I. Precious Metals
Gold
Gold fell to a nearly three-week low on Thursday as the dollar gained against the euro after the European Central Bank said it would extend the lifespan of its bond-buying program.
Spot gold was down 0.7 percent at $1,267.61 an ounce after touching $1,266.27, its lowest since Oct. 6. U.S. gold futures for December delivery settled down $9.40, or 0.7 percent, at $1,269.60 per ounce.
European stock markets gained following the decision as investors started to price out future rate increases, moving away from safe-haven gold and bonds and into stocks and other assets perceived as risky. The dollar index crossed above the resistance of 94. An upbeat U.S. economic growth report due tomorrow would further weigh down gold. The next support can be found at $1,260.

Silver
Silver dropped 0.9 percent to $16.76 an ounce after touching $16.72, its lowest since Oct. 6. It breached below the 100-day moving average of $16.88.
Technical front, the 5-day moving average crossed below the 20-day moving average to form a dead cross, suggesting pressure on silver in the near term. The support can be found at $16.65.

II. Commodities
Crude Oil
Brent crude closed at a 27-month high on Thursday as the market focused more on comments from Saudi Arabia about ending a global supply glut instead of an unexpected increase in U.S. crude inventories and high U.S. production and exports.
Brent futures gained 86 cents, or 1.5 percent, to settle at $59.30 a barrel, its highest close since July 3, 2015. U.S. West Texas Intermediate crude, meanwhile, rose 46 cents, or 0.9 percent, to settle at a six-month high of $52.64, its highest close since April 17.
Oil market is under the joint force of the OPEC’s output cut and U.S. production increase. Technically, we maintained our view that oil prices will pull back gradually after hitting as high as $52.86.

Copper
Copper closed 0.3 percent lower at $6,986 per tonne as the dollar edged up. But the decline was limited due to sufficient bargain-hunting and as rising aluminium and zinc boosted market morale. Copper prices are expected to stay high.

Soybean
U.S. soybean futures fell on Thursday, following a selloff in soymeal futures. The soymeal futures dropped stemmed from weakness in the cash market as supplies were plentiful amid strong deliveries of newly harvested soybeans to processors. Chicago Board of Trade December soymeal futures sagged 1.1 percent to a three-week low. The contract fell $3.3 to $312.1 a tonne. The benchmark CBOT soybean futures contract closed below its 30-day moving average for the first time since Oct. 11. CBOT November soybeans were down 4-1/4 cents at $9.71-1/4 a bushel. Soyoil futures firmed, with traders unwinding long soymeal/short soyoil spreads as soymeal declined. December soyoil ended up 0.24 cent at 34.5 cents per pound.

Dealing Room, ICBC Beijing Branch
Huang Han