I. Precious Metals
Gold
Gold fell by 1 percent to a 10-month low on Friday as the dollar and U.S. equities rose. Expectations over infrastructure spending and higher inflation stoked U.S. Treasury yields and the dollar in the wake of Donald Trump’s election victory, which, along with Trump’s hawkish monetary policy, could cause the Fed to accelerate its timetable for raising rates. Amid the headwinds, gold fell 2.11 percent this week. On technical front, the momentum and MACD index still pointed to a bearish tone with resistance at $1,180 an ounce. The support was moved further down to $1,145 an ounce as the Federal Reserve is very likely to raise interest rates next week.

Silver
Silver tracked gold’s falling trajectory, and crossed below the support of $17. On the weekly chart, silver was consolidating with trading range between $16.3 to $17.2 an ounce.

II. Commodities
Crude Oil
Oil prices rose about 1 percent on Friday on hopes that non-OPEC producers meeting in Vienna over the weekend would agree to output restrictions following limits OPEC announced last week to curb an oil glut. Both Brent and U.S crude futures, however, notched their first weekly loss in four weeks. U.S. crude's West Texas Intermediate (WTI) futures ended the session at $51.50 a barrel, up 66 cents or 1.30 percent. Brent crude closed up 44 cents, or 0.82 percent, at $54.33 per barrel.

Copper
Copper ended the week higher on Friday as producer prices in China, the world's top metals consumer, rose at the fastest pace in more than five years in November as prices of coal, steel and other building materials soared. Three-month copper on the London Metal Exchange ended up 0.7 percent at $5,825 a tonne, clocking a 1 percent gain for the week.

Soybean
U.S. soybean futures rose 1 percent on Friday, recovering from an earlier two-week low, buoyed by technical buying and strong export demand. Soybean futures settled at  session highs due to a way of buying at the last moment. Soybeans for January delivery were 10-1/2 cents higher at $10.37-1/2 per bushel. January soymeal futures rose $5.1 at $318.8 a tonne. January soyoil futures closed down 32 cents at 36.94 cents.

Dealing Room, ICBC Beijing Branch
Yang Hui