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

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

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

FLASH: Gold Down, USD Flat Crude Oil Up, Stocks Mixed

Notes: OPEC and allied producers led by Russia agreed last week to extend their supply-cutting deal until March 2020. Brent has risen nearly 20% in Y 2019, supported by the pact and tensions in the Middle East, especially the row over Iran’s nuclear program.

USD edged toward 3-wk highs Vs a basket of major currencies Wednesday, as fading expectations of an aggressive Fed interest rate cut drove US Treasury yields higher.

In Asia

Gold: Gold prices off Wednesday as USD climbed on expectations of a less dovish Fed, ahead of a testimony from the its Chairman Powell.

  • Spot gold was -0.4% to $1,392.50 oz, as of 0410 GMT,
  • US gold futures -0.4% to $1,394.90 oz.

The stronger USD is weighing on gold prices, it appears that the markets are backing away from their more dovish stance given that we have important mins being released by the Fed, people are locking in gains and reducing positions ahead of those Key events.

Holdings of SPDR Gold Trust (GLD), the world’s largest gold-backed ETF, fell 0.22% to 794.08 tonnes Tuesday from 795.80 tonnes Monday.

Energy: Crude Oil prices rose Wednesday, led by US WTI Crude after an industry group reported that US stockpiles fell for a 4th week running, alleviating concerns about oversupply due to global trade tensions.

  • NYMEX WTI Crude Oil climbed 81c, or 1.4%, to $58.64 by 0151 GMT,
  • ICE Brent Crude Oil was up 61c, or 1%, at $64.77.

The US and global benchmarks have gained this year as OPEC and big producers such as Russia have honored commitments to cut output.

Equities: Asian shares mixed Wednesday while rising Treasury yields lifted USD, as markets wondered if the Fed mins would confirm or confound expectations for US policy easing this month.

MSCI’s broadest index of Asia-Pacific shares sans Japan .MIAPJ0000PUS advanced 0.4%, after 3 losing sessions running.

South Korea .KS11 edged up 0.4%, but Japan’s Nikkei .N225 lagged with a loss of 0.2%. E-Mini futures for the S&P 500 ESc1 dithered either side of flat in very quiet trade.

Chinese blue chips .CSI300 barely budged as data showed inflation remained very subdued 

Wall Street was mixed, with the DJIA ending Tuesday down 0.08%, while the S&P 500 added 0.12% and the NAS Comp + 0.54%.

Currencies: .DXY bounced on a basket of peercurrencies to 97.521 .DXY from a June low of 95.843.

USD also firmed to 108.90 JPY, while EUR faded to $1.1204 having been as high as $1.1412 just 2 weeks ago.

The Mexican peso slid Tuesday when the country’s moderate Finance Minister Carlos Urzua suddenly resigned, citing “extremism” in economic policy.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »58.62 USD+0.79+1.35%Jul 1912:54AM EDT
ICE Brent Crude »64.78 USD+0.62+0.96%Jul 1912:51AM EDT
NYMEX RBOB Gasoline »1.93 USD+0.00+0.25%Jul 1912:50AM EDT
Dubai Crude Spot »63.47 USD+0.11+0.17%Dec 021:04AM EDT
ICE Gas Oil »582.75 USD+6.50+1.12%Jul 1912:46AM EDT
NYMEX No2 Heating Oil »1.92 USD+0.01+0.53%Jul 1912:49AM EDT
NYMEX Nat Gas »2.43 USD+0.00+0.04%Jul 1912:54AM EDT
ICE NBP Nat Gas »31.28 GBP+0.000.00%Jul 197:00PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,392.60USD-5.20-0.37%Dec 021:10AM EDT
COMEX 100oz Gold »1,397.50USD+0.000.00%Jul 197:01PM EDT
Silver Spot »15.08USD-0.02-0.15%Dec 021:08AM EDT
Platinum Spot »806.50USD+0.50+0.06%Dec 021:08AM EDT
Palladium Spot »1,547.94USD+0.94+0.06%Dec 021:08AM EDT
COMEX Copper »2.63USD+0.01+0.21%Jul 1911:00PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »430.00USC-1.75-0.41%Jul 198:36PM EDT
CBOT Wheat »509.75USC+0.000.00%Jul 195:33PM EDT
KCBT Wheat »440.50USC+0.000.00%Jul 191:00AM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »173.00EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean»884.50USC+1.75+0.20%Jul 197:59PM 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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