I. Precious Metals
Gold
Gold came off its highs on Tuesday after Federal Reserve Chair Janet Yellen stroke a hawkish tone on interest rates. Earlier, it rebounded from $1,220 to hit as high as $1,234.4 before paring gains as the dollar climbed to a three-week peak and U.S. Benchmark 10-year notes yields jumped to a two-week high. Stronger U.S. stock indexes also dampened bullion’s appeal as a safe haven against inflation.
On technical front, gold remained within its previous trading range. But the MACD and the momentum index suggested a bullish bone. Bullion could find support and resistance at the 100-day moving average of $1,214.7 and $1,240 respectively.

Silver
Silver tracked gold, bouncing off highs after hitting $18.07. On chart, the white metal met heavy resistance at $18 after crossing over the 200-day moving average of $17.90. But the MACD and momentum index still pointed to a bullish tone. The metal is expected to rise above $18 after a short-lived correction.

II. Commodities
Crude Oil
Oil prices rose slightly on Tuesday after Monday’s tumbling, as evidence of surging U.S. crude oil stockpiles underscored concerns that shale production might limit the effectiveness of an OPEC-led effort to cut global output. On chart, oil is expected to remain range-bound. Investors are recommended for bargain-hunting and profit-taking.

Copper
Copper slipped into the red on Tuesday on hopes strike talks would restart at the world's biggest copper mine in Chile. Striking workers at Chile's massive Escondida copper mine have accepted a government invitation to try to resume dialogue with mine operator BHP Billiton as the strike entered its sixth day on Tuesday. There was no guarantee, however, that the two sides would make progress in the mediation. The metal is expected to be dominated by the factor.

Soybean
U.S. soybean futures fell on Tuesday, pressured by the rapidly advancing harvest of a record crop in Brazil due to expected dry weather, and bumper harvest in South America in much-needed rains in Argentina. Chicago Board of Trade March soybean futures ended down 9-1/4 cents at $10.45 a bushel, crossing below the 20-day moving average for the first time in a week. CBOT March soymeal futures also fell. CBOT March soyoil futures steadied on bargain-hunting after breaching below the 200-day moving average and hitting a two-week low.

Dealing Room, ICBC Beijing Branch
Yang Hui