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

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

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

FLASH: Gold Higher, USD Lower, Crude Oil Higher, Stocks Higher

Notes: Trade talks dominate headlines with a new round of negotiations between the US and China expected in Washington Tuesday, and follow-up sessions at a higher level this week.

Minutes of the Fed’s last policy meeting are due Wednesday and should provide more guidance on the likelihood or not for rate hikes this year. There is also talk the Fed will keep a much larger balance sheet than previously planned.

In Asia

Gold: Weak USD lifts Gold, and Palladium prices broke above $1,500 for the 1st time Wednesday due to a prolonged supply deficit

Gold rose to a fresh 10-month high as USD struggled before the Fed’s policy meeting minutes.

  • Spot gold +0.2% at $1,343.51 oz after rising to a high of $1,346.73 early in the session.
  • US gold futures -0.2% to $1,342.6 oz.

The dovish shift in Fed language YTD has improved the fundamental outlook for gold prices.

Energy: Crude Oil prices were marking Y 2019 highs Wednesday, propped up by supply cuts led by producer club OPEC and by US sanctions on Iran and Venezuela.

  • NYMEX WTI Crude Oil futures hit 2019 highs of $56.39 bbl shortly after 0300 GMT Wednesday, +30c, or 0.5% from Tuesday’s settlement.
  • ICE Brent Crude Oil futures were at $66.58 bbl, +13c or 0.2%, from Tuesday’s close and not far off their Y 2019 highs at $66.83 bbl Monday.

However, soaring US production and expectations of an economic slowdown look set to cap prices.

Equities: Japan’s Nikkei rose to more than 2-month highs Wednesday morning, as progress in US-China trade talks helped lift cyclical stocks such as autos and electronic equipment firms.

The broader Topix gained 0.5% at 1,613.96. 

Currencies: USD capped Vs its peers Wednesday on falling US Treasury yields and before the Fed’s policy meeting minutes, though it managed to gain on JPY, as stronger investor risk appetite curbed demand for the Japanese currency.

EUR +0.1 percent to $1.1353 and stood near 2-week high at $1.1358

GBP stretched its overnight rally and rose to a 2-week high at $1.3077.

The onshore Chinese RMB Yuan gained 0.5% to 6.7248 per USD.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »56.09 USD+0.000.00%Feb 1911:45PM EST
ICE Brent Crude »66.33 USD-0.12-0.18%Feb 197:00PM EST
NYMEX RBOB Gasoline »1.56 USD-0.00-0.26%Feb 1911:41PM EST
Dubai Crude Spot »66.39 USD+0.22+0.33%Dec 0212:22AM EST
ICE Gas Oil »610.00 USD-0.50-0.08%Mar 197:00PM EST
NYMEX No2 Heating Oil »1.99 USD-0.00-0.16%Feb 1912:03AM EST
NYMEX Nat Gas »2.66 USD-0.00-0.11%Feb 1912:12AM EST
ICE NBP Nat Gas »46.33 GBP+0.000.00%Feb 197:00PM EST
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,342.78USD+1.70+0.13%Dec 027:00PM EST
COMEX 100oz Gold »1,342.00USD+1.90+0.14%Feb 1911:13PM EST
Silver Spot »16.03USD+0.05+0.33%Dec 027:00PM EST
Platinum Spot »816.50USD-1.00-0.12%Dec 027:00PM EST
Palladium Spot »1,500.00USD+20.50+1.37%Dec 027:00PM EST
COMEX Copper »2.88USD+0.000.00%Feb 193:59PM EST
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »372.75USC+3.00+0.80%Mar 1912:18AM EST
CBOT Wheat »491.75USC+2.00+0.41%Mar 1912:16AM EST
KCBT Wheat »464.25USC+3.50+0.75%Mar 1911:30PM EST
MGE Spring Wheat »557.00USC+1.50+0.27%Mar 1911:55PM EST
Euronext Milling Wheat »194.25EUR+0.000.00%Mar 197:00PM EST
CBOT Soybean »900.25USC-0.50-0.06%Mar 1912:17AM EST

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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