed higher on Thursday, as the European Central Bank (ECB) cut its interest rates and announced a new stimulus program.
The new stimulus program involves buying financial assets, a bid to salvage a weak economic recovery.
At a press conference following a meeting Thursday, ECB President Mario Draghi said the bank would start purchases of private sector financial assets in October.
The bank also cut the interest rates to a record low of 0.05 percent from the previous low of 0.15 percent.
Besides, the nickel price rose to a seven-week high on concern that the Philippines will bar ore exports, heightening Asian supply woes.
The government should move toward a ban on mineral-ore exports, backing a proposed bill in the Philippines calling for curbs aimed at boosting domestic processing.
The three-month unofficial nickel price increased 300 U.S. dollars, or 1.58 percent, to 19,325 U.S. dollars a tonne.
Furthermore, the three-month unofficial copper price increased 45 U.S. dollars, or 0.65 percent, to 6,946 U.S. dollars per tonne.
The three-month unofficial aluminium price increased 23.25 U.S. dollars, or 1.12 percent, to 2,103 U.S. dollars a tonne.
The three-month unofficial lead price increased 19 U.S. dollars, or 0.86 percent, to 2,231 U.S. dollars a tonne.
The three-month unofficial zinc price increased 25 U.S. dollars, or 1.05 percent, to 2,401 U.S. dollars a tonne.
The three-month unofficial tin price increased 50 U.S. dollars, or 0.23 percent, to 21,450 U.S. dollars a tonne.