I. Precious Metals
Gold
Gold rose to an almost three-week high on Tuesday as the U.S. dollar retreated from multi-month highs and physical demand rose before India's late-October festival season. The U.S. dollar slipped from a nearly eight-month high against the euro and a roughly three-month peak against the Japanese yen after comments from Bank of England Governor Mark Carney dampened expectations for more monetary stimulus in Europe. Gold is a traditional gift during two of the most important Hindu festivals, Dhanteras and Diwali, which will be celebrated at the end of the month. physical demand from Asia provided a floor to gold prices. China accounts for 27 percent of global demand for gold, while India for 24 percent, analysts said in a note. Spot gold was up almost 1 percent at $1,273.87 an ounce, after rising to $1276.67, the highest since Oct. 5. U.S. gold futures settled up 0.8 percent at $1,273.60 an ounce.
On chart, gold rose slightly, breaching above the resistance of the 200-day moving average of $1,271.48, but still held below the resistance of $1,276. On chart, the resistance will sustain. Investors shall closely watch chart moves around this level. In case of successful breakthrough, gold might break previous rangebound and trigger an upturn trend.

Silver
Silver tracked gold, but failed to hit the key mark of $18. It closed at $17.76, extending its winning streak to the third consecutive session. On chart, silver remain within the trading range, with support at the 200-day moving average of $17.38. A breaching above $18 is expected to start a wave of new rally.

II. Commodities
Crude Oil
Oil settled down over 1 percent on Tuesday with U.S. crude sliding below $50 a barrel for the first time in the week, as the American Petroleum Institute (API) reported growing U.S. oil inventories due to rising import, higher gasoline stockpiles and a drawdown of distilled oil. The API reported that U.S. crude stocks rose by 4.8 million barrels to 471.9 billion barrels in the week ended Oct. 21 versus a 1.7-million barrel build forecast by analysts polled by Reuters. Crude stocks at the Cushing, Oklahoma, delivery hub slipped by 2.3 million barrels. Oil extended losses in post-settlement trade. Oil prices were also depressed by producers' verbal jockeying over planned output cuts by the Organization of the Petroleum Exporting Countries. Iraq, OPEC's second largest producer, reiterated on Wednesday its resistance to contributing to the cuts while data showed it had higher output for October. Brent, the international benchmark for crude, settled down 67 cents, or 1.3 percent, at $50.79. In post-settlement trade, it sank further to $50.56. U.S. West Texas Intermediate (WTI) crude settled down 56 cents, or 1.1 percent, at $49.96, below $50 a barrel for the first time in the week. After the API report, it fell to $49.72. Some technical analysts pegged WTI's next support at $49.15, its bottom on Oct. 10 before it rallied to a 15-month high of $51.93 on Oct. 19.

Copper
Copper prices rose to their highest in more than a week on Tuesday as the dollar slipped and talk of further fiscal stimulus by top consumer China fuelled buying of commodities. Benchmark copper on the London Metal Exchange ended up 2.1 percent at $4,735 a tonne from an earlier $4,754.5, its highest since Oct. 13. China accounts for nearly half of global copper demand. Fiscal and monetary stimulus in the country has boosted investment and demand for base metals and supported prices this year. Stronger manufacturing surveys in the United States and Europe has also helped to boost sentiment. But the market still expects a copper surplus, which will limit any attempts to push the price higher.

Soybean
Soybean futures were mixed on Tuesday, trading in a wide trading range, traders said. November soybean contract closed lower, while forward-month soybean contracts rose slightly. The November soybeans finished 1-1/4 cents lower at $9.90-3/4 per bushel, remaining within yesterday’s trading range. Soybean prices fell in the session due to pressure that Brazilian exporters last week signed deals for four soybean shipments for delivery to China in November and December, and more shipments are under negotiation. The U.S. Department of Agriculture said China bought 516,000 tonnes of U.S. Soybeans. The USDA said the soybean harvest was 76 percent complete, in line with the five-year average progress, but slightly lower than market consensus of 77 percent complete.

Dealing Room, ICBC Beijing Branch
Li Nan

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