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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 +10.8 (+0.85%), SIN6 +0.068 (+0.39%), HGN6 -0.003 (-0.14%) at a 2-week low. Metals on Thursday settled mixed with July copper at a 2-week low: GCM6 -2.1 (-0.16%), SIN6 +0.026 (+0.15%), HGN6 -0.0325 (-1.49%). Bearish factors included (1) a stronger dollar, and (2) increased copper supplies after LME copper inventories rose +225 MT to a 1-1/2 month high of 156,725 MT. Bullish factors included (1) fund buying of gold after long gold positions in ETFs rose to a 2-1/3 year high Wednesday of 1,789 MT, and (2) the larger-than-expected increase in U.S. weekly jobless claims to a 5-week high, which weakens the case for the Fed to raise interest rates.