Compiled 06/05/12 6:00 AM (CT) Statistics: London Gold Fix $1,552.50 N.A. LME Copper Stocks 230,875 tons N.A. SILVER MARKET FUNDAMENTALS: (6:00 AM CT) While July silver prices have started out on a positive footing today, prices are favoring the lower quarter of the prior session's range. While ongoing fears of funding problems for Spain is serving to cap off the initial gains in silver prices this morning, the bull has managed to control off hopes that an emergency G7 conference call will spark some risk on vibes and perhaps even some fresh easing action. Recently silver seems to have drafted off hopes in the gold trade of a return to safe haven status, but others are insisting that the recent gains in silver prices are instead the result of widening calls for coordinated stimulus. However, some of the positive tilt in silver prices is dampened this morning in the face of fresh weakness in copper prices, as that type of action suggests that some traders remain fearful of further slowing in the global economy off the turmoil in the Euro zone. With silver prices yesterday at least temporarily undermined by soft US scheduled data flows, some in the trade expect to see temporary weakness in the wake of the ISM Non manufacturing data this morning. There will also be an early US Fed speech today, which will be followed by two other speeches much later on today. Comex Silver Stocks were 142.979 million ounces down 171,623 ounces. Silver stocks have increased in 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Hong Kong shares managed minor short covering gains overnight, while Shanghai equities mostly tracked sideways, as the hope for G7 easing was at least partially countervailed by news of burdensome Spanish borrowing costs. European equity markets were softer overnight, with the press in that region still touting ideas that persistent weakness in equities is a signal of a probable return to sustained negative growth in the Euro zone. However, the European markets were seeing some minimal support off hopes that an emergency G7 conference call might yield something positive, especially after news of easing from the Australian central bank was noted overnight. The US economic report slate today has an ISM-Non manufacturing report and there will be 3 Fed speeches today, the first of which is scheduled for 7:00 cst. Not surprisingly, the trade today expects the ISM figures to show a minor contraction. There will also be a series of private chain store sales figures in the early morning trade, with those measures fresh off weak figures last week.