I. Precious Metals
Gold
Gold edged higher on Tuesday, snapping a three-session losing streak. Before that, the dollar and Treasury yields strengthened on expectations that the economic policies of President-elect Donald Trump will boost U.S. inflation, dragging down gold. Treasury yields pulled back after investors’ response cooled, sending gold prices higher. On market sentiment front, investors were more rational on Trump’s win, and were seeking more details on his policies, posing a moderate effect on precious metals. On chart, the effectiveness of the support of $1,200 was proved once again. Gold is expected to consolidate around current level in case of a quiet market.

Silver
Silver rebounded on Tuesday, closing above $17 an ounce. We believe that the white metal, like gold, will consolidate at around current level due to lack of guidance on fundamentals.

II. Commodities
Crude Oil
Oil prices jumped 6 percent on Tuesday, with U.S. crude notching its biggest daily percentage gain in seven months, on renewed expectations that OPEC will agree later this month to reduce a global supply glut despite if persisting disagreements among OPEC members before the group's meeting in Vienna on Nov. 30. OPEC secretary-general Mohammed Barkindo will travel to member nations, including Iran and Venezuela, over the next several days to discuss the deal. Saudi Energy Minister Khalid al-Falih is expected to travel to the Qatari capital, Doha, this week for meetings with oil-producing countries, including Russia. The OPEC’s efforts refueled market expectations on an output cut deal. Oil prices surged on short-covering, and will be dominated by the negotiations ahead of the meeting.

Copper
Copper prices fell on Tuesday. Three-month LME copper fell 3.2 percent to a one-week low of $5,360 a tonne after the base metal surged to a 11-month high buoyed by Trump's promises of infrastructure spending, and upbeat official Chinese data showing that fixed-asset investment quickened. It began to pull back on profit-taking, and is expected to fall further in coming sessions.

Soybean
U.S. soybean rose on Tuesday after a monthly report from the National Oilseed Processors Association showed its members crushed 164.641 million bushels of soybeans in October, the third-heaviest total on record. Soy and soyoil futures were also lifted.

Dealing Room, ICBC Beijing Branch
Yang Hui

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