Compiled 05/10/12 6:00 AM (CT) Statistics: London Gold Fix $1,590.00 $+4.50 LME Copper Stocks 219,850 tons -1,075 tons. SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Like gold, the silver market has showed only minor weakness overnight and after a series of aggressive declines it is possible that the market is temporarily oversold. However, seeing disappointing Chinese economic news overnight would seem to leave the world fretting over the prospect of more slowing ahead. Like gold, silver probably needs to see a decline in claims this morning to attempt to slow the pattern of declines on the charts. Residual Euro zone concerns and ideas that the Chinese economy hasn't bottomed yet, might leave many physical commodity markets vulnerable to more downside action especially in the face of an ongoing pattern of adverse currency market action. With an RSI of 29 registered overnight in July silver and that reading the lowest since December 28th, the July silver contract is starting to register classic oversold readings, but one has to think that a deteriorating macro economic outlook is probably capable of dominating over short term technical issues. However, one should expect US scheduled data later this morning to have a noted influence on silver prices today. Comex Silver Stocks were 141.171 million ounces down 430,745 ounces. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Asian equity markets were under pressure in the wake of Chinese trade data that disappointed and the Hong Kong market extended to a 6th straight loss. European equity markets also remained under pressure with the Chinese slowing fear cited and residual concerns toward the Greek political situation also weighing on sentiment. The European markets are watching to see if the newly elected Greek leader will be able to form a government and then the trade will begin to fret over whether that government's will honor past EU austerity commitments. Early action in the US equity markets was mixed to weaker, with a lack of confidence toward Europe still hanging over the trade. After a rather thin scheduled report slate from the US earlier this week, the trade is likely to take a lot of direction this morning from US initial and ongoing claims figures and also from the US Trade Balance report.