Chinese equity markets were weaker overnight, with the market seeing fresh calls for economic support from the Chinese leader as a sign of additional weakness in coming Chinese data. In other words, the markets seemed to prefer to spin potentially favorable Chinese developments into a negative overnight. European shares were also weaker with debt concerns combining with residual global slowing fears to pressure asset prices at the start of the new trading week. The US scheduled report slate today is thin today with a Consumer Credit reading the only scheduled data point of note. Expectations do call for a modest rise in US Consumer Credit and to some that might hint at positive growth, while others might suggest that fueling the US economy on credit isn't sustainable in the long run. In the end, a number of physical commodity markets are showing gains early today despite the potential for a risk-off vibe from Treasuries, equities and the currency markets.
The platinum market initially saw a fresh new low for the move overnight, but prices were able to recoil from that breakout. However, technical traders are discouraged that platinum generally saw a decline in volume and open interest on the June 28th to July 3rd recovery bounce, as that action could suggest the platinum markets preference for downside action. With a partial risk off vibe and lower equities to start the new trading week this morning, some traders are suggesting that platinum is lucky to be trading only marginally weaker this morning. With the platinum market unable to respect the middle of the last two month's consolidation $1,447 level this morning that would seem to leave the bear camp with a slight technical edge.