I. Precious Metals
Gold

Spot gold gained 0.86 percent at $1,304.6 per ounce. U.S. Stocks, dollar and treasury bond yields faded across the board, after U.S. President Donald Trump called off a summit with North Korea.

Gold's safe haven appeal was also burnished after the U.S. launched a national security investigation into car and truck imports that could lead to new tariffs similar to those it imposed on steel and aluminum.

The Fed meeting minutes released Wednesday appear to be less hawkish on interest rates, lending a support to bullion prices.

Gold prices had propelled above previous trading range. But an extended rally will be determined by whether gold could cross above the resistance of the 200-day moving average of $1,307.

Silver

Silver gained 1.5 percent at $16.67 an ounce. The strength yesterday can be attributed to the joint propelling of previously suppressed market bulls. Investors shall closely watch whether the white metal can hold above the support of the 100-day moving average of $16.66.

II. Commodities
Crude Oil

Oil prices fell about $1 on Thursday, with expectations building that reduced supplies from Venezuela and Iran could prompt OPEC to wind down output cuts in place since the start of 2017.

OPEC and some other major oil producers, scheduled to meet in Vienna next month, may decide in June to lift output to make up for reduced supply from crisis-hit Venezuela and Iran, which was stung by the U.S. decision to withdraw from the nuclear arms control deal. Oil futures also fell as market participants took profits ahead of the U.S. Memorial Day holiday weekend.

Brent crude futures fell $1.01 to settle at $78.79 a barrel, a 1.27 percent loss. U.S. West Texas Intermediate (WTI) crude futures fell $1.13 to settle at $70.71 a barrel, a 1.57 percent loss.

Copper

Copper recovered some lost ground after Wednesday's 1.6 percent fall, though appetite for risk remained fragile after U.S. President Donald Trump called off a planned summit with North Korean leader Kim Jong Un. Data that showed LME copper stock at 2,125 tonnes also capped its gains.

Copper finished at $6,880 a tonne, up 0.2 percent, having suffered its biggest one-day decline since April 27 in the previous session.

Soybean

CBOT soybeans slipped for the first time in the past five sessions on Thursday, pressured by profit-taking and technical selling. Earlier support from signs of renewed export demand from top buyer China once lifted prices to three-week highs.

CBOT July soybeans settled down 3-1/2 cents at $10.35-3/4 a bushel after hitting the highest since May 4. It crossed below the technical support of the 50-day moving average.

CBOT July soymeal fell $3.4 to $377.3 per ton. CBOT July soyoil inched up 0.01 cent to 31.71 per pound.

Dealing Room, ICBC Beijing Branch
                        Huang Han