Compiled 05/31/12 6:00 AM (CT) Statistics: London Gold Fix $1,567.50 $+19.50 LME Copper Stocks 230,675 tons +3,575 tons. SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Silver seemed to follow in the footsteps of gold yesterday and with higher equities this morning it would not appear as if physical commodities are destined to see initial pressure today from the risk-off environment. In fact, crude oil prices have seen a massive loss thus far in the month of May and a number of other physical commodity markets have seen pressure and therefore the recovery off yesterday's lows, might have simply been an early wave of month ending short side profit taking, or as others suggest, perhaps gold and silver were starting to see a return of flight to quality buying off ideas that the Euro zone is indeed destined to break apart or see some key member exit. Therefore, the action in silver today could be difficult to scrip, as a flight to quality status in silver, might mean weaker silver prices in the wake of positive US data or stronger silver prices in the wake of weak US data. Most traders are unwilling to buy into the idea of a return to flight to quality status, off just a few hours of positive trade action, but many traders will also watch the reaction in silver very closely in the wake of the US scheduled data flows later this morning. Comex Silver Stocks were 141.920 million ounces up 4,618 ounces. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Chinese stocks were down again and that also resulted in a monthly loss in most equity market measures. European equity markets and the FTSE mounted also recovery effort but many investors were not expecting anything more than a temporary technical reprieve from the European debt saga. The US markets were showing minor gains but that action didn't seem to be the result of a definitive bullish headline development or potential. The US economic report slate today has a private jobs report due out early from ADP, initial and ongoing claims, a Chicago PMI report from the ISM and a Fed speech early in the session.
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