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

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


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

Notes: US Crude Oil inventories fell by 3.1-M bbls in the week ended 12 April to 452.7-M, compared with analysts’ expectations for an increase of 1.7-M bbl, according to data from the American Petroleum Institute (API) released Tuesday.

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 trade negotiations between the Washington and their Chinese counterparts were “making a lot of progress.”

In Asia

Gold: Gold prices stayed below the Key support mark at $1,280 on Wednesday, as better-than-expected economic readings from China lifted Asian shares and sharpened risk appetite, denting the precious Yellow metal’s safe-haven appeal.

  • Spot gold +0.1% at $1,277.32 oz, as of 0513 GMT,
  • US gold futures +0.2% at $1,278.80 oz.

China’s pace of economic growth in Q-1 remained steady at 6.4%, beating expectations of a growth rate of 6.3%.

Energy: Crude Oil prices rose for a 2nd day Wednesday on signs of strong demand from refineries in China, the world’s 2nd-largest user, on tightening supply as producers curtail output and as inventories in the United States fell unexpectedly.

  • ICE Brent Crude Oil futures +27c, or 0.4% at $71.99 bbl by 0513 GMT,
  • NYMEX WTI Crude Oil futures at $64.48 bbl, +43c, or 0.7% from the prior settlement.

Crude Oil futures edged up as market sentiments were buoyed by a surprise draw-down in US Crude Oil inventories and tighter market fundamentals in the current term.

Equities: Asian share markets up Wednesday as a raft of Chinese data easily beat expectations in a sign Beijing’s policy stimulus may finally be gaining traction in the world’s 2nd-largest economy.

Japan’s Nikkei added 0.5% to reach its highest in almost 5 months, while E-Mini futures for the S&P 500 rose 0.2%.

MSCI’s broadest index of Asia-Pacific shares sans Japan gained 0.2% to near its highest since July 2018.

Currencies: The USD Topped resistance on JPY at 112.13 to reach its highest since December at 112.16. It was last at 112.02.

.DXY was flat on a basket of currencies at 96.991, still within the 95.00 to 97.70 range that has held for the past 6 months.

EUR edged up a touch to $1.1298, having slipped form $1.1314 overnight on a report that several European Central Bank policymakers think the bank’s economic projections are too optimistic.

The New Zealand Dollar sank as far as $0.6668 after annual consumer price inflation came in well below expectations at just 1.5% for Q-1.

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

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
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
CBOT Corn »358.75USC-0.25-0.07%May 191:32AM EDT
CBOT Wheat »446.75USC+1.75+0.39%May 191:26AM EDT
KCBT Wheat »418.75USC+1.75+0.42%May 191:35AM EDT
MGE Spring Wheat »526.00USC-1.25-0.24%May 191:19AM EDT
Euronext Milling Wheat »186.25EUR+0.000.00%May 1912:29PM EDT
CBOT Soybeans »889.00USC+1.00+0.11%May 191:46AM EDT
CBOT Soybean Oil »28.79USC+0.07+0.24%May 191:44AM 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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