As of 5AM
Gold +6%, silver +3%, copper -4%, Brent crude -6%, nickel -4%, corn -2%, cotton -2%
Given the shock of the outcome (markets were pricing in almost a 90% probability of the UK voting to stay in the EU before voting commenced) the reaction in the markets was much more extreme earlier in the night.
So what will Brexit mean for commodity markets for the rest of 2016?
In the short term markets everything depends on the words of politicians in the UK, Europe and elsewhere. Those campaigning to remain have used the fear of an adverse economic reaction in the short term to try to persuade UK voters to stay in the EU. Now that we know the outcome they will be trying to do everything they can to say smooth words about how things will not be as bad.