I. Precious Metals
Gold
Gold rose in a choppy trade on Thursday, as investors took the opportunity to buy bullion as a hedge against political uncertainty in the United States and Europe. Earlier in the session, bullion was subdued by U.S. residential construction and employment data showing that the economy continued to rebound. The yellow metal closed the day at $1,238.91 an ounce after rebounding to a one-week high of $1,242.33.
On technical front, gold failed to cross over the resistance of $1,240 at the close. But the MACD and momentum index continued to show solid upward momentum. Gold is expected to come near the 200-day moving average of $1,260 if it could breach above the February peak of $1,245. The support remained at the 100-day moving average of $1,212.

Silver
Silver tracked gold, closing in the positive territory in volatile and holding above the key mark of $18 an ounce. On chart, silver had been extending gains since early February with multiple technical indicators pointing to a bullish tone. The white metal is expected to find resistance and support at $18.6 and the 200-day moving average of $17.90 respectively.

II. Commodities
Crude Oil
Oil swayed between modest gains and losses throughout the session on Thursday, as the market weighed swelling U.S. inventories against possible renewed efforts by major oil producers to reduce a price-sapping glut. Swinging without direction, we need more guidance on fundamentals.

Copper
Copper closed 1.1 percent lower at $6,000 a tonne on profit-taking after a failure to build on a recent rally. Copper's gains have been fuelled by a strike at BHP Billiton's Escondida mine in Chile and a lack of permits for exports from Freeport McMoRan's Grasberg mine in Indonesia. China’s downbeat OAI also weighed on market mood.

Soybean
U.S. soybean futures fell 1.7 percent on pressure from the advancing harvest in Brazil. CBOT March soybeans dropped 17-1/2 cents to $10.43-3/4 a bushel. CBOT March soymeal futures lost $4.9 at $342 a tonne. CBOT March soyoil futures closed down 0.42 cents at 33.52 cents per lb.

Dealing Room, ICBC Beijing Branch
Yang Hui