I. Precious Metals
Gold
Gold prices drifted lower on Thursday, remaining rangebound within previous trading range, pressured by a firmer dollar after data on Thursday showed a slight increase in the number of people filing for unemployment benefits last week.
Losses were limited, however, after a threat by U.S. President Donald Trump to shut down the government, and his comments about the possible termination of a North American trade agreement. Investors were awaiting cues from central bankers meeting in Jackson Hole this week.
Market hoped that the dashing duo of Draghi and Yellen can dazzle tomorrow at Jackson Hole and provide fresh inspiration. The marketplace will closely examine the Jackson Hole speeches for clues on future monetary policy moves.
On technical front, gold remained in firm near-term technical control as expected. The resistance and support can be found at $1,300 and $1,260 respectively ahead of the annual central bankers meeting. Drastic moves are expected after the meeting due to uncertainties.

Silver
Silver tracked gold, lingering around $17. The resistance and support can be found at $17.2 and $16.5 respectively ahead of the annual central bankers meeting. Future direction is hard to forecast due to uncertainties after the meeting.

II. Commodities
Crude Oil
U.S. crude prices fell Thursday on some profit-taking and as Hurricane Harvey, forecast to come ashore as the strongest storm to hit the U.S. mainland in 12 years, threatened oil operations along the energy hub on the U.S. Gulf Coast. U.S. crude futures settled 98 cents lower at $47.43 a barrel and Brent crude ended down 53 cents a barrel, or 1 percent, at $52.04.

Copper
Copper rose to a near three-year high on Thursday on signs of stronger demand in top consumer China while inventories fell in London warehouses. Benchmark copper on the London Metal Exchange (LME) closed 1.9 percent higher at $6,688 per tonne, having earlier touched $6,731.50, its highest since November 2014.

Soybean
Chicago Board of Trade soybean futures closed higher on Thursday on stronger-than-expected weekly U.S. export sales and inter-market spreading against corn, traders said. The U.S. Department of Agriculture reported weekly export sales of U.S. soybeans at 1,608,600 tonnes (old and new crop years combined), topping a range of trade expectations for 650,000 tonnes to 1,050,000 tonnes. CBOT November soybeans settled up 8-1/2 cents at $9.46-1/2 per bushel. CBOT December soymeal settled up $4.40 at $300.90 per short ton. CBOT December soyoil ended up 0.07 cent at 35.13 cents per pound.

Dealing Room, ICBC Beijing Branch
Yang Hui