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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 higher: GCZ5 +9.6 (+0.84%) at a 1-1/2 month high, SIZ5 +0.209 (+1.33%), HGZ5 +0.085 (+3.61%) at a 3-week high. Thursday's closes: GCZ5 -4.4 (-0.38%), SIZ5 -0.328 (-2.04%), HGZ5 -0.024 (-1.01%). Metals prices on Thursday closed lower on concern that slower global growth will reduce demand for industrial metals after German Aug exports fell by the most in 6-1/2 years. In addition, there were reduced prospects for additional ECB easing after Bundesbank President and ECB Governing Council member Weidmann said that more stimulus by the ECB "would not enhance" economic growth. Copper found some underlying support from news that LME copper inventories fell -2,625 MT to 305,475 MT, a 7-month low.