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 Up, USD Steady, Crude Oil Falls, Stocks Off

Notes: US Crude Oil inventories rose by 4.9-M bbl in the week ended 7 June to 482.8-M bbl, according to data from the American Petroleum Institute (API) Tuesday. That compared with analyst expectations for a decrease of 481,000 bbl. 

President Trump said Tuesday he was holding up a trade deal with China and had no interest in moving ahead unless Beijing agrees to “major points” which he did not specify.

He also took aim at the Fed, saying interest rates were “way too high” and the central bank had “no clue”.

President Trump also put currency markets on edge Tweeting that EUR and other currencies were “devalued” against USD, putting the United States at a “big disadvantage”.

Gold will see bids as the Key dispute between US and China remains unresolved. If there is no sit down between leaders at the G-20 meeting, the metal will rise as investors will be on the lookout for a safe haven.

In Asia

Gold: Gold prices rose Wednesday after marking a 1-week low in the prior session, as worries over US-China trade dispute flared up, curbing risk appetite and increasing the appeal of safe-haven gold.

  • Spot gold rose 0.4% to $1,332.14 by 0513 GMT,
  • US gold futures were up 0.4%, at $1,336.10 oz.

Market sentiment this morning in Asia is very cautious and risk appetite has started to fade a bit, so, we see a bit of buying in gold.

Last week, the precious Yellow metal marked its biggest weekly gainer of Y 2019 and rose to a 14-month high at $1,348.08, before losing momentum due to a deal between the United States and Mexico to avert yet another trade dispute.

Energy: Crude Oil prices fell nearly 2% Wednesday, weighed down by a weaker demand outlook and a rise in US inventories despite growing expectations of ongoing OPEC-led supply cuts.

  • ICE Brent Crude Oil futures were down $1.16, or 1.86%, at $61.13 bbl by 0616 GMT,
  • NYMEX WTI Crude Oil futures were down $1.04, or 1.95%, at $52.23 bbl.

The EIA lowered its Y 2019 world Crude Oil demand growth forecast by 160,000 BPD to 1.22-M BPD, and back off its forecast for Y 2019 US Crude Oil production to 12.32-M BPD, 140,000 BPD less than the May forecast.

Equities: Asian share markets were in a defensive mode Wednesday as the White House took a tough line on trade talks with China.

MSCI’s broadest index of Asia-Pacific shares sans Japan slipped 0.6% after 2 days of gains.

Japan’s Nikkei dipped 0.3%, while Shanghai blue chips eased 0.7% following a 3% jump Tuesday. E-Mini futures for the S&P 500 fell 0.2% and EUROSTOXX futures lost 0.5%.

The Hong Kong market lost 1.7% as thousands of demonstrators stormed roads next to government offices to protest against a proposed extradition bill.

Currencies: President Trump put currency markets on edge by tweeting that EUR and other currencies were “devalued” Vs USD, putting the United States at a “big disadvantage”.

That was enough to give EUR a lift to $1.1336, just short of the recent 3-month Top at $1.1347. The USD eased back on JPY to 108.38 and is falt on a basket of peer currencies at 96.683.

“It is one thing talking down a USD that has an upward bias, it is another pushing on a currency market where the door is slowly opening toward USD weakness

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »52.27 USD-1.00-1.91%Jun 193:07AM EDT
ICE Brent Crude »61.19 USD-1.10-1.80%Jun 193:07AM EDT
NYMEX RBOB Gasoline »1.73 USD-0.03-1.53%Jun 193:06AM EDT
Dubai Crude Spot »59.41 USD-0.35-0.59%Dec 023:17AM EDT
ICE Gas Oil »552.75 USD-6.50-1.18%Jun 193:04AM EDT
NYMEX No2 Heating Oil »1.80 USD-0.02-1.14%Jun 193:06AM EDT
NYMEX Nat Gas »2.39 USD-0.01-0.33%Jun 193:07AM EDT
ICE NBP Nat Gas »27.50 GBP-0.35-1.27%Jun 193:06AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,335.10USD+8.43+0.63%Dec 023:18AM EDT
COMEX 100oz Gold »1,331.20USD+4.80+0.36%Jun 191:03AM EDT
Silver Spot »14.84USD+0.14+0.95%Dec 023:18AM EDT
Platinum Spot »818.10USD+5.10+0.62%Dec 023:18AM EDT
Palladium Spot »1,388.80USD-5.20-0.37%Dec 023:18AM EDT
COMEX Copper »2.68USD+0.000.00%Jun 197:01PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »426.25USC-1.50-0.35%Jul 193:13AM EDT
CBOT Wheat »516.25USC-1.75-0.34%Jul 193:13AM EDT
KCBT Wheat »455.25USC-2.25-0.49%Jul 193:12AM EDT
MGE Spring Wheat »567.25USC-2.25-0.40%Jul 192:57AM EDT
Euronext Milling Wheat »177.75EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean»855.50USC-3.75-0.44%Jul 193:09AM 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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