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

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

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

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

Notes: United Arab Emirates (UAE) Energy Minister Suhail al-Mazrouei earlier told reporters that producers were capable of filling any market gap and that relaxing supply cuts was not “the right decision.”

President Trump Tweeted that a conflict would be the “official end” of Iran, while Saudi Arabia said it was ready to respond with “all strength” and that it was up to Iran to avoid war.

Gold, $1,265 is now a Key support mark that must hold. A daily close below that region implies a much deeper correction could be imminent.

In Asia

Gold: Gold steadied Monday to trade near a 2-week low hit in the previous session as strong US economic data underpinned the USD, boosting its safe-haven status over gold amid geopolitical and trade tensions.

  • Spot gold flat to Unchanged at $1,276.55 oz as of 0525 GMT,
  • US gold futures 0.1% higher at $1,276.20 oz.

The precious Yellow metal fell to a 2-week low of $1,274.51 oz Friday after data showed United States consumer sentiment jumped to a 15-year high in early May amid growing confidence over the economy’s outlook.

The safe-haven demand of the U.S. dollar is taking some of the gloss off gold’s safety.

Energy: Crude Oil at multi-week highs Monday after OPEC indicated it will likely maintain production cuts that have helped support prices this year, while tensions continued to escalate in the Middle East.

  • ICE Brent Crude Oil +96c, or 1.3%, at $73.17 bbl by 0227 GMT,
  • NYMEX WTI Crude Oil +82c, 1.3% at $63.58 bbl.

Saudi Energy Minister Khalid al-Falih said Sunday there was consensus among the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers to drive down crude inventories “gently” but he would remain responsive to the needs of a “fragile market.”

Russian Energy Minister Alexander Novak earlier said an easing of cuts had been discussed and the supply situation would be clearer in a month, including from countries under sanctions.

Equities: Asian shares steadied Monday as investors caught their breath following another week of escalating US-China trade tensions, with sentiment turning brighter after the United States said it would lift tariffs in North America.

MSCI’s broadest index of Asia-Pacific shares sans Japan +0.6%, reflecting modest gains in markets across the region.

The cautious optimism failed to lift Chinese blue chips, which fell 1%.

Japan’s Nikkei stock index added 0.3%, after data showed growth in the world’s 3rd-biggest economy accelerated in Q-4.

Australian shares underpinned the market’s firmer mood, +1.7% after the center-right Liberal National Coalition won in federal elections, beating the left-wing Labor Party.

India’s NSE Stock Futures listed in Singapore rose 2.4% and the Rupee strengthened after exit polls showed Indian Prime Minister Narendra Modi is likely to return to power with an even bigger majority in parliament.

Shares in the trade-sensitive markets of SKorea and Taiwan also rose. The Taiwan SE Weighted Index added 0.3% and Seoul’s KOSPI rose 0.6%.

U.S. S&P 500 e-mini futures turned higher, rising 0.3% following losses on Wall Street Friday

Currencies: China’s offshore RMB Yuan rebounded after touching its weakest against the dollar since November Friday. It was last trading at 6.9351/dollar.

In onshore trading Friday, the RMB Yuan had weakened past the psychologically important 6.9/dollar mark to end at its softest in 19 weeks. However, sources told Reuters the PBoC is expected to use foreign exchange intervention and monetary policy tools to stop it weakening past the 7/dollar mark near term.

The onshore RMB Yuan strengthened to 6.9081/dollar Monday.

USD added 0.12% Vs JPY to 110.20, EUR was flat to Unchanged at $1.1155.

.DXY tracking the Buck against a basket of peers, was up a bit at 98.018.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »63.50 USD+0.74+1.17%May 191:43AM EDT
ICE Brent Crude »73.12 USD+0.91+1.24%May 191:43AM EDT
NYMEX RBOB Gasoline »2.06 USD+0.01+0.51%May 191:27AM EDT
Dubai Crude Spot »71.91 USD+0.74+1.03%Dec 021:52AM EDT
ICE Gas Oil »657.50 USD+0.50+0.08%Jun 191:42AM EDT
NYMEX No2 Heating Oil »2.11 USD+0.02+0.73%May 191:42AM EDT
NYMEX Nat Gas »2.64 USD+0.01+0.53%May 191:40AM EDT
ICE NBP Nat Gas »29.83 GBP+0.000.00%May 1911:59AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,275.54USD-1.61-0.13%Dec 021:58AM EDT
COMEX 100oz Gold »1,274.50USD+0.000.00%May 197:01PM EDT
Silver Spot »14.39USD+0.000.00%Dec 021:59AM EDT
Platinum Spot »821.55USD+8.05+0.98%Dec 021:58AM EDT
Palladium Spot »1,318.60USD+8.60+0.65%Dec 021:58AM EDT
COMEX Copper »2.75USD+0.000.00%May 197:01PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »388.50USC+5.25+1.35%Jul 191:52AM EDT
CBOT Wheat »471.50USC+6.50+1.38%Jul 191:53AM EDT
KCBT Wheat »430.75USC+10.50+2.44%Jul 191:51AM EDT
MGE Spring Wheat »535.75USC+8.00+1.49%Jul 191:43AM EDT
Euronext Milling Wheat »173.75EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »831.25USC+9.50+1.14%Jul 191:54AM 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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