Compiled 05/21/12 6:00 AM (CT) Statistics: London Gold Fix $1,590.25 $+2.25 LME Copper Stocks 224,375 tons +3,250 tons. SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Unlike gold, July silver was unable to claw out a fresh new high for the move overnight. In fact, July silver has started out with noted weakness, which is somewhat surprising considering that platinum and copper pricing overnight showed noted gains. With the Chinese Premier hinting at the prospect of more easing overnight, one might have expected silver to have joined other industrial metals markets in their higher initial bid. However, silver and gold prices were seemingly concerned that weekend developments didn't markedly improve the situation in the Euro zone from last weeks turmoil. As in the gold trade, some silver traders are probably discouraged that easing talk from China and the US Fed has initially failed to inspire gains to start the new trading week. Even more discouraging to the bull camp in silver, is the fact that silver hasn't benefited from favorable currency and US equity market action. Perhaps silver was partially undermined by news of lower Chinese silver imports in April from the prior month. Comex Silver Stocks were 141.714 million ounces down 601,427 ounces. The Commitments of Traders Futures and Options report as of May 15th for Silver showed Non-Commercial traders were net long 12,687 contracts, a decrease of 1,808 contracts. The Commercial traders were net short 17,730 contracts, a decrease of 2,701 contracts. The Non-reportable traders were net long 5,044 contracts, a decrease of 892 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 17,731 contracts. This represents a decrease of 2,700 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Hong Kong shares were weaker overnight but mainland Chinese shares managed to claw out minor gains off hints of easing from the Chinese government. European equity markets were a touch higher in the wake of comments from the G8 that suggested there would be an ongoing effort to keep Greece in the Euro zone. Surprisingly US equities were moderately higher in the early action today, perhaps because of the supportive Chinese dialogue and perhaps because of suggestions from the Fed's Lockhart that sustained monetary accommodation was still warranted and that the Option of QE3 couldn't be taken off the table. The US economic report slate today is somewhat thin with a Chicago Fed National Activity index release that is expected to rise by a minimal amount.