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

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

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

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

Notes: President Trump Monday threatened Iran with “great force” if it attacked US interests in the Middle East. This came after a rocket attack in Iraq’s capital Baghdad, which Washington suspects to have been organized by militia with ties to Iran.

Iran said Tuesday that it would resist US pressure, declining further talks under current circumstances.

Singapore Tuesday posted its lowest Quarterly growth in 10 yrs of 1.2% Y-Y. Growth in Thailand, a Key Asian emerging market, also slowed to a multi-year low.

Fed Chairman Jerome Powell said Monday it was “premature” to ascertain the impacts of trade and tariff on the trajectory of monetary policy instead enunciating that recent economic data pointed towards a healthy supply side.

In Asia

Gold: Gold eased Tuesday as increasing bets that the Fed will not cut interest rates this year boosted USDwhich usurped bullion’s safe-haven appeal.

  • Spot gold fell 0.2% to $1,275.61 oz at 0334 GMT,
  • US gold futures also eased 0.2% to $1,275.20 oz.

USD held near a 2.5-week high Tuesday, supported by higher US Treasury-yields boosted appetite for the safe-haven Buck.

Energy: Crude Oil prices rose Tuesday on escalating US-Iran tensions and expectations that OPEC will continue to withhold supply this year.

  • ICE Brent Crude Oil futures were at $72.24 bbl at 0534 GMT, +27c, or 0.4%, from Monday’s close,
  • NYMEX WTI Crude Oil futures were +26c, or 0.4%, at $63.36 bbl.

A meeting has been scheduled for 25-26 June to discuss the policy, but the group is now considering moving the event to 3-4 July according to OPEC sources Monday, with its de-facto leader Saudi Arabia signaling a willingness to continue withholding output.

Equities: Asian shares up some Tuesday after Washington temporarily eased trade restrictions imposed last week on China’s Huawei, although fears of a further escalation in tensions kept investors on edge.

MSCI’s broadest index of Asia-Pacific shares sans Japan was up 0.35%, just off its 4-month low tapped Friday.

It has fallen almost 8% from a 9-month high hit just over a month ago. Japan’s Nikkei fell 0.4%.

The blue-chip CSI300 index rose 1.0%, a day after it fell to a three-month intra-day low as Washington allowed Huawei Technologies Co Ltd to purchase American-made goods in order to maintain existing networks and provide software updates to existing Huawei handsets until 19 August.

Currencies: EUR under pressure ahead of the European election this weekend but was little moved at $1.1165, off Monday’s low of $1.1150.

USD flat to little changed at 110.21 JPY Monday’s near 2-week high of 110.32 JPY.

GBP near 4-month lows, trading at $1.2730, just up a bit from Friday’s low of $1.2714.

The RMB Yuan firmed to 6.9040 to USD in onshore trade, still not far from a 5.5-month low of 6.9188.

AUD -0.2% to $0.6891 after Australia’s central bank governor said he would consider the case for lower interest rates at its June policy meeting.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »63.41 USD+0.31+0.49%May 191:41AM EDT
ICE Brent Crude »72.22 USD+0.25+0.35%May 191:41AM EDT
NYMEX RBOB Gasoline »2.02 USD+0.01+0.42%May 191:35AM EDT
Dubai Crude Spot »71.17 USD+0.07+0.10%Dec 021:50AM EDT
ICE Gas Oil »645.50 USD-6.00-0.93%Jun 191:40AM EDT
NYMEX No2 Heating Oil »2.08 USD+0.00+0.22%May 191:41AM EDT
NYMEX Nat Gas »2.66 USD-0.02-0.64%May 191:39AM EDT
ICE NBP Nat Gas »30.60 GBP+0.000.00%May 1911:59AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,275.81USD-1.68-0.13%Dec 021:48AM EDT
COMEX 100oz Gold »1,276.10USD+0.000.00%May 197:01PM EDT
Silver Spot »14.42USD-0.05-0.31%Dec 021:48AM EDT
Platinum Spot »816.73USD+5.23+0.64%Dec 021:48AM EDT
Palladium Spot »1,336.15USD+7.15+0.54%Dec 021:48AM EDT
COMEX Copper »2.74USD+0.00+0.11%May 1912:00AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »394.75USC+5.75+1.46%Jul 191:42AM EDT
CBOT Wheat »486.25USC+8.00+1.65%Jul 191:43AM EDT
KCBT Wheat »443.00USC+8.50+1.92%Jul 191:38AM EDT
MGE Spring Wheat »548.00USC+4.50+0.82%Jul 191:34AM EDT
Euronext Milling Wheat »176.00EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »837.50USC+5.75+0.69%Jul 191:41AM 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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