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

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

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

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

Notes: The Organization of the Petroleum Exporting Countries and its allies including Russia, known as OPEC+, will meet in June to decide whether to continue withholding supply. That comes after they previously agreed to crimp output by 1.2-M BPD from 1 January for 6 months.

US Treasury Secretary Steve Mnuchin told reporters Monday trade negotiations between the Washington and their Chinese counterparts were “making a lot of progress.”

President Trump has threatened to impose tariffs on $11-B worth of EU products, heightening tensions over a long-running transatlantic Airbus subsidy dispute.

In Asia

Gold: Gold prices fell for a 4th session running Tuesday,as recent upbeat economic data and signs that Washington and Beijing were making headway in a nearly year-long tariff dust-up boosted risk sentiment.

Better economic conditions stoke investors to pivot towards equities that are interest-bearing assets, and shun the non-yielding gold.

  • Spot gold was down 0.2% at $1,285.22 oz, as of 0532 GMT,
  • US gold futures -0.3% to $1,288 oz

The Key reason that pressures gold is the improved economic data, for countries such as China for example, things have turned around a bit.

Other element that pressures gold is the 10-year T-Note yields in the US, which, despite easing yesterday, has been creeping up from its March lows.

Holdings of SPDR Gold Trust (GLD), the world’s largest gold-backed ETF Monday dropped to 754.03 tonnes, their lowest since 9 November 2018.

Energy: Crude Oil prices off Tuesday after a Russian Minister said the nation and OPEC may boost output to fight the United States for market share, checking a recent rally driven by tighter global production.

  • ICE Brent Crude Oil futures were at $71 bbl at 0431 GMT, -18c, or 0.25%, from Monday’s close,
  • NYMEX WTI Crude Oil futures were at $63.32 bbl, -8c, or 0.13%, from Monday’s close.

Russian Finance Minister Anton Siluanov said at the weekend that Russia and OPEC may decide to boost production to fight for market share with the United States, but this would push Crude Oil as low as $40 bbl.

Equities: MSCI’s broadest index of Asia-Pacific shares sans Japan Monday hit a peak since July 2018 as a reaction to the strong Chinese data.

Equity markets are trading on an even keel, while optimism about a US-China trade deal continues to be very supportive for risk sentiment completely deflating investor appetite for safe-haven plays like gold.

Currencies: .DXY up Vs a basket of its peers Tuesday with investors erring on the side of caution as they looked for more concrete signs of stabilization in the global economy, it was last a shade higher at 96.980 after ending the prior session flat to unchanged.

The Australian Dollar, a barometer of investor sentiment, -0.4% to $0.7144 coming off a near 7-week high hit on Friday.

EUR  was down a bit at $1.1297, erasing the prior session’s small gain.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »63.60 USD-0.29-0.46%Apr 1912:37AM EDT
ICE Brent Crude »71.39 USD-0.16-0.22%Apr 1912:37AM EDT
NYMEX RBOB Gasoline »2.02 USD-0.02-0.87%Apr 1912:34AM EDT
Dubai Crude Spot »70.03 USD-0.30-0.43%Dec 0212:48AM EDT
ICE Gas Oil »630.75 USD-2.25-0.36%May 1912:35AM EDT
NYMEX No2 Heating Oil »2.06 USD-0.01-0.31%Apr 1912:38AM EDT
NYMEX Nat Gas »2.64 USD-0.01-0.57%Apr 1912:37AM EDT
ICE NBP Nat Gas »38.52 GBP+0.000.00%Apr 197:00PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,289.36USD-0.64-0.05%Dec 0212:48AM EDT
COMEX 100oz Gold »1,290.60USD+0.000.00%Apr 197:01PM EDT
Silver Spot »14.96USD+0.01+0.09%Dec 0212:48AM EDT
Platinum Spot »889.54USD+3.54+0.40%Dec 0212:48AM EDT
Palladium Spot »1,366.74USD-4.76-0.35%Dec 0212:48AM EDT
COMEX Copper »2.95USD+0.000.00%Apr 197:01PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »362.75USC+1.75+0.48%May 1912:35AM EDT
CBOT Wheat »462.50USC-2.00-0.43%May 1912:38AM EDT
KCBT Wheat »431.00USC-3.25-0.75%May 1912:18AM EDT
MGE Spring Wheat »536.25USC+5.00+0.93%May 1912:36AM EDT
Euronext Milling Wheat »189.25EUR+0.000.00%May 1912:29PM EDT
CBOT Soybean »

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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