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 Steady, USD Flat, Crude Oil Up, 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.

Middle East focus: Saudi Arabia Monday said that 2 of its Crude Oil tankers were among those attacked off the coast of the United Arab Emirates and described it as an attempt to undermine the security of supplies due to tensions between the US and Iran.

In Asia

Gold: Gold steadied Tuesday, having recouped the Key $1,300-mark in the previous session, after Beijing’s announcement of a retaliatory tariff-hike to counter Washington rocked risk sentiment, embellishing appetite for safe-haven assets.

  • Spot gold +0.1% to $1,301.40 oz at 0113 GMT,
  • US gold futures also +0.1% to $1,302.40 oz.

SPDR Gold Trust GLD), the world’s largest gold-backed ETF, said its holdings rose 0.44% to 736.46 tonnes on Monday from 733.23 tonnes Friday.

China raised gold holdings by 11.20 tonnes to 1,885.54 tonnes in March, the International Monetary Fund (IMF) said Monday.

Energy: Crude Oil prices inched up Tuesday, though gains were checked due to the escalation in the trade dispute between the US and China.

  • ICE Brent Crude Oil futures were at 70.27 bbl at 0104 GMT, +6c, or 0.1%, from Monday’s close,
  • NYMEX WTI Crude Oil futures were at $61.17 bbl, +12c, or 0.2%, from Monday’s settlement.

The US Energy Department said Monday that it is confident global Crude Oil markets are well supplied.

Equities: US-China tariff dispute issues pressured Asian shares Tuesday, but comments from President Trump that he expects trade negotiations to be successful aided sentiment.

MSCI’s broadest index of Asia-Pacific shares sans Japan was down 0.9% as volatile Chinese markets paused for their midday break. The index had earlier fallen as much as 1.25% to its lowest since 30 January

Providing some support for Asian markets were comments from President Trump late Monday that trade talks with China are “going to be very successful”. That helped lift US stock futures more than 0.5%, sentiment is very cautious.

The MSCI China index dropping 1.6%. China’s blue-chip CSI300 index swung between losses and gains amid signs of possible state support, before finishing the morning session off 0.2%.

Australian shares lost 0.9%, and Japan’s Nikkei stock index slid 0.8%, touching its lowest since mid-February.

Currencies: After earlier falling Vs the JPY, the USD strengthened 0.25% against the Japanese currency to 109.57.

EUR was up about 0.1% on the day at $1.1238.

.DXY tracks the Buck against a basket of 6 peers was flat to Unchanged at 97.313.

China’s offshore RMB Yuan hit a fresh Y 2019 low early in Asia Tuesday before rebounding. It was last trading at 6.8933 per USD, up 0.28% on the day.

RMB Yuan’s onshore counterpart strengthened to 6.8733 per USD after tapping 4-month lows Monday, triggering speculation China’s central bank may be letting the currency weaken due to the intensifying trade dispute.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »61.22 USD+0.18+0.29%May 1912:04AM EDT
ICE Brent Crude »70.46 USD+0.23+0.33%May 1912:03AM EDT
NYMEX RBOB Gasoline »1.97 USD+0.00+0.09%May 1911:41PM EDT
Dubai Crude Spot »69.23 USD+0.28+0.40%Dec 0212:11AM EDT
ICE Gas Oil »632.75 USD-6.50-1.03%Jun 1912:04AM EDT
NYMEX No2 Heating Oil »2.04 USD+0.00+0.09%May 1912:04AM EDT
NYMEX Nat Gas »2.64 USD+0.02+0.68%May 1912:02AM EDT
ICE NBP Nat Gas »32.15 GBP+0.000.00%May 197:00PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,299.80USD+0.15+0.01%Dec 021:48AM EDT
COMEX 100oz Gold »1,297.80USD-2.30-0.18%May 1910:06PM EDT
Silver Spot »14.79USD+0.03+0.17%Dec 021:48AM EDT
Platinum Spot »862.83USD+9.65+1.12%Dec 021:48AM EDT
Palladium Spot »1,329.90USD+7.90+0.59%Dec 021:48AM EDT
COMEX Copper »2.74USD+0.01+0.46%May 199:14PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »354.25USC+6.75+1.91%May 1911:00PM EDT
CBOT Wheat »431.25USC+0.000.00%May 195:12PM EDT
KCBT Wheat »397.00USC+0.000.00%May 191:00AM EDT
MGE Spring Wheat »507.75USC+0.000.00%May 191:26AM EDT
Euronext Milling Wheat »168.75EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »791.00USC+0.000.00%May 195:11PM 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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