Compiled 06/29/12 6:00 AM (CT) Statistics: London Gold Fix $1,569.50 +$1.75 LME Copper Stocks 257,150 tons +1,050 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market has also managed a recovery overnight but the trade is probably skeptical of factoring in an all clear on the latest European turn of events. Nonetheless silver and a host of other physical commodity markets will at least start with a more positive macro economic vibe, they will also see supportive currency market action and they might even attempt to spin some weak scheduled US data into a positive later this morning. With the market this week reaching a fresh low for 2012, it isn't surprising to some measure of technical short covering today, especially since today is month and quarter end. While the EU troubles are temporarily in the rear view mirror, the silver market will have a critical junction into US scheduled data window this morning, as part of the macro economic optimism in place early today could be challenged by the data and the reaction of silver to that type of news could signal the tone for the rest of the day in the silver market. Therefore some players expect at least an initial setback in silver in the face of the data, while others think weak data will quickly foster US easing talk and return silver to the bull's control once again. Comex Silver Stocks were 145.796 million ounces down 141,667 ounces. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Hong Kong stocks managed to end the quarter on an up note overnight, while the Shanghai market managed to break an extended losing streak with a gain last night. European stocks were also positive this morning and in the process some measures reached up to the highest levels in over a week. Clearly seeing a surprise move to reduce borrowing costs for Italy and Spain provided the enthusiasm to lift share prices this morning. The US scheduled report slate today will bring forth personal income and spending, Chicago PMI and a University of Michigan sentiment reading. Expectations for most of the reports today call for weak data, but it would seem like the weakest report reading is expected to come from the consumer sentiment report.
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