In this week’s Market Movers Asia with Lalita AVD;
- S&P Global Commodity Insights to organize a cross commodity forum this week
- Japanese refiners shifting to US crude amid Middle East tensions
- GFE lithium carbonate contract continues to rebound
- Vegetable oil markets look for cues at major industry event
- China’s Two Sections set 2024 targets
This week, the Singapore Commodity Market Insights Forum organized by S&P Global Commodity Insights takes place on Wednesday.
In the forum, industry members will gather to discuss Asia’s commodity markets and the economic outlook.
In agriculture, stakeholders will be focusing on palm oil supply and demand forecasts, price projections and developments in Southeast Asia biofuels, at the Palm & Lauric Oils Price Outlook Conference and Exhibition in Kuala Lumpur.
In oil, Japanese refiners continue to diversify, turning to US crude amid heightened tensions in the Middle East, which supplied over 95% of Japan's crude imports in 2023.
ENEOS, Japan's largest refiner, plans to explore procurement from the US, Central, and South America, with a significant increase in purchases from the US compared to last year.
In metals, markets will be watching the lithium carbonate futures contract on the Guangzhou Futures Exchange, which rebounded unexpectedly last week as environmental checks sparked supply disruption concerns.
Meanwhile in China, crucial economic targets for 2024 are likely to be established during the Two Sessions this week.
These targets, especially GDP growth projections, will have a substantial impact on commodity demand in the region.
I’m Lalita AVD, thank you for kicking off your Monday with S&P Global Commodity Insights.