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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 planning 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.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
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Metals prices this morning are weaker: GCM6 -3.2 (-0.26%) at a 3-1/2 month low, SIN6 -0.179 (-1.10%), HGN6 -0.016 (-0.71). Friday's closes: GCM6 -6.6 (-0.54%), SIN6 -0.074 (-0.45%), HGN6 +0.0115 (+0.55%). Metals prices on Friday settled mixed with Jun gold at a 1-3/4 month low, July silver at a 1-1/2 month low, and July copper at a 2-week high. Metals prices were undercut by a stronger dollar and by reduced safe-haven demand with the rally in the S&P 500 to a 1-1/4 month high. Copper prices were boosted by signs of tighter global supplies after LME copper inventories dropped -2,225 MT to a 4-week low of 153,750 MT and and weekly Shanghai copper inventories fell -36,122 MT to a 4-month low of 221,212 MT.