In Asia: Gold Flat, USD Firm, Stocks Cautious + Commodities

In Asia: Gold Flat, USD Firm, Stocks Cautious + Commodities

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

  • Gold Prices Flat to Little Changed
  • USD Mixed/Firm
  • Crude Oil Steady
  • Asian Stocks Cautious 

Notes: We do not believe OPEC cuts will work this time around with Qatar going out and Iran refusing to cut, and there is a Big Q mark when Russia will go to its agreed production level. And US production will go on increasing. So the whole load will effectively be on Saudi Arabia, who is under severe pressure from President Trump now not to cut.

The Federal Open Market Committee (FOMC) is set to start it last 2-day meeting of the year on Tuesday.

In Asia

Gold: Gold prices are a bit lower Monday, as USD held firm below a 19-month high on safe-haven demand amid concerns of a global economic slowdown, and as investors awaited signals on  interest rate hikes from the FOMC meeting Wednesday.

  • Spot gold was down 0.1% at $1,237.51 oz, as of 0401 GMT, after having hit its lowest since 4 December at $1,232.32 Friday.
  • US gold futures were little changed at $1,241.3 oz.

Among other precious metals

  • Spot Palladium gained to $1,238.20 oz.
  • Silver declined marginally to $14.56 oz.
  • Platinum fell 0.6% to $782.50 oz.

Weaker-than-expected economic data out of China and Europe and fears of a possible US government shutdown enhanced appeal for the U.S. currency, which has played the role of a safe-haven asset in recent times.

Energy: Crude Oil prices were steady Monday after falling 2% in the Friday’s session, but remained under pressure on weaker growth in major economies and concerns about oversupply.

  • ICE Brent Crude oOil futures LCOc1 were at $60.33 bbl at 0423 GMT, +5c, or 0.08%, from Friday’s US close.
  • NYMEX WTI Crude Oil futures CLc1 were at $51.33 bbl, +13c, or 0.25%.

Persistent growth in US shale oil output continues to weigh on prices, while some analysts doubted that planned supply cuts led by the OPEC would be enough to rebalance markets.

Equities: Asian share markets began the week on a cautious note after soft economic data from China and Europe added to evidence of cooling global growth and continuing anxiety over the broadening impact of international trade frictions.

But, have ticked up Monday as investors cautiously looked to whether Key policy events in the United States and China could allay concerns about slowing global economic growth.

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.1% in early Monday trade, led by losses in China and Hong Kong. The CSI 300 of Shanghai and Shenzhen share index dropped 0.9%

Other markets showed some resilience.

Japan’s Nikkei was up 0.5% while US stock futures ticked up 0.2%. Taiwan also gained 0.3%.

Currencies: The US Dollar (.DXY) Index measures the Busk against 6 peer currencies, was just below the 19-month high of 97.71 marked Friday.

Commodities: Energy, Metals and Agriculture Grains

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »51.35USD+0.15+0.29%Dec 1812:28AM EST
ICE Brent Crude »60.35USD+0.07+0.12%Dec 187:00PM EST
NYMEX RBOB Gasoline »1.44USD+0.01+0.48%Dec 1812:23AM EST
Dubai Crude Spot »58.66USD+0.24+0.41%Dec 0212:39AM EST
ICE Gas Oil »555.00USD-1.25-0.23%Jan 197:00PM EST
NYMEX No2 Heating Oil »1.85USD+0.00+0.21%Dec 1812:28AM EST
NYMEX Nat Gas »3.62USD-0.20-5.57%Dec 1812:28AM EST
ICE NBP Nat Gas »67.95GBP+0.000.00%Dec 187:00PM EST
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,236.47USD-1.65-0.13%Dec 027:00PM EST
COMEX 100oz Gold »1,237.00USD+0.000.00%Dec 187:01PM EST
Silver Spot »14.55USD-0.01-0.08%Dec 027:00PM EST
Platinum Spot »784.30USD-2.71-0.35%Dec 027:00PM EST
Palladium Spot »1,241.90USD+4.30+0.35%Dec 027:00PM EST
COMEX Copper »2.75USD-0.01-0.40%Dec 189:00PM ES
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »385.00USC+0.25+0.06%Mar 1912:22AM EST
CBOT Wheat »531.25USC+1.25+0.24%Mar 1912:29AM EST
KCBT Wheat »519.00USC+0.75+0.14%Mar 1912:01AM EST
MGE Spring Wheat »584.00USC+0.000.00%Mar 1911:39PM EST
Euronext Milling Wheat »206.75EUR+0.000.00%Mar 197:00PM EST
CBOT Soybean»906.00USC+5.50+0.61%Jan 1912:27AM EST

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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