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

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

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

Markets were subdued Monday with the financial markets in the UK and the United States being closed for Holidays.

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

Notes: Trade concerns also remain high on investors’ list of concerns. President Trump said Monday that Washington was not ready to make a deal with China, but he expected one in the future, at the same time pressing Japanese Prime Minister Shinzo Abe to even out a trade imbalance with the United States.

In Asia

Gold: Gold prices down Tuesday, dropping for the 1st time in 4 sessions, as USD rebounded from multi-week lows after the EU parliamentary election results.

  • Spot gold was – 0.1% at $1,283.29 oz, as of 0338 GMT,
  • US gold futures were -0.1% at $1,282.30 oz,
  • Silver dipped 0.5% to $14.54 oz,
  • Palladium fell 0.4% to $1,330.70.

The price action in gold has been a bit disappointing and negative. It has not been able to break above $1,290-$1,300 despite the given background of trade tensions, pause in the Fed and volatile equity markets.

Some of the money flows are moving to Bitcoin. Seems like the cryptocurrencies are eating gold for lunch at the moment … Also, there is nothing at present which is looking to undermine USD’s strength.

Energy: ICE Brent Crude Oil prices consolidated above $70 bbl Tuesday, as supply cuts led by producer club OPEC and US sanctions on Iran’s and Venezuela’s fuel exports outweighed concerns about an economic slowdown.

  • Front-month ICE Brent Crude Oil futures were at $70.14 at 0218 GMT, +3c above the last session’s close,
  • NYMEX WTI Crude Oil futures were at $59.21 bbl, +58c, or 1% from their last close on Friday. WTI did not trade on Monday due to a public holiday in the US.

Prices have been supported by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) since the start of the year.

OPEC and Russia are due to meet on 25-26 June to discuss output policy going forward.

Equities: Asian shares tracked European gains Tuesday, as relief over EU election results eased concerns about political difficulties in the bloc and merger news supported auto shares; persistent concerns about trade capped regional sentiment.

MSCI’s broadest index of Asia-Pacific shares san Japan was up 0.07% in early trade, and S&P 500 e-mini futures rose 0.14% to 2,835.75.

Australian shares were up 0.51%, while Japan’s Nikkei stock index gained 0.41%.

Currencies: USD was up 0.05% Vs JPY at 109.55, and fell 0.04% Vs EUR, with the single currency buying $1.1192.

.DXY, which tracks the Buck against a basket of 6 peer rivals, 0.14% higher at 97.754.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »59.10 USD+0.47+0.80%Jun 1911:52PM EDT
ICE Brent Crude »70.04 USD-0.07-0.10%May 1911:48PM EDT
NYMEX RBOB Gasoline »1.96 USD+0.03+1.52%May 1911:42PM EDT
Dubai Crude Spot »67.59 USD-0.01-0.01%Dec 0212:01AM EDT
ICE Gas Oil »621.75 USD+0.50+0.08%Jun 1911:19PM EDT
NYMEX No2 Heating Oil »2.00 USD+0.03+1.64%May 1911:33PM EDT
NYMEX Nat Gas »2.58 USD-0.02-0.89%May 1911:49PM EDT
ICE NBP Nat Gas »29.93 GBP+0.000.00%May 197:00PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,283.05USD-1.75-0.14%Dec 0211:59PM EDT
COMEX 100oz Gold »1,283.00USD+0.000.00%May 197:01PM EDT
Silver Spot »14.54USD-0.05-0.34%Dec 0211:59PM EDT
Platinum Spot »812.52USD+6.52+0.80%Dec 0211:59PM EDT
Palladium Spot »1,333.05USD-3.45-0.26%Dec 0211:59PM EDT
COMEX Copper »2.71USD+0.01+0.22%May 1910:35PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »413.75USC+9.50+2.30%Jul 1911:55PM EDT
CBOT Wheat »499.50USC+10.00+2.00%Jul 1911:55PM EDT
KCBT Wheat »453.50USC+11.50+2.54%Jul 1911:53PM EDT
MGE Spring Wheat »555.75USC+7.75+1.39%Jul 1911:39PM EDT
Euronext Milling Wheat »182.00EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »844.00USC+14.25+1.69%Jul 1911:55PM 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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