Chinese stocks were mixed in the wake of the latest domestic economic measures which showed the softest PMI readings of 2012. Most stock markets in Europe were tracking slightly higher today despite the slack Chinese data from overnight and that suggests the benefit of the EU summit has at least partially lived through the weekend. However, many market participants will still be watching sovereign debt yields in Europe for a real reading on the current conditions. The US scheduled report slate today will bring a US Manufacturing PMI report, Construction Spending and an Online Help wanted report that might be given added attention because of the Monthly Non-farm payroll report due out at the end of this week.

At least in the early going today, one could suggest that platinum has outperformed the rest of the precious metals complex as prices have remained relatively close to the recent highs and the market in turn has only seen a modest profit taking effort in the early Monday US trade action. Perhaps platinum is garnering residual support from talk that some Indian precious metals demand might shift toward platinum and away from gold. Platinum might also be garnering some minor support from recent news of some lost production from purposely idled facilities in South Africa. However, platinum will see at least some headwinds from slack macro economic fears and from the currency markets to start today. The Commitments of Traders Futures and Options report as of June 26th for Platinum showed Non-Commercial traders were net long 18,864 contracts, a decrease of 108 contracts. The Commercial traders were net short 21,062 contracts, a decrease of 430 contracts. The Non-reportable traders were net long 2,198 contracts, a decrease of 322 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 21,062 contracts. This represents a decrease of 430 contracts in the net long position held by these traders. Close-in support in October platinum is seen at $1,435.30, with somewhat lower support seen down at $1,431.90.