보기: Market Movers Asia, Nov.6-10: Oil market keeps tab on Middle East tensions; Chinese steel exports and wheat imports in focus

This week, for oil, the focus will be on the outlook for imports from Venezuelan crude after the removal of sanctions as well as the fallout from rising geopolitical tensions in the Middle East.

Also in focus will be the appetite for Russian oil when delegates and speakers gather for the China International Oil and Gas Trade Conference, which is scheduled to take place over November 7-9 in Shanghai.

In the Asian thermal coal market, demand from China and India is likely to stay subdued due to a cautious approach adopted by buyers.

Also, falling domestic prices in China will likely weigh on the market keeping trade activities limited.

For metals, steel raw material suppliers will be keeping a close eye on the price direction of iron ore as seaborne prices in Asia remained on an uptrend in the last week following strong cues from China’s steel sector.

Chinese data from October and the next months is likely to show continuing strong exports, mainly due to competitive steel prices and high steel production amid sluggish domestic demand.

Agriculture markets will be looking at the World Agricultural Supply and Demand Estimates report set to be released this week, with the spotlight on China’s pace of grain imports.

After unfavorable weather conditions hit China in August-September, the country has recently been raising its pace of buying wheat from markets such as Canada and Europe. October wheat shipments to China are expected to hit at least a seven-year high, according to S&P Global Commodity Insights data.

I am Clement Choo. Thank you for kicking off your Monday with S&P Global Commodity Insights.