I. Precious Metals
Gold
Gold eased to $1,224.65 an ounce in volatile on Thursday. Weaker-than-expected private sector payrolls data that fed into concerns over U.S. Economy lifted gold prices to $1,227 during one session. In a separate report by the Institute for Supply Management, the pace of growth in the U.S. economy's service sector accelerated in June, sending U.S. Treasury yields to eight-week highs and gold lower. The monthly payroll report due on Friday is expected to break current narrow range. Investors are recommended to cut their positions due to the uncertainty.
On technical front, gold is expected to be kept within recent trading range ahead of the payroll report due on Friday. The support and resistance can be found at the May-low of $1,213.81 and the 200-day moving average of $1,233 respectively.

Silver
Silver was little changed on Thursday, holding within a tight range above $16 an ounce. Prices are expected to sustain current tendency as investors stayed in the sidelines ahead of the key economic reports due on Friday.

II. Commodities
Crude Oil
Oil futures pared early gains and settled down slightly on Thursday. U.S. crude stocks fell 6.3 million barrels, that was much more than the draw of about 2.3 million barrels analysts had forecast, and it took total crude inventories to 502.9 million barrels, the lowest since January. U.S. gasoline stocks dropped 3.7 million barrels in the most recent week, far exceeding the expected drop of 1.1 million barrels. But the gains were short-lived on lingering bearish sentiment. U.S. futures settled at $45.52 a barrel. Brent futures closed at $48.11 a barrel.

Copper
Copper prices rebounded slightly on Thursday amid mixed news. Investors shall focus on the threat of strike action at two Chilean mines and China’s economic data. Copper ended up 0.2 percent to $5,851 per tonne.

Soybean
U.S. soybean futures edged up to the peak in 3-1/2 months on Thursday, extending gains to the fourth consecutive day on technical buying after the CBOT November soybean futures crossed below the higher end of the 20-day Bollinger range. The contract were up 5 cents per bushel at $9.99-1/4. August soymeal closed up $3.7 to $322 per short ton. August soyoil fell 0.34 cents at 32.9 cents per lb.

Dealing Room, ICBC Beijing Branch
Yang Hui