Compiled 07/09/12 6:00 AM (CT) Statistics: London Gold Fix $1,581.75 -$10.75 LME Copper Stocks 253,350 tons -1,100 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Relative to gold, silver seems to have mounted a slightly more impressive bounce off the Friday lows in the early Monday trade action. However, September silver initially managed a fresh new lower low for the move and that could leave the technical condition of the market in the favor of the bear camp. Silver will probably see some minor pressure from weaker global equity prices, but some gains in industrial commodities overnight, would seem to temper the deflationary vibe that seemed to settle into the markets late last week in the wake of the US Non farm payroll report. Some traders noted the slide in volume and open interest in silver, during the late June and early July bounce and that has in turn caused some traders to view the technical trend in silver prices to be pointing downward. Without a turn around in global equities or a more definitive run up in the Euro, the silver bulls might be fighting an uphill battle against global slowing expectations. However, the bulls this morning can point to September silver's capacity to carve out a 29 cent an ounce bounce off the initial lows today, as a sign that the bear camp lacks dominating control over silver prices at the start of the new trading week. Comex Silver Stocks were 146.160 million ounces up 352,215 ounces. Silver stocks have increased 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Chinese equity markets were weaker overnight, with the market seeing fresh calls for economic support from the Chinese leader as a sign of additional weakness in coming Chinese data. In other words, the markets seemed to prefer to spin potentially favorable Chinese developments into a negative overnight. European shares were also weaker with debt concerns combining with residual global slowing fears to pressure asset prices at the start of the new trading week. The US scheduled report slate today will be mostly thin today with a Consumer Credit reading the only scheduled data point of note. Expectations do call for a modest rise in US Consumer Credit and to some that might hint at positive growth, while others might suggest that fueling the US economy on credit isn't sustainable in the long run. In the end, a number of physical commodity markets are showing gains early today despite the potential for a risk-off vibe from Treasuries, equities and the currency markets.