I. Precious Metals
Gold
Gold edged lower on Thursday as the dollar traded within reach of an almost 14-year high hit on positive U.S. economic data, which increased expectations the Federal Reserve will increase interest rates in December. Fed policymakers appeared confident on the eve of the U.S. presidential election that the economy was strengthening enough to warrant rate increases soon, minutes from the central bank's Nov. 1-2 meeting showed. Gold closed at $1,181.67 an ounce after touching its lowest since Feb. 8 at $1,180.99 overnight. With U.S. markets closed for the Thanksgiving holiday, trading volumes were thin.
On technical front, gold extended gains and was drawing near around $1,180. The MACD index pointed to bearish pattern, suggesting mounting downside pressure in near term with support at $1,173. The yellow metal is expected to remain weak ahead of the Federal Reserve’s policy meeting in December.

Silver
Spot silver fell 0.6 percent to $16.25 an ounce after falling to its lowest since June in the previous session. Precious metals, as a whole, was dampened by a weak gold and a strong dollar at an almost 14-year high lifted by October durable goods orders. On chart, the MACD index still showed strong downward momentum with support at the key mark of $16. 

II. Commodities
Crude Oil
Oil prices were little changed on Thursday ahead of next week's meeting of the Organization of the Petroleum Exporting Countries (OPEC) to discuss implementation of its proposed cap on production. Brent crude futures settled up 5 cents at $49.00 a barrel. Traders said market activity was low because of the U.S. Thanksgiving holiday and there was a reluctance to take on big price bets amid uncertainty about the planned OPEC-led production cut. Russia could revise down its 2017 oil production plans if a global output freeze comes into force, effectively cutting output by 200,000-300,000 barrels per day (bpd), Energy Minister Alexander Novak said. Most analysts believe that some form of cut will be agreed, but it is uncertain whether it will be enough to prop up a market that has been dogged by a supply overhang for more than two years. The head of the the International Energy Agency (IEA) Fatih Birol told Reuters that even if production is cut, higher prices could prompt U.S. shale oil drillers to massively increase their own output.

Copper
Base metals rose on improved sentiment on Thursday and copper headed towards its 2016 peak as funds piled in on expectations of stronger demand and tighter supplies. Overall, copper, up 20 percent so far in November, is on course for its biggest monthly gains since April 2006. Copper closed up 2.2 percent at $5,868 a tonne, its highest since Nov. 11 when the metal used widely in power and construction climbed above $6,000 for the first time since June last year.

Soybean
U.S. markets was closed for the Thanksgiving holiday.

Dealing Room, ICBC Beijing Branch
Li Nan

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