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

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

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

FLASH: Gold Up, USD Flat, Crude Oil Off, Stocks Up

Notes: President Trump Sunday increased pressure on China to reach a trade deal, saying he will hike US tariffs on $200-B worth of Chinese goods tat 12:01a this Friday, and targets $325-B more..

China wants the tariffs to be lifted, while President Trump wants to keep some, if not all, of them as part of any final deal to ensure China lives up to its commitments, a White House official said Sunday.

China Vice Premier Liu He will travel to the US Thursday for trade talks, the pressure is on China to align with President Trump’s demands, or suffer more economic pain.

Gold did not deliver a substantial gain following The Trump Tariff ramp up and markets may see Bearish momentum accelerate if we do see a positive outcome with the talks in Washington this week. 

In Asia

Gold: Gold prices steadied Tuesday as President Trump’s threat to hike tariffs on Chinese imports ramping up pressure on China and caused investors to seek insurance in safe-haven assets.

  • Spot gold edged up 0.1% to $1,281.70 oz as of 0537 GMT,
  • US gold futures fell 0.1% to $1,282.70 oz.

Risk sentiment was dealt a blow on the news with falling Asian shares providing impetus to gold, which is used by investors to hedge against economic and political instability.

Energy: Crude Oil prices were under pressure Tuesday from concerns about the US-China trade dispute could slow the global economy, while US sanctions on exporters Iran and Venezuela helped keep the market on edge.

  • ICE Brent Crude Oil futures were at $71.09 bbl at 0341 GMT, -15c, or 0.2%, below Monday’s close,
  • NYMEX WTI Crude Oil futures were at $62.20 bbl, 5c below Monday’s close.

Bank of America said it expected Saudi Arabia “to bring back oil production slowly as Iranian barrels exit the market”, adding that overall it saw Brent Crude Oil prices having a floor at $70 per barrel in current market conditions.

Equities: Asian shares up from 5-week lows Tuesday but remained fragile after President Trump’s latest threat to raise tariffs on Chinese goods fueled worries that trade talks may be derailed.

MSCI’s broadest index of Asia-Pacific shares sans Japan rose 0.5%, erasing earlier losses. It dove 2% Monday after the US jacked up pressure on Beijing in the midst of trade negotiations.

Chinese shares rose after their worst drop in more than 3 years Monday.

The benchmark Shanghai Composite advanced 0.6%, the blue-chip CSI 300 climbed 1.0%. Hong Kong’s Hang Seng was up 0.7%.

Japan’s Nikkei shed 0.8%, taking a delayed hit as the country’s financial markets opened after a 10-day national holiday to mark the ascension of a new Emperor.

US stock futures for the S&P 500 declined as much as 0.8% in Asian trading hours Tuesday as Top US trade officials said China had backtracked on commitments in trade talks.

Currencies: Little movement was seen in the currency market, with EUR virtually flat at $1.1204, having held in a tight range for the past four sessions, while USD was steady at 110.70 JPY.

China’s RMB Yuan rebounded off 4-month lows touched the prior day, with the offshore unit gaining 0.2% to 6.7864 per USD and the onshore RMB Yuan rising 0.2% to 6.7727 per USD.

The Australian dollar rose 0.2% to $0.6999 though investors remained cautious ahead of an interest rate decision from the country’s central bank later Tuesday.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »60.54 USD-1.40-2.31%May 191:32AM EDT
ICE Brent Crude »69.34 USD-1.51-2.18%May 191:30AM EDT
NYMEX RBOB Gasoline »1.99 USD-0.03-1.69%May 191:30AM EDT
Dubai Crude Spot »68.42 USD-1.70-2.48%Dec 021:40AM EDT
ICE Gas Oil »633.25 USD-15.75-2.49%May 191:19AM EDT
NYMEX No2 Heating Oil »2.04 USD-0.03-1.63%May 191:30AM EDT
NYMEX Nat Gas »2.57 USD+0.00+0.08%May 191:31AM EDT
ICE NBP Nat Gas »33.99 GBP+0.000.00%May 1911:59AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,282.08USD+3.15+0.25%Dec 021:39AM EDT
COMEX 100oz Gold »1,282.20USD+3.00+0.23%May 199:18PM EDT
Silver Spot »14.85USD-0.07-0.47%Dec 021:39AM EDT
Platinum Spot »856.51USD-12.49-1.46%Dec 021:39AM EDT
Palladium Spot »1,358.00USD-13.00-0.96%Dec 021:39AM EDT
COMEX Copper »2.79USD-0.03-1.18%May 1912:59AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »352.50USC-10.50-2.98%May 198:26PM EDT
CBOT Wheat »428.00USC+0.000.00%May 195:30PM EDT
KCBT Wheat »386.25USC-6.75-1.75%May 199:59PM EDT
MGE Spring Wheat »499.50USC+0.000.00%May 191:15AM EDT
Euronext Milling Wheat »185.50EUR+0.000.00%May 1912:29PM EDT
CBOT Soybean »812.25USC-17.25-2.12%May 1911:31PM 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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