Compiled 03/08/12 6:00 AM (CT) Statistics: London Gold Fix $1,701.50 +$19.00 LME Copper Stocks 280,025 tons -875 tons Shanghai Copper stocks +5,401 tons to 221,487 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The May silver contract has forged a noted range up move to start the US Thursday morning trade. With a long list of outside market influences positive to start this morning, one gets the sense that a risk on vibe has returned and given the magnitude of the washout in silver prices since the late February highs, part of the gains this morning could still be technical short covering action. However, the markets were tossing around rumors of PBOC easing and with Brazil cutting interest rates overnight by a rather aggressive 75 basis points, the bull camp would appear to have the benefit of monetary policy views. Silver will probably show some reaction to US claims figures this morning, but with the trade seemingly anticipating something positive from the Greece debt swap situation, the claims data might be relegated to a back burner status. However, silver and other physical commodity markets will eventually see the claims and Challenger layoff news as a key indicator for prices over the coming 36 hours of trade because of the looming month US payroll report on Friday morning. Just to throw in another positive, the bull camp is probably drafting some buying support from renewed strength in the Euro, especially if the Euro remains strong into the close of trade in Europe today. Comex Silver Stocks were 127.874 million ounces down 3,172,266 ounces. Stocks have declined 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Asia equity markets were higher overnight as that region was anticipating something favorable from the Greek debt swap but those markets were also tossing around the idea that the PBOC might be poised to embark on more easing efforts. European equity markets were also higher overnight off positive vibes off the upcoming Greek debt swap and those views also resulted in falling European debt yields. US equity markets were showing noted gains this morning, as it appears that most global equity markets think the Greek situation will take a positive turn today. While the market saw a softer than expected Australian Unemployment Report overnight, the focus of the trade might be expected to shift back to the US weekly initial claims results and perhaps to the Challenger Layoff report. With US Consumer Credit jumping sharply in the month of January in the report yesterday afternoon and the ADP figures yesterday mostly positive, the view toward the US economy remains positive and that has probably provided the metals complex with additional support over the last 24 hours of trade.