I. Precious Metals
Gold
Gold prices edged higher Thursday on rising safe-haven demand as the dollar declined and world shares slipped following renewed worries about China's economy. Exports in September declined 10% in September from a year earlier, the lowest since February, data from the General Administration of Customs showed. Imports also declined 1.9 percent in September. The trade surplus was $41.989 billion. The dollar index was down 0.3 percent, sending gold 0.3 percent higher at $1,257.60 an ounce. The yellow metal continued to consolidate under $1,260.

On chart, gold continued to consolidate under the 200-day moving average. The Bollinger bands showed the 20-day moving average further moved down to $1,290, with its lower bands breaching below $1,230. Despite that the MACD index showed a possible rebound in near term, its strength will be curbed by the resistance of the 20-day moving average, that is likely to send gold sharply lower in coming sessions.

Silver
Silver moved in tandem with gold, keeping rangebound without breakthrough. It was slightly up 0.4 percent at $17.52 an ounce. On chart, the opening of Bollinger path widened as the pressure from middle band mounted. If it failed to rebound under the support of the MACD index, it might see a wave of sharp decline under the resistance of $18.

II. Commodities
Crude Oil
Oil prices settled up on Thursday after a U.S. government report showing hefty draws in diesel and gasoline offset the first crude inventory build in six weeks. Crude prices fell initially when the U.S. Energy Information Administration (EIA) said crude stocks swelled 4.9 million barrels in the week ended Oct. 7. It was the first crude build since the end of August. Prices bounced back as the market turned its attention to product inventory drawdowns in the same EIA data. The EIA reported a drop of 3.7 million barrels for distillates, which include diesel and heating oil, and 1.9 million barrels decline for gasoline. Analysts had expected distillates to draw by just 1.6 million barrels and gasoline to decline by 1.5 million. Brent crude settled up 0.4 percent, at $52.03 per barrel. U.S. crude ended up 0.5 percent, at $50.44.

Copper
Copper prices slipped over 2 percent at $4,712 a tonne, having earlier fallen to a one-month low of $4,687, after China's September trade data showed a sharp decline in imports, raising new concerns about demand in the world's biggest user of metals. China's imports of copper last month fell by 26.1 percent compared with September 2015 and, at 340,000 tonnes, were also lower by 10,000 tonnes from August. Its concentrate imports declined last month by 4.1 percent to 1.39 million tonnes. China's September exports fell 10 percent from a year earlier, far more than expected, while imports unexpectedly shrank, suggesting the stabilization of China’s economy might be short-lived. Weak demand at home and abroad deepened concerns over the latest depreciation in China's yuan currency.

Soybean
U.S soybeans rose on Thursday after a four-day decline boosted by technical buying. At the Chicago Board of Trade, November soybeans recovered after hitting the lowest since September 27. But it bounced off highs as expectations for a record high crop production curbed soybean prices. November soybeans rose 10-3/4 cents, settling at $9.56-1/4 a bushel. December soymeal rose $5.8 to $302.3 a tonne. December soyoil BOZ6 added 0.04 cents to 33.38 cents. The trading volume of the CBOT soybeans was expected to stood at 284,402 lots.

Dealing Room, ICBC Beijing Branch
Lv Yan

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