I. Precious Metals
Gold
Gold was up a shade on Thursday after the dollar flip-flopped in the wake of mixed U.S. data and as scepticism grew over whether OPEC members would be able to implement production cuts that could fuel inflation. The dollar index, which measures the greenback against a basket of currencies, rose to a session high after stronger than expected data on U.S. second-quarter economic growth and weekly jobless claims. The dollar, however, pared gains after further data showed contracts to buy previously owned U.S. homes dropped in August to their lowest level since January. When positive data is released, investors raise bets on a U.S. interest rate hike, which would increase the opportunity cost of holding non-yielding bullion. Gold pared earlier gains in the aftermath of a decision by the OPEC on Wednesday to make modest output cuts. The news gave oil an initial boost, only for the price to slip as investors questioned whether the deal would be enough to rebalance a heavily over supplied market.
On chart, gold was little changed on Thursday, trading within a narrow range between $1,310-$1,330. The MACD index is moving toward the axis zero, indicating a balance between bulls and bears. Rangebound will dominate the market in near term. Investors can keep an eye on the support below $1,310. Gold is expected to recover after hitting the level.

Silver
Silver traded at the bottom at around $19.10, failing to breaching the resistance of the 50-day moving average from above. The MACD index showed a balance between bulls and bears, with limited room for downturn in near term. The next support can be found at $18.70. On trading strategies, we maintain our view that short-term investors may build long positions after the white metal hit bottom.

II. Commodities
Crude Oil
Oil jumped more than 1 percent on Thursday, with Brent nearing $50 a barrel on optimism over OPEC's first planned output cut in eight years, although gains were limited by doubts the reduction would make a substantial dent in the global crude glut. The Organization of the Petroleum Exporting Countries agreed on Wednesday to cut output to 32.5-33.0 million barrels per day (bpd) from around 33.5 million bpd, estimated by Reuters to be the output level in August. OPEC said other details will be known at its policy meeting in November, leaving unanswered when the agreement will come into effect, what new quotas for member countries will be and for what periods, and how compliance will be verified. Brent crude settled up 55 cents, or 1.1 percent, at $49.24 a barrel. It hit a three-week high at $49.81. U.S. West Texas Intermediate crude rose 78 cents, or 1.7 percent, to settle at $47.83 after touching a one-month high at $48.32. Brent were up 7 percent and WTI surged 8 percent on the week, the largest two-day rally since April. On Wednesday, Reuters data showed volume in WTI hit a record high of about $4.6 billion in traded value. But Thursday's settlement, coming sharply off the day's highs, suggested the rally was waning.

Copper
A power outage in South Australia has halted more than 300,000 tonnes of annual copper production capacity from BHP Billiton's Olympic Dam and knocked out the Australian state's only lead smelter for at most two weeks, producers said on Thursday. A BHP spokesman did not say when operations would resume at the mine, which produced 203,000 tonnes of copper in fiscal 2016, or about 13 percent of company-wide output. After the event, copper futures closed 0.5 percent higher at $4,842 a tonne.

Soybean
U.S. soybean futures firmed on Thursday on signs of strong export demand. But gains were kept in check by reports of possible record high yields from fields in the U.S. as harvest ramped up. A mild round of liquidation was seen ahead of a key government report on Friday, traders said. Chicago Board of Trade November soybean futures settled up 4-3/4 cents at $9.50-1/4 a bushel.

Dealing Room, ICBC Beijing Branch
Li Nan

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