Amid hype hope that China will suddenly change course and unleash all new fiscal stimulus – because just what the nation needs is more ghost cities, ghost bridges to nowhere, and ghost infrastructure – has sparked panic-buying in crude and copper this morning…

As Bloomberg notes, industrial metals rallied as concerns about growth in top consumer China eased after the nation’s central bank head said that policy makers still have room to act to support markets.

The economy remains strong and its structure and quality are improving, People’s Bank of China Governor Zhou Xiaochuan said in a speech in Shanghai on Friday.

“China overnight has given the market a sense of ease,” RBC Capital Markets Ltd. said in an e-mailed note.

“LME is stronger this morning across the board on the back of China comments regarding further easing of monetary policy.”

So copper is fixed…

“The copper price outlook is no longer a simple bearish story,” Peter Hollands, the managing director of London-based Bloomsbury Minerals Economics Ltd., said by e-mail. “The macro drivers of price have switched from bearish to either neutral or feebly bullish.”

And crude…