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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 prices this morning are mixed: GCM6 -1.0 (-0.08%), SIN6 -0.033 (-0.20%), HGN6 +0.017 (+0.78%). Thursday's closes: GCM6 -3.4 (-0.28%), SIN6 +0.082 (+0.50%), HGN6 +0.0010 (+0.05%). Metals prices on Thursday settled mixed with July copper at a 2-week high. Metals prices were boosted by the weaker dollar and by the stronger-than-expected U.S. Apr pending home sales report, which is supportive for copper demand and consumption. Metals prices were undercut by the recent increase in the odds for a Fed rate hike and the unexpected decline in Apr capital goods orders non-defense ex-aircraft, a sign of weak capital spending that is negative for industrial metals.