Arab Today, arab today lme base metal prices supported by ecbs decision
Last Updated : GMT 16:24:37
Arab Today, arab today
Arab Today, arab today

LME base metal prices supported by ECB's decision

Arab Today, arab today

Arab Today, arab today LME base metal prices supported by ECB's decision

London metal exchang
London - XINHUA

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.

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