I. Precious Metals
Gold
Gold prices slipped below $1,220 an ounce during one point on Monday as the dollar index rose to a three-week high against a basket of currencies and U.S. 10-year notes yields climbed to a one-week high. U.S. equities firmed, with the benchmark S&P 500's market value hitting record high. In the medium and longer term, political and economic uncertainty from the U.S., Europe and on the Korean front will drive prices high again.
On technical front, gold formed a long under-shadow line for two straight days, suggesting some support from below. The MACD index also pointed to a bullish tone. Bullion could find support and resistance at the 100-day moving average of $1,214.7 and $1,240 respectively.

Silver
Silver tracked gold, pressured by the 200-day moving average of $17.90. On chart, the MACD and momentum index suggested a bullish tone. The metal is expected to rise above $18 if it could cross over the resistance of the 200-day moving average.

II. Commodities
Crude Oil
Oil prices declined on Monday by about 2 percent, the most since mid-January, as the dollar index rose to a three-week high, shrugging off an OPEC report showing large cut by Saudi Arabia. Government data showed U.S. shale oil production for March is expected to rise by the most in five months, countering high compliance with last year's production-cut deal, and weighing on prices. On chart, oil is expected to remain range-bound. Investors are recommended for bargain-hunting and profit-taking.

Copper
The price of copper on Monday hit its highest level since May 2015, after shipments from the world's two biggest copper mines were disrupted. A strike at the world's biggest copper mine, Escondida in northern Chile, entered a fifth day on Monday On Friday BHP said that it would not be able to meet its contractual obligations on metal shipments. Meanwhile, Freeport-McMoRan Inc said an Indonesian export ban remained in place, the world's second largest, because it had yet to reach agreement with the government on a new mining permit. This will provide a floor to copper prices.

Soybean
U.S. soybean futures fell on Monday, weighed down by improving conditions for growth in South America that fuelled expectations for a massive harvest in key exporters Argentina and Brazil. CBOT March soybean futures settled down 4-3/4 cents at $10.54-1/4 a bushel. CBOT March soymeal futures gained $1.1 at $343.2 a tonne. CBOT March soyoil futures closed down 0.44 cents at $34.17 per lb.

Dealing Room, ICBC Beijing Branch
Yang Hui