I. Precious Metals
Gold
Gold on Friday fell to its lowest level since late May at $1,208.31, as U.S. Treasury yields continued to rise, and the dollar surged to its highest in more than 13-1/2 years on expectations for a U.S. rate hike next month. The dollar-denominated bullion were therefore hit again. On technical front, gold was kept under pressure by market bears, and is expected to find support at the key mark of $1,200 as it gradually moved down to this level. Among current bearish circumstances, investors are not recommended to long the yellow metal at the time of temporary rebound.

Silver
Silver dropped to $16.58 an ounce, its lowest since June 8. Despite of declining at a slower pace, investors are not recommended to long the white metal as it’s still too early to say that a turning point is coming among all the headwinds for precious metals.

II. Commodities
Crude Oil
Oil prices settled higher on Friday, buoyed by growing expectations that OPEC will find a way to cap production at the end of the month. Iran has been the main stumbling block for capping production. While it has not yet responded to the proposal, the flexibility shown by others suggests OPEC members may be coming nearer to consensus as the Nov. 30 meeting approaches. In coming sessions, oil prices will still be impacted by the negotiations process. But if oil prices reach highs during the meeting, any disappointment would weigh on oil.

Copper
Copper settled lower and clocked its biggest weekly fall in a month on Friday as traders decided a rally driven by U.S. president-elect Donald Trump's economic policies was overdone The dollar soared to a 13-year high and investors with long positions started to cash in profits, sending copper lower. Still under downward pressure, its strength had been largely released.

Soybean
Chicago Board of Trade December soybeans firmed on solid export demand and technical buying. December soymeal fell on soyoil/soymeal spread trades and weak U.S. spot demand. CBOT January soybeans closed up 4-1/4 cents at $9.93-3/4 a bushel. December soymeal closed down $1.1 to $310.4 a tonne. December soyoil closed 35 cents higher at 34.05 cents.

Dealing Room, ICBC Beijing Branch
Yang Hui

Note: The information herein is provided for informational purpose only. You are liable for the risk incurred to the investments based on this information provided herein.