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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 planking 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 weaker: GCJ5 -2.4 (-0.20%), SIH5 -0.138 (-0.83%), HGH5 -0.024 (-0.87%). Metals prices on Thursday closed higher with Mar silver at a 1-week high and Mar copper at a 1-1/2 month high: Closes: GCJ5 +8.6 (+0.72%), SIH5 +0.100 (+0.61%), HGH5 +0.0505 (+1.90%). Bullish factors included (1) increased Chinese gold demand after China Jan gold imports from Hong Kong rose +22% m/m to 71.6 MT, and (2) speculation China will boost stimulus measures, which would be positive for industrial metals demand after a PBOC publication called for additional easing measures.