Brexit's effect on metal prices

By Paul Ploumis (ScrapMonster Author)

June 24, 2016 12:55:07 PM

SCRAPMONSTER (Montreal) - Britain's referendum and its result in exiting from the EU (with 51.9% leave vote) has sent stock markets around the world into decline.  There are many uncertainties for the near future of Britain, Europe, and global markets, including metal prices.

This morning, Comex Copper futures prices were down over 2%, Aluminum, Lead, Zinc, Nickel all down as well.

Comex August Gold futures blasted to a high of $1,362.60 and are currently (12:39pm EST) at $1,320.00 an ounce, over 4.5% higher. 

Ferrous markets will also be effected, we are waiting news from steel mills we have contacted.