I. Precious Metals
Gold
Gold fell to a one-month low as the dollar firmed on Wednesday, after the U.S. Federal Reserve kept interest rates unchanged as expected and the market reduced expectations of a surprise win by France's far-right presidential candidate. The Fed concluded its two-day meeting with a bullish statement that downplayed weak first-quarter economic growth, said inflation has been "running close" to its target, and emphasized the strength of the labor market, in a sign it could tighten monetary policy as early as June. Spot gold was down 0.8 percent at $1,246.76 an ounce, after falling below the 50-day and 200-day moving averages and touching its lowest since April 5 at $1,244.93.
On technical front, gold crossed below the 50-day and 200-day moving average successively to close at $1,237.80. The MACD index showed a bearish tone, suggesting heavy downward pressure. The support can be found at the 100-day moving average of $1,221.

Silver
Silver was down 1.4 percent at $16.567 per ounce, after touching the lowest since January 11 at $16.48. It was on track for its most technically oversold level on the 14-day relative strength index since November 2014, suggesting a new wave of technical pullback. With the resistance of $16.70 breached, downward pressure mounted in near term. Support can be found at the key mark of $16.

II. Commodities
Crude Oil
Oil prices settled slightly higher on Wednesday after a choppy trading session as the market digested U.S. government data showing that while there were signs a crude glut may be receding, inventories remained large with gasoline demand weak. U.S. West Texas Intermediate (WTI) crude settled up 16 cents at $47.82 a barrel. Benchmark Brent crude was up 33 cents at $50.79. In early trading, WTI fell as low as $47.30, the lowest since March 27, after the U.S. Energy Information Administration (EIA) said weekly crude stocks fell by 930,000 barrels to 527.8 million. That was less than half the forecast draw of 2.3 million barrels. Prices see-sawed as analysts also weighed EIA data showing gasoline stocks rose 191,000 barrels, much less than the predicted 1.3 million-barrel gain.

Copper
Copper tumbled 3.5 percent on Wednesday after hitting a three-week high in the previous session, as supply fears were eased by a large rise in stocks and worries over Chinese demand pulled down prices of steel and iron ore. Other base metals also fell, while nickel was pushed lower after Philippine lawmakers blocked the appointment of an environment secretary who had called for mine closures. Benchmark copper on the London Metal Exchange closed down 3.5 percent at $5,600 a tonne, on course for its biggest fall since September 2015. On Tuesday it had touched $5,820, its highest since April 10. On-warrant inventories available for delivery at LME-registered warehouses increased by 38,950 tonnes, or 32 percent, to 160,200 tonnes, the highest since mid-April.

Soybean
Chicago soybean futures rose on Wednesday, supported by technical buying and concerns over heavy rains. CBOT July soybeans were up 6-1/2 cents at $9.75-1/4. Soymeal also closed higher on strong export. The USDA is expected to release report on Thursday. Last week, export sales stood at 400,000 to 800,000 tonnes.

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Li Nan