I. Precious Metals
Gold
Gold climbed on Monday to its highest in more than seven weeks on buying fuelled by political uncertainty after comments by U.S. President-elect Donald Trump on NATO and China. Bullion edged higher lifted by safe-haven buying. On fundamental front, gold rose steadily as market views turn negative on the U.S. dollar after recent hefty gains and the appearance of risk events. British Prime Minister Theresa May’s  long-awaited speech on upcoming Brexit negotiations due on Tuesday, and Donald Trump’s inauguration speech on Friday will trigger market turbulence once again. The yellow metal is expected to extend gains out of safe-haven bids amid this background.
On chart, gold is lingering around the 100-week moving average of $1,200, which is likely to turn to a support if gold could hold above this level.

Silver
Spot silver rose slightly, holding above $16.8 an ounce with the solid support of the 50-day moving average. But the metal is expected to remain range-bound in near term with hefty resistance between $16.9 to $17.0.

II. Commodities
Crude Oil
Oil prices settled up on Monday, as Saudi Arabia's commitments to reducing production offset a report forecasting U.S. output would again rise this year. Saudi Energy Minister Khalid al-Falih said on Monday the country will adhere strictly to its output reduction commitment, expressing confidence that OPEC's plan to prop up prices would work. But expectations of rising oil output in the United States as well as the U.S. federal holiday on Monday capped price gains.

Copper
Copper eased on Monday as a stronger dollar prompted some investors to take profits following hefty gains last week on the back of strong economic data from the United States and China. The metal posted its best weekly performance in seven last week, climbing nearly 6 percent. With wider markets gearing up for U.S. president-elect Donald Trump's inauguration on Friday, some buyers are taking the opportunity to realize profits in copper.

Dealing Room, ICBC Beijing Branch
Yang Hui