Compiled 02/01/12 6:00 AM (CT) Statistics: London Gold Fix $1,744.00 +$6.00 LME Copper Stocks 329,300 tons -1,525 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Unlike gold, the silver market hasn't forged an initial higher high on the charts. Silver does seem to have a positive early track in prices but it is probably seeing some headwinds from the news that India raised the benchmark import price of silver to $10.67 per kg compared to $9.53 kg previously. In effect the India government has increased the base price of silver and that increases the tax revenues and for some that is a development that is likely to restrict or reduce imports. Silver might also be partially undermined by news over the last 24 hours of an increase in the latest Mexican monthly silver production total, as that figure rose by 5% over the prior month. With some technical traders pointing to a lack of upside extension in prices and an extending a recent consolidation pattern just below the $34.13 high, the trade might take silver's reaction to scheduled US data today, as a key decision point. At least to start, the outside market environment favors the bulls but gold and silver yesterday seemed to need positive US data just to maintain recent gains on the charts and ultimately the trade was disappointed. Comex Silver Stocks were 128.671 million ounces down 432,766 ounces. Silver stocks have increased 14 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Asian equity markets were weaker this morning, as news of a better than expected Chinese PMI result wasn't enough to lift shares in that region. However, many economists are suggesting that the Chinese PMI readings reduce the threat of a hard landing in the Chinese economy and that could be a beneficial development for physical commodity markets. European economic data was a mixed bag overnight, with German manufacturing strong and French manufacturing readings a touch weaker. However, European equities were able to extend recent gains overnight, with some positive leadership seen from Financial and bank sector issues. At least in the early action today US equities were showing positive action, but that action could be tested in the wake of a private jobs survey release from ADP. Expectations for the ADP report are for a gain markedly larger than the anticipated gains for the Friday official US number. The market will also be presented with a January ISM Manufacturing PMI and a Construction Spending reading, both of which are expected to post modest gains. Later in the US trade, perhaps around mid session, the trade will be presented with a US vehicle sales reading and that could impact market sentiment.