I. Precious Metals
Gold
Gold prices fell to a three-week low on Tuesday, lingering around $1,255.90 an ounce. as demand for riskier assets drove stocks higher and the dollar hit a six-week peak against the yen. Spot gold was down 0.9 percent at $1,253.66 an ounce in a narrow range, the lowest since April 11. Asian stocks rose to a two-year high on Tuesday, dampening bullion’s safe-haven appeal. North Korea will dominate gold prices in near term. U.S. President Donald Trump on Monday opened the door to meeting North Korea's Kim Jong Un, saying he would be honoured to meet the young leader under the right circumstances, even as Pyongyang suggested it will continue its nuclear weapons tests. Any progress in North Korea’s nuclear test would escalate geopolitical tensions in Northeast Asia, boosting demand for safe-haven gold and buoying bullion prices.
On technical front, gold held around Monday’’s closing prices and closed at $1,256.35 an ounce on Tuesday. Despite that the MACD index showed strong bearish tone, gold prices failed to breach the 200-day moving average of $1,252.58 with strong support at around $1,250. A correction is expected if gold did not cross below this level.

Silver
Silver was up 0.4 percent at $16.91 an ounce, after falling 2 percent to $16.78, its lowest since March 10. It failed to cross over the key mark of $17 despite of a mild rebound during the session. On technical front, the MACD index still showed a bearish tone, with heavy downward momentum. Resistance can be met at $16.70.

II. Commodities
Crude Oil
Brent crude oil prices fell on Tuesday to its lowest level in over five months, erasing all of the gains since OPEC agreed to cut production at the end of November, after breaking through a key technical support level. The market was already trading lower prior to the technical selloff on reports of rising output in the United States, Canada and Libya and declining compliance by members of the Organization of the Petroleum Exporting Countries with the deal to cut output during the first half of this year. Brent futures fell $1.06, or 2.1 percent, to settle at $50.46 a barrel, the lowest close since Nov. 29 - the day before OPEC agreed to cut supply. U.S. West Texas Intermediate crude fell $1.18, or 2.4 percent, to $47.66 a barrel, its lowest close since March 21. The sharp technical decline came after U.S. futures fell below last week's low of $48.20 a barrel, which was their lowest since late March.

Copper
Copper prices hit a three-week high on Tuesday due to concerns about supply disruptions in Indonesia, but caution over slowing demand in top consumer China capped gains. Benchmark copper on the London Metal Exchange, untraded in the rings, ended up 1.2 percent at $5,735.50 a tonne from an earlier $5,820 a tonne, its highest since April 10. The news about the strike in Indonesia at Grasberg has lifted prices. Thousands of workers from the Indonesian unit of Freeport McMoRan Inc staged a rally near the Grasberg copper mine on Monday, protesting against layoffs by the miner due to a contract dispute with the government.

Soybean
Chicago soybean futures were 1-1/2 cents lower at $9.68-3/4 a bushel on short-covering and technical selling. Traders are expected to see the corn planting area drowned at weekend be replaced by soybeans. The contract hit technical resistance at its 40-day moving average, a level it has not broken through since March 6.

Dealing Room, ICBC Beijing Branch
Li Nan