I. Precious Metals
Gold
Gold prices edged up on Wednesday, regaining the ground lost in the previous session with support from political uncertainty in the United States and the weak dollar.
Gold rose, while the U.S. dollar index fell in a generally risk-averse market after U.S. President Donald Trump's threat of a government shutdown if necessary to build a wall along the border with Mexico, and comments about the possible termination of a North American trade agreement.
Gold was also buoyed by new U.S. North Korea-related sanctions, targeting Chinese and Russian firms and individuals for supporting Pyongyang's weapons programs.
Gold is expected to remain on track recent trading range, consolidating amid uncertainty ahead of a major central banking conference in Jackson Hole, Wyoming, this week.
On technical front, gold could hardly breach the resistance of $1,300 in the absence of mounting geopolitical tensions in North Korea or terrorist attacks. The support can still be found at $1,260.

Silver
Silver closed up, lingering around $17. Technically, the MACD and momentum index still pointed to a bearish tone. But recent trajectory suggests that the white metal might keep consolidating around $17. The resistance and support can be found at $17.2 and $16.5 respectively.

II. Commodities
Crude Oil
Oil prices rose on Wednesday after U.S. crude inventories declined for the eighth straight week and as a storm approached the Gulf Coast with the potential to disrupt oil and refined products output.
U.S. crude inventories fell 3.3 million barrels last week, compared with analyst expectations for a decrease of 3.5 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell 503,000 barrels, the Energy Information Administration said.
Harvey, formerly a tropical storm, has regenerated into a tropical depression and could strengthen further into a hurricane on Friday, the National Hurricane Center said.
Brent crude futures settled up 70 cents to $52.57 a barrel, while U.S. West Texas Intermediate crude futures were trading at $48.41, up 58 cents.

Copper
Copper continued to retreat as investors cashed in profits on Wednesday. Benchmark copper finished 0.2 percent lower at $6,565

Soybean
Chicago Board of Trade soybean futures firmed modestly on Wednesday. Soybeans drew support from expectations for increased domestic demand for soyoil, after the U.S. government late on Tuesday imposed duties on imports of Argentine and Indonesian soy biodiesel. Soyoil is the primary feedstock for biodiesel fuel.
November soybeans finished 1/2 cent higher at $9.38 a bushel. December soyoil ended up 0.64 cent at 35.06 cents per pound, the highest since July 28. December soymeal fell $2.20 at $296.50 per short ton after hitting the lowest since April 2016, pressured by technical trade against soyoil.

Dealing Room, ICBC Beijing Branch
Yang Hui