I. Precious Metals
Gold
Gold fell more than 2 percent to a 9-1/2-month low on Wednesday as a buoyant dollar extended its rally to the highest since 2003 on the back of upbeat U.S. economic data that further cemented a case for increasing interest rates next month. Bullion prices remained weak after minutes from the Federal Reserve's Nov. 1-2 meeting showed policymakers appeared confident that the economy was strengthening enough to warrant interest rate increases soon. U.S. durable goods orders rebounded in October and jobless claims, though off a 43-year low, remained below a level consistent with a tightening labor market. The data sent the dollar index to a fresh 13-1/2 year high. Spot gold dropped 1.9 percent at $1,188.82 an ounce, after falling 2.5 percent to $1,181.45, the lowest since since Feb. 10.
On technical front, gold breached below the key mark of $1,200, unleashing the bearish strength, and opening up a new downward momentum. The MACD index indicates strong downtrend with near-term support at $1,173. Bullion is expected to remain weak ahead of Fed’s policy meeting in December. It shall be noted that the RSI pointed to a oversold range, meaning accumulating rebound demand. Rebound could be expected after a slew of losses.

Silver
Silver tracked gold, falling by as much as 3 percent to $16.14 an ounce, its lowest since early June. It pared some losses later in the session to close at $16.36 an ounce. On chart, the MACD index still showed strong downward momentum with support at the key mark of $16. 

II. Commodities
Crude Oil
Oil prices fell slightly on Wednesday amid investor doubts that OPEC will agree to a production cut large enough to make a significant dent in the global glut of crude as U.S. drilling rises. Members of the Organization of the Petroleum Exporting Countries (OPEC) will meet next week on Nov. 30 in Vienna to decide on the details of an agreement to cut output that the group has been trying to hammer out since September. Oil prices fluctuated throughout the day, starting lower in the morning and later briefly turning positive after the Energy Information Administration said U.S. crude stocks unexpectedly fell 1.3 million barrels last week after three straight weeks of builds. Reports that U.S. drillers added rigs this week tempered the gains ahead of the settlement. Drillers added three oil rigs in the week to Nov. 23, bringing the total count up to 474, the most since January, but still below the 555 rigs seen a year ago. In the U.S. market, West Texas Intermediate (WTI) crude oil futures settled down 7 cents, or 0.2 percent, at $47.96 a barrel. Brent crude futures settled down 17 cents, or 0.35 percent at $48.95 a barrel.

Copper
Copper surged on Wednesday to its highest in nearly two weeks as upbeat manufacturing data from the United States and the euro zone drove a wave of fund buying that reversed earlier weakness. The metal has risen 18.2 percent so far in November, and is heading its biggest monthly gain in more than a decade on speculation that U.S. President-elect Donald Trump's stated commitment to higher infrastructure spending could increase demand for raw materials. Three-month copper on the London Metal Exchange closed 2.2 percent higher at $5,739 a tonne, off a session low of $5,562 a tonne. Earlier it reached its highest since Nov. 11 at $5,786.

Soybean
Chicago Board of Trade soybean futures jumped as soyoil futures surged nearly 7 percent on Wednesday after the U.S. government released final requirements for biofuel use for next year, analysts said. January soybeans finished 4-1/4 cents higher at $10.34-1/4 per bushel after rising to the highest since July at $10.35-3/4. U.S market will close for Thursday's Thanksgiving holiday and resume trading on Friday.

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