I. Precious Metals
Gold
Gold prices turned lower on Tuesday, after nearing the prior session's one-month high, as the U.S. dollar, Treasury yields and stock markets extended gains. Spot gold was down 0.3 percent at $1,249.56 an ounce, having touched its highest in a month at $1,261.03 on Monday. We saw investors cycle out of gold but back into equity markets, adding to the pressure on gold. The U.S. dollar rallied above Monday's four-month low against a basket of major currencies, while the 10-year Treasury yield and U.S. stock indexes extended gains. This week, a number of Fed officials made speeches on monetary policy and economic outlook. Fed Vice Chairman Stanley Fischer said two more increases of U.S. overnight interest rates this year seemed "about right" during a television interview. The dollar index is still playing the biggest role in the direction of gold right now
The dollar index rebounded under the key support of 99.2 after last week’s decline. In the meanwhile, gold met resistance at $1,250. If bullion fails to cross above the aforementioned key resistance, it is quite likely to pull back. But its losses would be capped due to French election in the second half of April. The level of $1,220 is expected to provide a floor.

Silver
Silver rose 0.1 percent to $18.09 an ounce after hitting $18.23, the highest since March 2. On chart, silver could find hefty resistance at around $18.5. Under the impact of gold in near term, the white metal is expected to see technical rebound with the support at $17.90, if gold regains its ground.

II. Commodities
Crude Oil
Oil prices rose on Tuesday after a severe disruption to Libyan oil supplies and as officials suggested OPEC and other producing countries could extend an output-cuts deal to the end of the year. Earlier on Tuesday Iranian Oil Minister Bijan Zanganeh told reporters in Moscow that a global deal is likely to be extended, but time was needed to discuss the subject thoroughly. Both benchmarks were up about 2 percent at their session highs. Brent crude rose 58 cents, or 1.14 percent to settle at $51.33 per barrel. West Texas Intermediate (WTI) crude ended the session 64 cents, or 1.34 percent higher at$48.37 a barrel. The OPEC countries will meet in May to discuss whether they would extend an output-cuts deal, in which cooperation from non-OPEC countries constitutes an important element. At present, market participants have a bearish view on the compliance from non-OPEC countries.
On technical front, U.S. crude and Brent can find support at around $47.3 and $50.5 respectively with the MACD index showing weakening downward momentum. But sharp gains can be hardly seen in near term without key drivers as extension of an output-cut deal.

Copper
Copper rose on Tuesday after hitting a two-week low in the previous session as hopes that U.S. President Donald Trump would shift focus away from failed healthcare reform to economic stimulus lifted stocks and the dollar. Base metals gained on U.S.-led buying after data showed a surge in U.S. consumer confidence to a 16-year high, a trader said. Three-month copper on the London Metal Exchange closed up 2 percent at $5,873 a tonne. It touched $5,671, its lowest since March 9, on Monday. Workers are returning to work this week at the world's biggest copper mine in Chile after a strike that began on Feb. 9.

Soybean
U.S. soybean futures edged higher on Tuesday as traders adjusted positions ahead of a pair of key crop reports due Friday from the U.S. Department of Agriculture. USDA’s report might expect a jump in soybean planting this year. Bumper South American harvests are expected to trigger sell-off, keeping soy market in check.

Dealing Room, ICBC Beijing Branch
Qin Gang