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Oil markets are in focus this week, with stakeholders looking out for the potential impact of the bank turmoil, China's demand rebound and the strengthening energy relationship between Beijing and Moscow. 1. OPEC, traders adopt wait-and-see approach as bank turmoil hits oil markets What's happening? The collapse of Silicon Valley Bank in the US and emergency takeover of Credit Suisse with the help of Switzerland's central bank have helped to push crude lower
Black Sea wheat and Australian crop traditionally compete for Asian demand when its marketing season begins every July. But the Russia-Ukraine war, which broke out in February 2022, halted wheat supplies from Black Sea into Asia. Despite the inception of the Black Sea Grain Initiative in July 2022, buyers have largely avoided Black Sea supplies for most of last year due to concerns over financing, execution risk and inspection delays
China's primary aluminum smelters are looking to transfer some capacity abroad – mainly into Indonesia – as they struggle with a national capacity ceiling and power supply shortages in the southwestern part of the country. Such a move would also be timely, as Indonesia from this June will be banning exports of bauxite, a preliminary raw material that is used to process aluminum