Asia: Gold, USD, Crude Oil, Stocks & Commodities

Asia: Gold, USD, Crude Oil, Stocks & Commodities

$GLD, $SLV, $USD, $USO, $OIL, $WEAT, $CORN, $SOY

FLASH: Gold Steady, USD Flat, Crude Oil Off, Stocks Flat

Notes: Crude Oil in Bear Market territory. Bank of America Merrill Lynch said this week “global oil demand growth is running at the weakest rate since 2012” at below 1-M BPD, and that this was “leading the selloff” in Crude Oil prices recently.

Mexican financial markets were dealt a big blow when ratings agency Fitch downgraded the country’s credit rating to BBB, while Moody’s changed its outlook to negative from stable.

In Asia

Gold: Gold prices stable Thursday, hanging below the 15-wk highs marked Wednesday, supported by trade worries and a possible Fed rate cut, even as some investors locked in profits in gold after this rally.

  • Spot gold + 0.1% to $1,331.43 oz, as of 0546 GMT,
  • US gold futures rose 0.2% to $1,335.60 oz.

Investors booked some profits after gold prices surged around $70 in the past 5 sessions.

I believe that in the longer run, gold is going to sustain this Bull run, as we are looking at the shift in the Fed policy. The Fed’s Dovish signal will obviously boost gold prices and weaken the USD.

Energy: Crude Oil prices steadied Thursday after falling to near 5-month lows in Wednesday’s session, but sentiment remained weak as markets are under pressure from rising US supply and a stalling economy.

  • Front-month ICE Brent Crude Oil futures were at $60.78 bbl at 0246 GMT, +15c, or 0.3%, above Wednesday’s close,
  • NYMEX, WTI Crude Oil futures were at $51.84 bbl, +16c, or 0.3%, above Wednesday’s settlement.

Brent and WTI Crude Oil Wednesday hit their lowest marks since mid-January at $59.45 and $50.60 bbl, respectively, amid a surge in U.S. crude inventories and record production, and as a global economic slowdown was starting to hit energy demand.

Equities: Stock markets in a mute mode Thursday as fears the US trade dispute with Mexico would further depress global growth warred with wagers central banks would have to respond with fresh stimulus.

MSCI’s broadest index of Asia-Pacific shares sans Japan was off 0.2% in thin trade. Japan’s Nikkei ended flat and Shanghai blue chips eased 0.6%.

E-Mini futures for the S&P 500 dipped 0.1%, while FTSE futures added 0.03%

Currencies: The the safe-haven JPY was in demand and nudged USD down 0.1% to 108.34. .DXY fared better Vs a basket of 6 peer currencies to trade at 97.304 , having bounced from a 7-week low overnight.

EUR eased back to $1.1228 after briefly tapping $1.1306 Wednesday.

Commodities (quotes): Energy, Metals, and Agriculture Grains

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »51.80 USD+0.12+0.23%Jun 192:37AM EDT
ICE Brent Crude »60.84 USD+0.21+0.35%Jun 192:37AM EDT
NYMEX RBOB Gasoline »1.70 USD+0.01+0.36%Jun 192:37AM EDT
Dubai Crude Spot »58.33 USD+0.44+0.75%Dec 022:48AM EDT
ICE Gas Oil »546.75 USD+4.50+0.82%Jun 192:37AM EDT
NYMEX No2 Heating Oil »1.78 USD-0.00-0.09%Jun 192:35AM EDT
NYMEX Nat Gas »2.37 USD-0.00-0.17%Jun 192:38AM EDT
ICE NBP Nat Gas »28.61 GBP+0.000.00%Jun 1911:59AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,332.32USD+2.54+0.19%Dec 022:49AM EDT
COMEX 100oz Gold »1,331.20USD+2.90+0.22%Jun 192:32AM EDT
Silver Spot »14.84USD+0.04+0.25%Dec 022:49AM EDT
Platinum Spot »807.75USD+8.75+1.08%Dec 022:49AM EDT
Palladium Spot »1,333.85USD+5.35+0.40%Dec 022:49AM EDT
COMEX Copper »2.63USD+0.000.00%Jun 197:01PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »415.00USC+0.25+0.06%Jul 192:46AM EDT
CBOT Wheat »496.25USC+5.50+1.11%Jul 192:44AM EDT
KCBT Wheat »449.75USC+4.00+0.89%Jul 192:43AM EDT
MGE Spring Wheat »552.00USC+5.00+0.91%Jul 192:44AM EDT
Euronext Milling Wheat »179.00EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »865.50USC-4.25-0.49%Jul 192:45AM EDT

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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