I. Precious Metals
Gold
Gold fell for the third straight session on Monday, but hovered above Friday's two-week low, pressured by comments from Federal Reserve Chair Janet Yellen that reinforced expectations of an increase to U.S. interest rates this month. Spot gold was down 0.6 percent at $1,226.61 an ounce, having slid on Friday to $1,222.51, the lowest since Feb. 15. U.S. gold futures settled down 0.08 percent at $1,225.50.
Yellen said last week that the Fed was poised to lift benchmark U.S. rates provided jobs and inflation data held up, comments seen as cementing plans for an increase at the Fed's March 14-15 meeting. Markets see a 90 percent chance of a rate increase this month in March. Fed comments have become increasingly hawkish, while investors are focusing on non-farm payrolls due Friday, which will provide a key guidance on Fed’s decision-making. Uncertainty over monetary policy in Europe and geopolitical tensions in North Korea will provide a floor to gold in near term.
On technical front, gold is expected to keep moving downward in near term, approaching the support of the 100-day moving average, where $1,210 might lend some short-lived support.

Silver
Silver swung sharply on Monday after big losses recorded last week. The white metal fell 1 percent to $17.78 an ounce, paring Friday’s all gains. On daily chart, silver had fallen below the 200-day moving average, and would remain under pressure by rising expectations over interest rates hike from the Federal Reserve. It is quite likely to fall further if it cannot regain the ground of $18 in near term.

II. Commodities
Crude Oil
Oil prices whipsawed on Monday, with benchmark Brent rising and U.S. crude easing slightly, after the market pushed higher early in the day on the Iraqi oil minister's comments that cuts might persist into the second half of the year.
Output forecasts from oil ministers of crude-producing countries buffeted the market as industry leaders gathered at the annual CERAweek energy conference in Houston.  Prices have been rangebound for more than 60 days on concerns that U.S. production growth may undermine the Organization of the Petroleum Exporting Countries' agreement to cut output during the first half of the year.
Rangebound would dominate the market in near term as investors are still searching for direction. U.S. West Texas Intermediate crude settled down 13 cents at $53.20 a barrel. Brent crude settled up 11 cents at $56.01 a barrel.

Copper
Copper prices fell to a more than one-week low on Monday on concerns the metal had extended too much but supply disruptions at the world's two biggest copper mines provided some support. Three-month copper on the London Metal Exchange closed 1 percent lower at $5,858 tonne, its lowest since Feb. 24. Copper has risen about 15 percent since Trump was elected U.S. President in November after he pledged to increase spending on infrastructure which would benefit commodities.
In supply news, Indonesia will not back down from new rules requiring Freeport-McMoran to divest a majority stake in its local unit, its mines minister said late last week. Meanwhile, a strike at world no.1 copper mine Escondida reduced copper output by 12 percent year-on-year. Declining supply will provide a support to copper prices in near term, but expectations over China’s economic growth will buffet demand for the meal. Market bulls shall remain cautious after recent gains.

Soybean
U.S. soybean futures rose on Monday, boosted by upbeat signs of export demand and shipment slowdown from Brazil. Heavy rains and muddy roads have slowed shipment of recently harvested soybeans from Brazil, keeping overseas buyers focused on the U.S. soy market. The USDA said on Monday soybean export inspections were  921,779 tonnes, bigger than last week’s 706,267 tonnes and analysts forecast of 550,000 to 750,000 tonnes. Hindered by the 30-day and 40-day moving average, the benchmark CBOT May contracts closed below session highs. CBOT May soybeans ended down 1/4 cent at $10.37-1/4 a bushel.

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