Chinese equities were weaker overnight with some measures posting the biggest declines of the last month. European equities were also weaker this morning, with investors apparently not anticipating anything constructive or definitive from the coming EU summit. The US scheduled report slate today contains a Chicago Fed National Activity Index, New Home sales and a Texas manufacturing survey, with the new home sales release potentially the most significant US report due out today. At least in the early action it would appear that risk-off sentiment has started the week with an edge over the risk-on crowd.

The platinum market was only able to mange a minimal bounce off last week's lows in the overnight action. However, with July platinum this morning still sitting roughly $46 an ounce above last month's lows, it is difficult to argue that recent the lows have fully deflated platinum prices in the face of ongoing global slowing fears. With an analyst downgrade of a closely followed platinum mining concern overnight, weaker global equities and adverse currency market action, the bear camp has to feel like they have the headline edge to start the new trading week. The Commitments of Traders Futures and Options report as of June 19th for Platinum showed Non-Commercial traders were net long 18,972 contracts, an increase of 1,787 contracts. The Commercial traders were net short 21,492 contracts, an increase of 2,513 contracts. The Non-reportable traders were net long 2,520 contracts, an increase of 726 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 21,492 contracts. This represents an increase of 2,513 contracts in the net long position held by these traders. While the platinum market still showed a moderate non-commercial and Non-reportable net long positioning, platinum to the lows this morning has fallen another $51 an ounce and that in turn has probably pulled down the spec long position even further. While the technical vulnerability of platinum might be reduced, fears of a return to global recession is a powerful fundamental that is likely to leave pressure hanging over platinum prices. Near term support is seen down at $1,421 and then not until $1,413.70.