MELBOURNE: Shanghai Futures Exchange copper jumped by 2.2 percent to 37,190 yuan ($5,592) a tonne on Tuesday, as technical momentum ignited once it broke through the 200-DMA earlier in the session.

The result of Britain’s vote last Thursday continued to reverberate through financial markets, with the pound falling to its lowest in 31 years, despite government attempts to calm fears about the political and economic fallout.

The dollar slid back to lows seen on Monday, which fuelled an advance in metals, which have proven more resilient in recent days. Copper fell nearly 5 percent at one point on Friday.

“The impact of the Brexit vote result on base metals has been relatively short-lived ... From a fundamental perspective, the relatively small effect on global GDP from Brexit means the impact on demand trends is likely to be limited,” Standard Chartered said in a research note. “We think copper is likely to continue to outperform (on a relative basis) in the short term as investors square positions in a risk-off environment, as has already been the case over the past week.”—Reuters