Gold Up a Bit, but USMCA Deal Weighs + Commodities

Gold Up a Bit, but USMCA Deal Weighs + Commodities

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

In Asia

Gold is higher early Tuesday, having dipped Monday, as demand for riskier assets picked up after the United States and Canada reached an agreement to salvage a North American free trade deal aka USCMA.

US East Coast Crude Oil refiners are ramping up rail deliveries from Western Canada, grabbing stranded barrels that full pipelines have driven to a record discount.

Canada is having difficulty building and expanding pipelines due to environmental and aboriginal opposition, prompting a swing back to its crude-by-rail delivery system.

Bottlenecks helped drive the discount of Western Canadian Select heavy crude, the primary grade of Crude Oil produced in the province of Alberta, to a record $43.50 bbl below NYMEX West Texas Intermediate Crude Oil futures late last week.

Canadian light synthetic Crude Oil trades around $18 below WTI, making both Canadian benchmarks more attractive to US East Coast refiners than US grades or that imported from Europe or Africa.

ICE Brent Crude Oil, the international benchmark, is currently trading at nearly a $10 premium to WTI Crude Oil.

  • Spot gold edged up 0.3% to $1,190.81 oz at 0121 GMT.
  • US gold futures were up 0.3% at $1,195 oz
  • .DXY Vs a basket of 6 major currencies was steady at 95.27 after touching a 3-wk high at 95.37 Monday.
  • Asian stocks were steady as Japanese equities rose to a fresh 27-yr high
  • Crude Oil prices were elevated in the aftermath of the North American free trade deal (USMCA).
  • Monday, US President Donald Trump touted a new trade deal with Canada and Mexico as a win for US workers, while investors breathed a sigh of relief that the Key pillars of NAFTA survived his hardball strategy to reshape global commerce.
  • A measure of US factory activity retreated from a more than 14-year high in September as growth in new orders slowed, but supply bottlenecks appeared to be easing, suggesting a steady pace of expansion in manufacturing.
  • Federal Reserve Bank of Minneapolis President Neel Kashkari said Monday that he sees no need to increase US interest rates, given the “flashing Yellow” signal from the bond market and the fact that the economy is not in his view yet at full employment.
  • Growth in factory activity slowed across Europe and Asia in September, with export orders weakening before the latest escalation in the U.S.-China trade conflict, but was little changed in the Americas.
  • Canada’s Bank of Nova Scotia (Scotiabank) will pay $800,000 to settle charges filed by the US Commodity Futures Trading Commission that it engaged in spoofing in gold and silver futures contracts, the CFTC said Monday.
  • India raised gold holdings by 6.8 tonnes to 579.92 tonnes in August, while Morocco lowered gold holdings by 18.8 tonnes to 3.28 tonnes during the same frame, according to the IMF data.
  • Holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust (GLD), fell 0.28% to 740.17 tonnes on Monday.
  • Top Eurozone officials warned Italy Monday that its plan to borrow billions of extra Euros to fund spending pledges could tip the bloc back into crisis, vowing to pressure Rome to change course. Italy may be the next to leave the single currency bloc

Commodities: Energy

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
NYMEX Crude Oil »
75.59 USD
+0.29
+0.38% Oct 18 1:59AM EDT CLc1
ICE Brent Crude »
85.05 USD
+0.07
+0.08% Oct 18 1:59AM EDT LCOc1
NYMEX RBOB Gasoline »
2.13 USD
+0.01
+0.24% Oct 18 1:58AM EDT RBc1
Dubai Crude Spot »
82.87 USD
+0.11
+0.13% Dec 02 2:08AM EDT DUB-1M
ICE Gas Oil »
740.00 USD
+6.00
+0.81% Oct 18 1:55AM EDT LGOc1
NYMEX No2 Heating Oil »
2.41 USD
+0.00
+0.13% Oct 18 1:58AM EDT HOc1
NYMEX Nat Gas »
3.13 USD
+0.03
+1.02% Oct 18 1:59AM EDT NGc1
ICE NBP Nat Gas »
75.12 GBP
+0.00
0.00% Oct 18 7:00PM EDT

 

Commodities: Metals

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
Gold Spot »
1,191.91USD
+4.18
+0.35% Dec 02 2:08AM EDT XAU=X
COMEX 100oz Gold »
1,187.10USD
+0.00
0.00% Oct 18 7:01PM EDT GCc1
Silver Spot »
14.55USD
+0.08
+0.58% Dec 02 2:08AM EDT XAG=X
Platinum Spot »
825.10USD
+3.60
+0.44% Dec 02 2:18AM EDT XPT=X
Palladium Spot »
1,055.90USD
-0.60
-0.06% Dec 02 2:18AM EDT XPD=X
COMEX Copper »
2.76USD
-0.01
-0.43% Oct 18 1:15AM EDT

 

Commodities: Agriculture

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
CBOT Corn »
364.25USC
-1.50
-0.41% Dec 18 2:10AM EDT Cc1
CBOT Wheat »
511.00USC
+1.50
+0.29% Dec 18 2:10AM EDT Wc1
KCBT Wheat »
513.75USC
+2.25
+0.44% Dec 18 2:09AM EDT KWc1
MGE Spring Wheat »
580.00USC
+2.75
+0.47% Dec 18 2:09AM EDT 1MWEc1
Euronext Milling Wheat »
201.25EUR
+0.00
0.00% Dec 18 12:29PM EDT BL2c1
CBOT Soybeans »
855.00USC
-2.75
-0.32% Nov 18 2:10AM 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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