I. Precious Metals
Gold
Gold rallied more than 1.5 percent to a one-week high on Wednesday, as the U.S. Federal Reserve called for gradual monetary tightening after raising interest rates by an expected 25 basis points for the second time in three months. The central bank said in its policy statement that further hikes would only be "gradual," with officials sticking to their outlook for two more rate hikes this year and three more in 2018. Policymakers’ dovish tone drove the dollar lower, while gave a boost to gold. Elections in the Netherlands and looming Brexit talks have been boosting gold's safe-haven appeal.
Gold rebounded sharply to around $1,220 an ounce as expected after Fed raised interest rates, and is expected to consolidate at current level, or pull back in coming sessions.

Silver
Silver surged on Wednesday, up over 2 percent as expected to around $17.40 an ounce. The white metal is expected to track gold, consolidating or pulling back in coming sessions.

II. Commodities
Crude Oil
Oil prices on Wednesday climbed for the first time in more than a week on a surprise drawdown in U.S. crude inventories and data from the International Energy Agency (IEA) suggesting OPEC cuts could create a crude deficit in the first half of 2017. Crude inventories fell 237,000 barrels in the week to March 10. Analysts had forecast an increase of 3.7 million barrels. IEA says OPEC output cuts could bring supply deficit. A weaker dollar also expanded gold’s gains.

Copper
Copper prices advanced on Wednesday for the fourth straight session, bolstered by a weaker dollar and continuing supply problems, including stoppages at the world's two biggest mines. A turning point was in the picture as some signs show the strike may end next week. Three-month copper on the London Metal Exchange closed 0.8 percent higher at $5,865 a tonne.

Soybean
U.S. soybean futures fell for the eighth session in a row on Wednesday, retreating after posting early gains. The National Oilseed Processors Association said its members crushed a smaller-than-expected 142.792 million bushels of soybeans during February, the smallest monthly total since September. The most active soy contract edged down on technical selling after the bearish news. CBOT May soybeans dropped 1-1/4 cents to close at $9.98 a bushel. CBOT May soymeal rose $0.4 to $327.6 a tonne. May soyoil closed 0.08 cents lower to 32.22 cents per lb

Dealing Room, ICBC Beijing Branch
Yang Hui