I. Precious Metals
Gold
Gold prices slipped on Monday as the dollar strengthened to a fresh near nine-month high on growing speculation that the U.S. Federal Reserve would hike interest rates in December. Recent positive economic data and comments from central bank officials have bolstered expectations of a rate hike, with traders on Monday seeing a nearly 70 percent chance that the Fed would tighten credit in December, according to data from CME Group's FedWatch program. Improving physical demand from major Asian consumers and lingering uncertainty around the Nov. 8 U.S. election could lend support in coming weeks, analysts said. The U.S. currency strengthened against a currency basket, lifted by the rising chance of Hillary Clinton becoming U.S. President, dragging safe-haven assets like gold down. Spot gold was down 0.2 percent at $1,263.44 an ounce, while U.S. gold futures for December delivery settled down 0.3 percent at $1,263.70. Third-quarter U.S. growth figures and Fed policymakers' speeches due this week will be closely watched for clues on a possible interest rate hike.
On chart, gold held below the 200-day moving average of $1,270.56. Rangbound is expected in near term with support and resistance at $1,250 and $1,276 respectively. Third-quarter U.S. growth figures and Fed policymakers' decision on interest rate hike in December will pose significant impact on its next move. In general, we will see a muted market ahead of Fed's policy meeting in December.

Silver
Silver rose slightly on Monday, up 0.3 percent at $17.59 an ounce. On chart, silver held above the 200-day moving average of $17.36. The MACD incdx pointed to strong market bulls. A long upper shadow line also indicates a upturn to the key mark of $18 at one point. We believe silver prices will remain rangebound in near term and are quite likely to track gold in the future.

II. Commodities
Crude Oil
Oil prices dipped on Monday, with U.S. crude briefly falling below $50 per barrel, on news of the impending restart of Britain's Buzzard oilfield and Iraq's wish to be exempted from OPEC production cuts. Buzzard, the North Sea field that contributes to the Forties crude stream and which pumps about 180,000 barrels per day (bpd), will restart on Tuesday or Wednesday, from a month-long planned maintenance, an industry source said. Iraq's oil minister Jabar Ali al-Luaibi said the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC) wanted to be exempt from output curbs as it needed more money to fight Islamic State militants. Brent, the international benchmark for crude, settled down 32 cents, or 0.6 percent, at $51.46 a barrel. Its session low was $50.50. U.S. West Texas Intermediate (WTI) crude fell 33 cents, or 0.7 percent, to settle at $50.52. WTI slid below $50 for the first time since Oct. 18, hitting a session low of $49.62, as some players locked in profits from oil's climb of more than $5 a barrel, or about 13 percent, over the past month. Still, losses in oil were limited by higher equity prices on Wall Street and by data from energy monitoring firm Genscape showing a weekly draw of about 1.0 million barrels of crude at the Cushing, Oklahoma, delivery hub for WTI.

Copper
The broader base metals sector has been buoyed by improved physical demand from China after data last week showed a surge in the prices of homes, a key sector for metals. LME copper lagged, edging up 0.1 percent to finish at $4,638 after the world's biggest copper miner, Codelco, cut its 2017 physical copper premium to European buyers, reflecting expectations of ample supply. The metal's future moves are expected to be subject to China's real estate sector in the future. We believe copper prices will remain rangebound in near term with key support at $4,600.

Soybean
U.S. soybean futures closed higher on Monday. Its November contract hit a two-month high on brisk U.S. exports and rising prices for vegetable oils, but bounced off highs on heavy selling from farmers. CBOT November soybeans finished up 9 cents at $9.92 per bushel, after hitting a high of $9.99-3/4, the peak since August 25. Spot soybean spread fell in the Gulf of Mexico and some Midwestern area as farmers sold soybeans after weekend’s harvest. The U.S. Department of Agriculture said the soybean harvest was 77 percent, up from last week's 62 percent. USDA said 2.739744 million tonnes of soybeans were inspected for export in the week ended Oct. 20, well above a range of market expectations for 1.9 million to 2.5 million tonnes.

Dealing Room, ICBC Beijing Branch
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