I. Precious Metals
Gold

Gold edged higher Thursday on mounting safe-haven sentiment in response to uncertainty about the outcome of a tight U.S. presidential race. Spot gold settled up 0.5 percent to $1,303 an ounce. Democrat Hillary Clinton narrowed her lead over Republican rival Donald Trump according to the updated polls. Some even indicated that Trump took a read over Clinton just 5 days ahead of the Nov. 8 election. Clinton's national lead over Trump eroded to 3 percentage points among likely voters in a New York Times/CBS News poll on Thursday, down from 9 points just two weeks ago. Most surveys showed Clinton’s lead over Trump well below that of end-October. It is expected that gold prices will remain sensitive to the U.S. presidential polls in the short run. The market will now focus on the government's non-farm payrolls data, which is forecast at 173,000.
On chart, gold steadied above the 50-day moving average, with technical indicators still boosting gold’s rally. The resistance of previous highs at $1,307 is expected to be breached. But its gains will be limited due to failed test over the 100-day moving average after recent gains and cautious sentiment ahead of the presidential election and non-farm payroll due Friday. Gold is quite likely to trade between the 50-day and 100-day moving average.

Silver

Silver fell 0.7 percent at $18.32 an ounce after trading in a wide range between the 50-day and 20-day moving average. Pressured by the 50-day moving average, it closed at around the level for three days in a row, and is expected to turn to losses if it fails to breach the resistance of the range between the 50-day and 100-day moving average in this round of rally led by gold. The white metal opened below the 50-day moving average this morning. Investors shall closely watch whether it could hold above $18.5 at close.

II. Commodities
Crude Oil

Oil prices settled down more than 1 percent on Thursday as investors reeled from a record weekly surge in U.S. crude inventories, and remained skeptical about whether OPEC can actually implement its planned output cap. U.S. crude fell 68 cents, or 1.5 percent, to settle at $44.66 per barrel. At one point, oil had fallen more than $1 a barrel and hit a session low of $44.37. Brent crude was down 1.1 percent, at $46.35 a barrel. It hit a session low of 45.99. On Thursday, prices were also pressured as U.S. equities fell, with the S&P 500 stock index headed for its longest losing streak since the 2008 financial crisis. Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) meet on Nov. 30 in Vienna to agree on a production cap to reduce a global glut and combat low prices. Market watchers have grown skeptical that a concrete deal can be reached or enforced.

Copper

Copper extended gains to the eighth consecutive day on Thursday. LME copper gained 0.8 percent to $4,958 a tonne, having touched its highest since July 22 at $4,965.50. In the early session this morning, it rose higher above $4,960. Due to its large gains, pullback can take place at any minute. A present, the mark of $5,000 hit in July constitutes a key resistance. In addition, reports of weak physical demand from China may cap its gains, and increase the likelihood for correction.

Soybean

Chicago Board of Trade soybean futures closed higher on Thursday. Lifted by strong export to China, the contract rebounded from a two-week low hit on Wednesday. Soymeal and soyoil also end up. But investors were cautious and adjusted their positions ahead of U.S. presidential election on Tuesday. The U.S. Department of Agriculture monthly export sales report said soybean sales were 2.5 million, higher than expected. CBOT January soybeans gained 3 cents to $9.89-1/2 per bushel. CBOT December soymeal closed down $0.3 at $306.4 a tonne. December soyoil settled up 0.12 cents at $35.1 cents. The trading volume of the CBOT soybean, soymeal and soyoil was expected at 111,965 lots, 61,255 lots and 97,786 lots respectively.

Dealing Room, ICBC Beijing Branch
                          Lv Yan

                                  
Note: The information herein is provided for informational purpose only. You are liable for the risk incurred to the investments based on this information provided herein.