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 Off, Crude Oil Up, Stocks Off

Notes: Crude Oil surges after report of tanker incident in Gulf of Oman near Iran

In Asia

Gold: Gold prices advanced Thursday as demand for the safe-haven metal rose on expectations of an interest rate cut by the Fed following soft inflation data.

  • Spot gold was up 0.3% at $1,337.41 oz, as of 0706 GMT,
  • US gold futures were also +0.3%, at $1,341.40 oz.

Shayne and I can see strong support at $1,330 for gold, and the precious Yellow metal looks to trade to the Northside on expectations of lower interest rates. 

Energy: Crude Oil moves up on reports of a tanker on fire in the Gulf of Oman followed the earlier sabotage attacks on vessels near the Fujairah emirate, one of the world’s largest bunkering hubs and located just outside the nearby Strait of Hormuz.

  • ICE Brent Crude Oil futures were up $2, or 3.3%, at $61.97 bbl by 0646 GMT,
  • NYMEX WTI Crude Oil futures were up $1.41, or 2.7%, at $52.55 bbl

The United Kingdom Maritime Trade Operations, which is part of the UK Royal Navy, said Thursday that it was aware of an incident in the Gulf of Oman, near the Iranian coast. “UK and its partners are currently investigating,” it said.

Equities: Asian shares declined Thursday as the Hong Kong market was hit for the 2nd straight session following a day of massive street protests, while Crude Oil prices flirted with 5-month lows due to higher US Crude Oil inventories and a bleak demand outlook.

MSCI’s broadest index of Asia-Pacific shares sans Japan fell as much as 1% and was last off 0.6%. Hong Kong’s Hang Seng Index fell 1.8% at 1 point following Wednesday’s 1.7% fall.

The selling pressure in Hong Kong came after legislation that would allow citizens to be extradited to China triggered a mass protest and some of the worst unrest seen in the territory since Britain handed it back to Chinese rule in Y 1997.

Japan’s Nikkei lost 0.8% while US stock futures slipped 0.2% in Asia, following small losses the prior day when the S&P 500 shed 0.20%.

Currencies: .DXY (US dollar index) Vs a basket of 6 peer currencies was down 0.1% Thursday.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »52.42 USD+1.28+2.44%Jun 193:19AM EDT
ICE Brent Crude »61.64 USD+1.67+2.71%Jun 193:17AM EDT
NYMEX RBOB Gasoline »1.71 USD+0.02+1.31%Jun 193:18AM EDT
Dubai Crude Spot »59.23 USD+1.20+2.03%Dec 023:29AM EDT
ICE Gas Oil »558.00 USD+6.00+1.08%Jul 193:17AM EDT
NYMEX No2 Heating Oil »1.81 USD+0.03+1.90%Jun 193:17AM EDT
NYMEX Nat Gas »2.37 USD-0.02-0.72%Jun 193:18AM EDT
ICE NBP Nat Gas »28.67 GBP+0.75+2.62%Jun 193:17AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,337.29USD+4.13+0.31%Dec 023:29AM EDT
COMEX 100oz Gold »1,335.30USD+3.40+0.25%Jun 192:16AM EDT
Silver Spot »14.81USD+0.08+0.54%Dec 023:29AM EDT
Platinum Spot »813.60USD+5.10+0.63%Dec 023:28AM EDT
Palladium Spot »1,414.00USD+8.00+0.57%Dec 023:28AM EDT
COMEX Copper »2.66USD+0.000.00%Jun 197:01PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »436.25USC+6.25+1.43%Jul 193:23AM EDT
CBOT Wheat »529.50USC+3.25+0.61%Jul 193:23AM EDT
KCBT Wheat »465.25USC+2.50+0.54%Jul 193:13AM EDT
MGE Spring Wheat »566.75USC+2.00+0.35%Jul 193:18AM EDT
Euronext Milling Wheat »177.25EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »881.50USC+3.50+0.40%Jul 193:21AM 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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