From a technical outlook, copper looks like it could be underway to test the resistance of $9,995 after what seems like a breakout from the downtrend that began on May 21^st. After breaking above the trendline (red) resistance on the 21^st of August, it looks like the price of copper retraced back to form a new higher low of around $8,895. Such price action followed by a break today above the resistance of $9,448 strengthens our view on the possible rally toward the resistance highlighted using the white upper trendline. Currently, the metal is trading at around $9,526 a tonne. Failure to close above the level of $9,448 may lead to a pullback but in our opinion only as low as the lower white trendline, with the support approximately reading $9,172. China's demand continues to weigh on copper prices, which could restrict this market from pushing higher. However, with the Fed kick-starting its rate cutting cycle in an aggressive manner, in turn weakening the US dollar and making assets priced in USD more affordable to foreign investors, the medium to long-term outlook should support copper prices.