I. Precious Metals
Gold
Gold reversed earlier looses to end higher on Wednesday after hitting a two-week low of $1,216.41 an ounce, shrugging off earlier pressure from stronger-than-forecast U.S. inflation and retail sales that buoyed the dollar index to an almost five-week peak and U.S. Treasury bond yields to a three-week high. But bullion rebounded as the dollar came off its highs on profit-taking after U.S. Federal Reserve Chair Janet Yellen offered no additional insight on the timing of the central bank's next rate hike.
On technical front, gold extended gains to the second consecutive day, but sremained within its previous trading range. The low under-shadow line suggested support of market bulls. Bullion could find support and resistance at the 100-day moving average of $1,213 and $1,245 respectively.

Silver
Silver were almost flat, failing to breach over the resistance of $18. With strong buying support, we maintain our view that silver would test the level of $18 again after a short-lived correction.

II. Commodities
Crude Oil
Oil prices barely changed on Wednesday as high U.S. crude inventories fed concerns about a global glut, offsetting evidence earlier this week that the Organization of the Petroleum Exporting Countries and other producers were complying with agreed-upon supply cuts. A weaker dollar also helped to support greenback-denominated oil. On chart, oil remained range-bound under multiple forces, requiring more guidance on fundamentals.

Copper
Copper rose on Wednesday on upbeat signals for the U.S. economy and as talks to end a major strike in Chile were delayed. In Chile, renewed talks in Chile to end a week-long strike at Escondida, the world's biggest copper mine, have been delayed until likely at least Saturday, the union said. Three-month copper on the London Metal Exchange closed up 0.7 percent at $6,065 a tonne, after hitting its highest since May 2015 on Monday following a force majeure was declared on Escondida shipments.

Soybean
U.S. soybean futures surged 1.6 percent on Wednesday, bouncing back from two days of declines that attracted bargain hunters. The National Oilseed Processors Association (NOPA) said that its members crushed 160.621 million bushels during January, pace of crushing above market forecasts last month, showing strong demand. CBOT March soybean futures settled up 16-1/4 cents at $10.61-1/4 a bushel. CBOT March soymeal futures gained $7.4 at $346.9 a tonne. CBOT March soyoil futures closed down 0.2 cents at $33.94 per lb.

Dealing Room, ICBC Beijing Branch
Yang Hui