I. Precious Metals
Gold
Gold prices fell on Tuesday, pressured by the stronger U.S. dollar and profit-taking. It closed at around $1,284 an ounce after crossing over $1,290. The dollar's rise on Tuesday was led by gains against the euro, which weakened after a German investor confidence index fell in August, picking up gold’s losses. The highlight of the trading week will be the annual central bankers meeting held on Friday. Bullion is expected to see seesaw trading within recent trading range. Any escalated tensions in North Korea would break the pattern, prompting safe-haven moves into gold. Vice versa, any eased tensions would send prices lower.
On technical front, gold can hardly cross over the key resistance of $1,300. Moreover, a dead cross is about to form in the bar chart, suggesting a bearish tone. The next support can be found at $1,260.

Silver
Silver closed down, lingering around $17. Technically, the MACD and momentum index still pointed to a bearish tone. The resistance and support can be found at $17.2 and $16.5 respectively.

II. Commodities
Crude Oil
Oil inched up on Tuesday, lifted by expectations of another crude stockpile drawdown in the United States but price gains were limited amid the reopening of Libya's largest oil field. Brent crude settled 21 cents, or 0.4 percent, higher at $51.87 a barrel. U.S. crude futures for September delivery closed 27 cents, or 0.6 percent, higher at $47.64 while the more active October contract ended the session up 30 cents at $47.83.

Copper
Copper retreated from a three-year high on Tuesday, and other base metals also fell or trimmed gains, as speculators and funds locked in some profits after a steep rally. Benchmark copper on the London Metal Exchange closed down 0.1 percent at $6,580 per tonne, giving up gains after striking $6,649 a tonne, the highest since November 2014. It rose 1.5 percent in the previous session.

Soybean
Chicago Board of Trade soybean futures closed modestly higher on Tuesday, gaining against corn and wheat in technical trade. CBOT November soybeans settled up 1-1/4 cents at $9.37-1/2 per bushel. Soyoil posted the biggest percentage gains in the CBOT soy complex, buoyed by hopes the U.S. government might soon impose antidumping duties on imports of biodiesel from Argentina and Indonesia. CBOT December soyoil ended up 0.25 cent at 34.42 cents per pound while December soymeal fell 30 cents at $298.70 per short ton.

Dealing Room, ICBC Beijing Branch
Yang Hui