Base metals turn brighter as Remain campaign gains momentum

Jessica Morris
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Copper steadied above a four-month low (Source: Getty)

Reduced fears that Britain might vote to leave the European Union later this week added a sheen to copper and other base metals today.

Copper steadied above a four-month low and nickel hit a six-week high as polls showed rising support for the Remain camp, however the overall picture is still one of an evenly split electorate.

Read more: Say what? Sterling leaps ahead of EU referendum

"The recent polls have given an impetus to the market. The FTSE is up and that's flowing through into today's more risk-friendly environment," Robin Bhar, head of metals research at Societe Generale, told Reuters.

However, Bhar cautioned: "But that can change hour by hour — the roller coaster ride will continue."

Three-month copper on the London Metal Exchange (LME) swelled 0.4 per cent to $4,552 per tonne, after small gains on Friday.

Read more: Oil back above $50 as polls dampen Brexit fears

But nickel was the top performer on the LME, gaining as much as two per cent to $9,250 or its strongest level since 5 May.

Aluminium on the LME jumped 0.7 per cent to $1,615, Tin added 0.1 per cent to $17,025 however zinc shed 0.4 per cent to $1,981.