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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 weaker. GCZ6 -4.6 (-0.34%), SIU6 -0.092 (-0.49%), HGU6 -0.010 (-0.45%) at a 2-month low. Tuesday's closes: GCZ6 +2.7 (+0.20%), SIU6 +0.063 (+0.33%), HGU6 -0.0250 (-1.17%). Metals on Tuesday settled mixed with Sep copper at a 1-3/4 month low. Precious metals prices were undercut by reduced safe-haven demand with the rally in stocks and by increased inflation expectations with the +1.5% rally in crude oil prices. Copper was undercut by the jump in LME copper inventories by +10,700 MT to a 6-3/4 month high of 240,075 MT.