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Twenty-five-year commodity market veteran Jim Prince is an expert in the principles of technical trading. Each day Jim reviews the biggest moves in the commodity markets, identifying formations and planking trading strategies. And now, in his free Daily Alert, Jim will share with you his hot pick of the day with an exclusive 3-5 minute video.
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Metals prices this morning are weaker: GCG5 -14.2 (-1.10%), SIH5 -0.370 (-2.02%), HGH5 -0.027 (-1.06%) at a 5-1/2 year low. Metals prices on Friday closed lower with Mar copper at a 1-week low: Closes: GCG5 -8.1 (-0.62%), SIH5 -0.060 (-0.33%), HGH5 -0.0770 (-2.99%). Bearish factors included (1) the rally in the dollar index to an 11-1/3 year high, (2) the smaller-than-expected increase in U.S. Dec existing home sales, which was negative for copper demand, and (3) the +9.775 MT jump in LME copper inventories to an 8-3/4 month high of 235,150 MT.