Compiled 10/17/11 6:00 AM (CT) Statistics: London Gold Fix $1,689.00 +$13.00 LME Copper Stocks 451,650 tons +452 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Unlike gold, the silver market hasn't made a fresh new high overnight and it remains within the last week's consolidation zone in the early Monday morning US trade action. The bull camp seems to be positively poised in the wake of gains in the rest of the metals complex overnight and also because of positive early action in US equities. More than likely a weaker dollar is also contributing to a modestly positive overall environment for silver and other physical commodity markets. However, silver was probably somewhat undermined by suggestions overnight that investor interest for silver has cooled over the last two months. At least in the near term, silver could make minor gains off the positive pull from gold and equities. Like gold, silver probably needs to see something positive from scheduled US economic data flows to maintain a positive track on the charts. Comex Silver Stocks were 106.438 million ounces up 353,035 ounces. The Commitments of Traders Futures and Options report as of October 11th for Silver showed Non-Commercial traders were net long 17,411 contracts, an increase of 200 contracts. The Commercial traders were net short 27,342 contracts, an increase of 2,003 contracts. The Non-reportable traders were net long 9,931 contracts, an increase of 1,803 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 27,342 contracts. This represents an increase of 2,003 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia and Europe were generally stronger during overnight trading, early indications are that US equity markets will open with moderate gains later on today. The US Dollar is slightly weaker against most of the major currencies, although posting a gain versus the Yen and Pound. Germany and France are expected to announce plans this week to raise the size of the Euro zone rescue fund up to 2 trillion Euros. The German Finance Minister stated that the haircut on Greek sovereign debt will need to be higher than the 21% under consideration during the summer. Major US economic numbers to be released this morning the NY Fed's Empire State manufacturing survey at 7:30 AM, and September Industrial Production and Capacity Utilization at 8:15 AM. In addition, Fed Regional Presidents Lacker and Evans will give speeches after the close.
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