I. Precious Metals
Gold
Gold fell more than 1 percent on Monday on cooling concerns over France’s exit from the European Union after Centrist Emmanuel Macron won the first round of the country's election. But the geopolitical risks in euro zone linger as Macron will compete with far-right candidate Marine Le Pen in the final run-off. Rising safe-haven sentiment on top of quick changes in their support and campaign activities may drive gold higher.
On chart, gold slid on Monday, but a long shadow ling showed strong support at $1,270. Bullion was expected to keep trading within previous range at highs with resistance at the key mark of $1,300.

Silver
Silver reversed the losing course and held around $17.93. If it could cross over the 200-day moving average of $18, silver is expected to see a round of rally in near term.

II. Commodities
Crude Oil
Oil prices slipped nearly 1 percent on Monday, extending last week's decline, on lack of confirmation that OPEC will extend output cuts until the end of 2017 and as Russia indicated it can lift output if the deal on curbs lapses. On technical front, Brent and U.S. oil dropped to the 200-day moving average of $51.3 and $48.9 respectively. Prices could get support at this level in near term, but its overall movement will be determined by fundamentals on output.

Copper
Copper rose on Monday as centrist candidate Emmanuel Macron's strong performance in the first round of the French presidential election boosted appetite for cyclical assets, sending stock markets sharply higher. Three-month copper on the London Metal Exchange closed at $5,656 a tonne, up 0.6 percent.

Soybean
Chicago soybean futures rose on Monday on short-covering,and and a weaker U.S. dollar. Chicago Board of Trade July soybeans rose 11 cents to $9.71-3/4 a bushel. CBOT May soyoil fell 0.23 cents to 31.93 cents per lb. CBOT May soymeal closed down $7 at $320.6 a tonne.

Dealing Room, ICBC Beijing Branch
Yang Hui