I. Precious Metals
Gold
Gold rose on Wednesday, hovering near a three-week high as the dollar retreated on expectations of possible delays in long-awaited U.S. tax reforms, while palladium hit its highest since 2001. Spot gold was up 0.6 percent at $1,283.20 an ounce. U.S. gold futures for December delivery settled up $7.90, or 0.6 percent, at $1,283.70 per ounce.
U.S. House of Representatives Speaker Paul Ryan left the door open to a possible delay in implementing lower tax rates for corporations, following a media report that his fellow Senate Republicans were exploring the option. A December interest rate hike has been priced into the market, traders said. But a potential delay in the tax plan could mean a moderation in interest rate increases next year, which could support gold.
In physical demand, industry officials and analysts warned that India's gold imports in the last quarter of 2017 could drop 25 percent from a year ago due to weak demand during key festivals.
On technical front, gold edged up on Wednesday, shrugging off the resistance of the 100-day moving average to hit as high as $1,287.31. Gold’s volatility curve is expected to flatten in near term, consolidating within the range between $1,260 to $1,290.

Silver
Silver was up 0.9 percent at $17.11 an ounce. Its trading range remained intact within $16.90-17.20. A long upper-shadow line suggests heavy resistance. A new upward potential is expected to be tapped if the combined resistance from the 50-day and 200-day moving average can be breached.

II. Commodities
Crude Oil
Oil prices settled slightly lower on Wednesday after U.S. government data showed rising domestic crude production, a surprise build in U.S. stockpiles and a decline in monthly Chinese crude imports, a triple blow that was offset somewhat by rising tensions in the Middle East.
Brent futures fell 20 cents, or 0.3 percent, to settle at $63.49 a barrel, while U.S. West Texas Intermediate crude fell 39 cents, or 0.7 percent, to settle at $56.81 per barrel.
The U.S. Energy Information Administration (EIA) said in a report that U.S. crude production rose to 9.620 million barrels per day during the week of Nov. 3, the highest weekly output on record according to federal energy data going back to 1983.
China's October oil imports fell to just 7.3 million bpd from a near record-high of about 9 million bpd in September, according to data from the General Administration of Customs.

Copper
Base metals were pressured by weak imports in top metals consumer China. China's exports and import growth eased in October in a sign the world's second-largest economy is starting to cool after a strong first half. China's unwrought copper imports fell in October from a month earlier to their lowest since April as prices soared to their highest in more than three years, while concentrate arrivals also slipped, customs data showed. LME benchmark copper rose 0.4 percent to end at $6,855 a tonne after giving up 2.1 percent on Tuesday.

Soybean
U.S. soybean futures rose for a third consecutive session on Wednesday as traders squared positions ahead of a monthly U.S. Department of Agriculture crop supply and demand report due out on Thursday, traders said.
CBOT January soybeans gained 2-1/2 cents to $9.98-1/2 a bushel with support from expectations that the United States government will lower its production estimates for the crop. China imported 5.86 million tonnes of soybeans in October, down 28 percent from the previous month and well below market expectations, customs data showed on Wednesday, after some shipments were delayed.

Dealing Room, ICBC Beijing Branch
Li Nan