Compiled 06/11/12 6:00 AM (CT) Statistics: London Gold Fix $1,593.00 +$17.00 LME Copper Stocks 235,200 tons +5,525 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Like gold, the silver market has given back a portion of its initial gains this morning, but silver prices have been able to remain in positive ground. While there were signs of a possible mining strike in Peru toward the end of last week, supply side threats in silver are probably being given secondary status, to the ebb and flow of demand expectations in the face of lingering global slowing fears. Silver was at least temporarily cheered by slightly better than expected Chinese economic news overnight and to a degree silver and other physical commodity prices might have benefited from news of the weekend Spanish bank bailout. However, in order to get a distinctly positive global macro economic outlook back in place, probably requires a series of pro-growth economic readings from key global players ahead. As suggested in the gold coverage this morning, the US economic report slate is mostly empty until Wednesday morning and therefore silver looks to take its direction from global equity market action and perhaps from events in China over the coming two sessions. Comex Silver Stocks were unchanged at 143.486 million ounces at the end of last week. The Commitments of Traders Futures and Options report as of June 5th for Silver showed Non-Commercial traders were net long 13,266 contracts, an increase of 1,346 contracts. The Commercial traders were net short 20,624 contracts, an increase of 2,250 contracts. The Non-reportable traders were net long 7,357 contracts, an increase of 901 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 20,623 contracts. This represents an increase of 2,247 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Chinese stocks were stronger overnight, as the Chinese data not as bad as was expected at the end of last week and the news of Spanish Bank aid has seemingly tempered global debt tensions. European equities were cheered by news of the Spanish bank aid move but some focus in the region is likely to begin shifting toward this weekend's Greek elections. Given a slight expansion of loan activity in China, decent export data, sharply higher Spanish bank share price action and positive initial US equity market action, there would appear to be a modest risk on vibe in place to start the new trading week. The US report slate is mostly empty today, with a San Francisco Fed Conference on Asian banking and Finance the only scheduled event on the docket today.