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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.
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Metals this morning are mixed. GCZ6 -0.4 (-0.03%), SIU6 +0.106 (+0.56%), HGU6 -0.006 (-0.28%). Monday's closes: GCZ6 -2.8 (-0.21%), SIU6 -0.458 (-2.37%), HGU6 -0.0270 (-1.25%). Metals on Monday sold off with Dec gold at a 2-week low, Sep silver at a 5-week low, and Sep copper at a 6-week low. Metals prices were undercut by concern the Fed may be closer to raising interest rates after Fed Vice Chair Fischer said the U.S. economy was close to meeting the Fed's goals. Copper prices were undercut by news of a +18.750 MT surge in LME copper inventories to a 1-1/4 month high of 229,375 MT.