 Hello, welcome to this week's CMC markets commodity snapshot this week. We are looking at copper now this is interesting because Global markets have been really focused on global growth at the moment and copper is a good barometer of global growth and Particularly growth out of China and a bit a few things happening out of China as well Isn't a really important price level in copper that we're going to look at now Now the reason we focus on China when it comes to copper is they are the world's largest consumer of copper and Typically, they'll use that use the material to then go and build houses large corporate buildings and put it towards industrial activity But the trouble is that China's economy has been slowing But there's another competing force which is the Chinese government and the kind of mini stimulus measures that they've been doing just to slow down the extent of the slow down and deliver China into a a soft landing rather than a hard landing and so what they've done is that they've cut borrowing costs to banks. They've also Provided a sort of mini form of quantitative easing where initially it was 500 billion yuan more recently 200 billion yuan in another program of short-term loans to banks Which would then be able to loan out to the broader economy and and lift up growth a little bit So what you're seeing in a price of copper does kind of reflect that and let's let's have a look at the the chart for copper now Now what we have here is a weekly candlestick chart for copper It's obviously a longer-term outlook and this chart goes back as far as September 2011 and you can see that Around October 2011 copper prices hit to 98 75 on our chart so around 300 Cent so three dollars per pound Prices rallied above that but every time they've come back down to that 300 or three dollars per pound type area But the resulting bounce back has not been as high as previously And so what we're seeing is essentially a kind of triangle pattern although a consistent trend line can't really be drawn through these highs What we're what we're seeing is that? sellers are consistently Holding out at the same level sorry buyers are holding out at the same level at This 300 mark the sellers are getting increasingly aggressive and selling at lower and lower prices Now this does just reflect the idea that the the Chinese government is coming in and stimulating potential demand for copper But these monetary policies that they've been using of late are not quite as effective as the kind of outright infrastructure projects that they've done in the past and so all indications are that This 300 level could well break it's been a very strong level and certainly not to say that it can't hold and prices Can't break above but typically with these kinds of triangle patterns What you see is not a break through the hypotenuse of the triangle the diagonal line But rather the the horizontal line in this case at the bottom Okay, this is the end of this week's CMC markets commodity snapshot. We were looking at copper Now the key thing really here is just to watch future policy from China and the general outlook for global and Chinese growth If we see enough stimulus coming from the Chinese government that we think that Chinese growth can turn around and perhaps even hit the government's target of 7.5 percent GDP growth in the year then we could see more support for copper But if these policies tend not to be working or appear that they're not going to be working This the 300 level could be under threat