Fundamental OverviewTonight, the PBoC announced lots of easing measures ranging from short to long term interest rates. This was the catalyst for the copper rally. Things are starting to look better for the market as we’ve also got a 50 bps cut from the Fed last week. Central bank easing generally leads the manufacturing cycle, so we can expect global growth to pick up. All these reasons should be bullish for the market and support prices in the next months (barring a recession of course). Copper Technical Analysis – Daily TimeframeOn the daily chart, we can see that copper broke above the recent high at 4.31 and extended the rally into the 4.45 level following the PBoC stimulus announcement
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