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

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

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

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

Notes: Investors are still hoping that President Trump will meet Chinese President Xi on the sideline of G-20 leaders’ meeting late this month to seek compromise on trade and other economic issues.

Ahead of the Summit, G-20 finance leaders Sunday said that trade and geopolitical tensions have intensified, raising risks to improving global growth, but they stopped short of calling for a resolution of the deepening US-China trade conflict.

Speculators have raised their net long positions in COMEX gold in the week ended 4 June, data from the US Commodity Futures Trading Commission (CFTC) showed Friday.

In Asia

Gold: Gold prices eased from a 14-month high Monday after an agreement between the United States and Mexico to avert a tariff war crimped safe-haven demand for the precious Yellow metal.

  • Spot gold was -0.7% at $1,330.46 oz, as of 0249 GMT,
  • US gold futures fell 0.9% to $1333.70 oz.

Talks between the U.S. and Mexico have smoothed out and the gold market looks to have lost its safe-haven appeal in here. However, hopes that the Fed will reduce the interest rate is still looking a little positive for gold.

Energy: Crude Oil prices rose Monday after Saudi Arabia said OPEC and Russia should keep supplies restricted at current levels, and in relief that the US withdrew a tariff threat against Mexico, removing a cloud over the global economy.

  • Front-month ICE Brent Crude Oil futures were at $63.61 at 0411 GMT, +32c, or 0.5%, above Friday’s close,
  • NYMEX WTI Crude Oil futures were at $54.32 bbl, +33c, or 0.6%.

Traders said Crude Oil prices were rising because of statements by OPEC’s biggest producer Saudi Arabia Friday saying that the group was close to agreeing extending supply cuts.

Equities: US stock futures and Asian shares rose Monday after the United States dropped its threat to impose tariffs on Mexico in a deal to combat illegal migration from Central America, and as weak NFPs data raised hopes for Fed interest rate cuts.

S&P500 mini futures rose as much as 0.8% and was last up 0.4%.

Tokyo’s Nikkei gained 1.1% while MSCI’s index of Asia-Pacific shares sans Japan rose 0.7%, led by strong gains in Hong Kong and Indonesia.

Currencies: The Mexican Peso jumped about 2.0% in early Monday trade to 19.2285 to USD on news of the deal, while the Chinese RMB Yuan slipped to its lowest marks this year on weak Chinese imports data and as talks to end the US-China dispute remained deadlocked.

EUR flat to little changed at $1.1329 near a 2.5-month high of $1.1348 marked Friday.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »54.34 USD+0.35+0.64%Jun 191:24AM EDT
ICE Brent Crude »63.70 USD+0.41+0.64%Jun 191:24AM EDT
NYMEX RBOB Gasoline »1.74 USD+0.01+0.30%Jun 191:22AM EDT
Dubai Crude Spot »61.20 USD+0.34+0.56%Dec 021:34AM EDT
ICE Gas Oil »564.25 USD+6.25+1.11%Jun 1912:51AM EDT
NYMEX No2 Heating Oil »1.84 USD+0.01+0.60%Jun 191:22AM EDT
NYMEX Nat Gas »2.34 USD-0.00-0.09%Jun 191:22AM EDT
ICE NBP Nat Gas »28.59 GBP+0.000.00%Jun 197:00PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,328.36USD-11.94-0.90%Dec 021:29AM EDT
COMEX 100oz Gold »1,327.40USD-13.80-1.04%Jun 191:09AM EDT
Silver Spot »14.80USD-0.19-1.26%Dec 021:29AM EDT
Platinum Spot »802.23USD-4.25-0.53%Dec 021:29AM EDT
Palladium Spot »1,353.55USD-3.95-0.29%Dec 021:29AM EDT
COMEX Copper »2.63USD+0.000.00%Jun 1912:00AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »412.50USC-3.25-0.79%Jul 191:27AM EDT
CBOT Wheat »497.25USC-7.25-1.46%Jul 191:22AM EDT
KCBT Wheat »443.00USC-6.00-1.35%Jul 191:25AM EDT
MGE Spring Wheat »567.50USC-1.25-0.22%Jul 191:16AM EDT
Euronext Milling Wheat »179.00EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »850.50USC-5.75-0.68%Jul 191:26AM EDT

Have a terrific week

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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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