I. Precious Metals
Gold
Gold edged higher on Friday, reversing earlier losses after the Catalonian parliament's independence declaration from Spain led investors to seek safety from political upheaval. Spot gold was up $1,273.35 an ounce, heading for its second consecutive weekly decline. Gold had earlier dropped to a three-week low of $1,263.35.
Catalonia is a small microcosm of the total European situation. But what it represents is the idea of an unstable European Union. Gold went up on the back of the Catalonia independence, but it's not going to last long because the Madrid government was not tough enough on Catalonia's declaration of independence.

Silver
Silver closed up at $16.77 per ounce after earlier dropping to $16.60, posting losses for the second consecutive week. Despite of the gains, the white metal is still losing steam as it crossed below the key support of $16.65 during the session. It is expected to trade lower in near term with support at $16.60.

II. Commodities
Crude Oil
Oil prices jumped about 2 percent on Friday, with global benchmark Brent crude rising above $60 per barrel, on support among the world's top producers for extending a deal to rein in output and as the dollar retreated from three-month peaks.
Saudi Arabia and Russia declared their support for extending an OPEC-led deal to cut supplies for another nine months, the Organization of the Petroleum Exporting Countries' secretary general said ahead of the group's next policy meeting on Nov. 30. The pact currently runs to March 2018.
Brent futures rose $1.14, or 1.9 percent, to settle at $60.44 a barrel after hitting a session peak of $60.53, the highest since July 2015 and more than 35 percent above 2017 lows touched in June. U.S. West Texas Intermediate crude oil (WTI) ended the session up $1.26, or 2.4 percent, at $53.90 after reaching a session peak of $53.98 a barrel, the highest since early March. For the week, Brent was 4.6 percent higher, notching its third straight weekly gain. U.S. crude rose 4.7 percent for the week.

Copper
Copper prices declined for a third day on Friday and most other industrial metals also fell after the U.S. dollar hit a three-month high, making metals more expensive for holders of other currencies.
Benchmark copper on the London Metal Exchange closed down 2.2 percent at $6,830 a tonne after touching $6,782.50, the lowest since Oct. 11. The metal used in power and construction was set to end the week down 1.8 percent, the first weekly fall in five weeks.
Coppers prices stayed at high levels, supported by economic growth and sufficient demand. On-warrant inventories available to the market in LME-registered warehouses fell by 5,975 tonnes to 163,250 tonnes, down from 221,875 tonnes in mid-October and the lowest in six weeks, providing some support to prices.

Soybean
U.S. soybean futures rose on Friday. Some technical buying in soybeans was noted after the CBOT November contract briefly dipped below its 40-day moving average. Spot soybeans firmed, providing further support to soybean futures, as farmers were unwilling to sell at current prices the futures due to expire soon .
The soymeal futures inched higher, but technical resistance met at the 100-day moving average capped gains. The soyoil futures rose the peak since September 21, extending gains to the second consecutive day.
For the week, the CBOT November soybeans fell 0.3 percent, December soymeal dropped 1.5 percent, while December soyoil climbed 2 percent, bring its gains to the fourth straight month.
CBOT November soybeans were 4 cents higher at $9.75-1/4 a bushel. December soymeals were flat at $312.1 per short tonne. December soyoil ended up 0.34 cent at 34.84 cents per pound.

Dealing Room, ICBC Beijing Branch
Huang Han