I. Precious Metals
Gold
Gold prices inched down on Monday, lingering around $1,200 an ounce. The U.S. Federal Reserve will announce the widely expected decision to raise rates on Thursday. The majority of investors believed that the U.S. central bank would raise interest rates again in this meeting, keeping bullion prices subdued. On the other hand, concerns over Europe split increased in the wake of UK triggering the country's exit from the European Union, and the prospect of eurosceptic party coming to power in the Netherlands and France, providing a floor to gold prices. The yellow metal is expected to remain rangebound at current level as investors await Fed’s policy meeting statement, and the guidance of this event on gold and financial market as a whole.
On technical front, both the MACD and momentum index suggest that gold is under pressure. The support and resistance can be found at $1,190 and 1,220 respectively.

Silver
Silver slid below $17 an ounce after a fierce fight around this level. The white metal is expected to remain going sideways ahead of the release of Fed’s policy meeting statement. The support and resistance can be found at $16.60and 17.40 respectively.

II. Commodities
Crude Oil
Oil prices settled a few cents lower on Monday, as investors wondered whether swelling U.S. crude supplies would hinder OPEC's efforts to restrict output and reduce a global glut. Oil was pressured down last week, posing the biggest week-on-week drop in four months. The steep price slide could slow as traders finish unwinding bullish long positions. Brent crude futures settled down 2 cents at $51.35 a barrel. The session low was $50.85, the lowest since Nov. 30. U.S. West Texas Intermediate crude (WTI) settled down 9 cents at $48.40 a barrel.

Copper
The price of copper rose 1 percent on Monday to its highest level in over two weeks, buoyed mostly by supply disruptions after workers at Peru's top copper miner downed tools indefinitely late last week. This added to supply disruptions caused by a month-long stoppage at BHP Billiton's Escondida mine in Chile and Freeport's Grasberg mine in Indonesia. Fundamentals are positive for copper. Three-month copper on the London Metal Exchange closed 1.1 percent higher at $5,796 a tonne.

Soybean
U.S. Soybean futures were mixed on Monday. The most active Chicago Board of Trade soybean contract, for May, fell 1/2 cent at $10.06 a bushel after marking its lowest since Jan. 11 at $10.03 a bushel. CBOT may soymeal closed higher on bargain hunting after hitting a two-month low last week. May soyoil also fell, underperforming soymeal.

Dealing Room, ICBC Beijing Branch
Yang Hui