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

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

2$GLD, $SLV, $USD, $USO, $OIL, $WEAT, $CORN, $SOY

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

Notes: President Trump increased pressure on China to reach a trade deal, as he hiked US tariffs on $200-B worth of Chinese goods, and now targets $325-B more.

The UAE said Sunday that 4 commercial vessels were hit by sabotage near the Emirate of Fujairah, 1 of the world’s largest bunkering hubs lying just outside the Strait of Hormuz.

The UAE gave no details on the nature of the sabotage or who was behind it. It said there were no casualties and operations at Fujairah port were normal.

Earlier this month, the Maritime Administration warned that US commercial ships including oil tankers sailing through key Middle East waterways could be targeted by Iran in one of the threats to U.S. interests posed by Tehran

Gold is facing strong resistance at $1,290 restricting buying from technical traders.

In Asia

Gold: Gold prices dipped Monday as trade tensions and uncertainty over a deal weighed on RMB Yuan, making the bullion expensive for buyers in world’s largest consumer: China.

  • Spot gold was -0.2% at $1,283.46 oz, as of 0351 GMT,
  • US gold futures also -0.2% to 1,284.40 oz.

Gold price in RMB Yuan has risen fairly sharply since early May and Shanghai premiums are softening. That is probably taking the edge off demand and maybe inducing some people to sell gold.

Energy: Crude Oil futures were mixed Monday, with US Crude Oil edging lower, as investors and traders wondered about global economic growth prospects due a standoff in US-China trade talks.

  • NYMEX WTI Crude Oil futures were at $61.58 bbl, -9c, or 0.2% at 0223 GMT,
  • ICE Brent Crude Oil futures were at $70.73 bbl, +11c, or 0.2%, from Friday’s close.

The US and China together accounted for 34% of global Crude Oil consumption in Q-1 of Y 2019, data from the International Energy Agency showed. The US-China trade dispute is set to intensify, which will limit gains in prices we believe.

Equities: US stock futures and Asian shares fell Monday on concern over whether the United States and China will be able to salvage a trade deal, after Washington sharply hiked tariffs feeding Beijing ‘bitter fruit’

E-Mini futures for the S&P 500 -1.0%.

MSCI’s broadest index of Asia-Pacific shares sans Japan dropped 0.5%, nearing its 2-month low marked Thursday.

Chinese shares tumbled, with the benchmark Shanghai Composite and the blue-chip CSI 300 shedding as much as 1.6% and 1.9%, respectively, before paring some of the losses.

Hong Kong’s financial markets were closed for a Holiday.

Japan’s Nikkei average sunk as much as 1.0% to hit its lowest mark since 28 March, it last traded down 0.5%.

Currencies: The offshore RMB Yuan fell to its lowest mark in more than 4 months at 6.88 to USD. It last stood down 0.5% at 6.852 per USD.

The other major currencies were relatively calm, with the safe-haven JPY still supported but not aggressively so. USD was holding at 109.75 JPY, down 0.2% on the day and just above a 14-wk low of 109.46.

EUR was steady at $1.1233, and .DXY flat to little changed against a basket of 6 peer currencies at 97.302.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »61.61 USD-0.05-0.08%May 191:09AM EDT
ICE Brent Crude »70.81 USD+0.19+0.27%May 191:08AM EDT
NYMEX RBOB Gasoline »1.99 USD+0.01+0.26%May 191:07AM EDT
Dubai Crude Spot »69.22 USD-0.27-0.39%Dec 021:19AM EDT
ICE Gas Oil »636.75 USD+0.50+0.08%Jun 191:06AM EDT
NYMEX No2 Heating Oil »2.06 USD+0.01+0.38%May 191:07AM EDT
NYMEX Nat Gas »2.62 USD-0.00-0.15%May 191:06AM EDT
ICE NBP Nat Gas »32.54 GBP+0.000.00%May 197:00PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,284.12USD-1.48-0.12%Dec 021:19AM EDT
COMEX 100oz Gold »1,283.10USD-2.60-0.20%May 1912:40AM EDT
Silver Spot »14.69USD-0.06-0.39%Dec 021:19AM EDT
Platinum Spot »852.40USD-8.60-1.01%Dec 021:19AM EDT
Palladium Spot »1,335.90USD-21.10-1.58%Dec 021:19AM EDT
COMEX Copper »2.77USD-0.01-0.51%May 1912:00AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »342.50USC+0.000.00%May 195:15PM EDT
CBOT Wheat »419.00USC+0.000.00%May 195:25PM EDT
KCBT Wheat »379.25USC+0.000.00%May 191:00AM EDT
MGE Spring Wheat »508.75USC+0.000.00%May 191:00AM EDT
Euronext Milling Wheat »169.00EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »797.00USC+0.000.00%May 195:24PM EDT

Have a terrific week.

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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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