Comex Insights 08-Jan-2019

Crude Oil:

  • Oil prices were stable supported by hopes that talks in Beijing between U.S. and Chinese officials might defuse trade disputes between the world's biggest economies

  • OPEC-led supply cuts also tightened markets.

  • There is also concern that a worldwide economic slowdown will dent fuel consumption.

  • Looking at oil supplies, 2019 crude prices have been supported by supply cuts from a group of producers around the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC member Russia.

  • Brent crude futures were at $57.42/barrel rose 0.2% from their last close.

  • WTI crude oil futures were at $48.56/barrel rose 0.1%

Gold:

  • Gold prices slid on Tuesday in Asia, as the U.S. dollar rebounded after falling for four straight sessions amid expectations that the U.S. Federal Reserve may shift its position and slow down future increases in interest rates in 2019.

  • Gold Futures for February delivery declined 0.5% to 1,283.50

  • Prices of the yellow metal tend to rise when rate hike expectations ease because lower rates reduce the opportunity cost of holding non-yielding bullion.

Palladium and Platinum:

  • Palladium touches all-time high at $1,313.24/oz

  • Palladium was trading at a premium to gold, having touched a record high of $1,313.24 earlier in the session.

  • The metal, used mainly in emissions-reducing auto-catalysts for vehicles, gained 0.5 percent to $1,306.55.

  • Platinum touches over 1-month high at $831.10/oz

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