On this week's S&P Global Commodity Insights' Market Movers Asia with Ashna Mishra, Global Lead – Shipping Engagement & Intelligence
* Oil markets keep close watch on China's COVID resurgence
* Asia petrochemical makers eye polymer demand pickup from Europe
* Quality concerns persist over Australia's bumper wheat harvest
* Metals markets brace for release of softer China steel data
This week, discussions on key climate finance agreements will gather pace at the 27th UN Climate Change Conference in Egypt.
Major economies and world powers will sign a multilateral global accord on stricter climate mitigation efforts in the second week of COP27.
While the US and China are keen on talks, the UK said it did not have the financial resources to compensate low-income countries affected by climate change.
Calls for an equitable energy transition and the need to accelerate technology like green hydrogen will shine the spotlight on the energy sector.
In oil, the market will continue to track China's COVID-19 resurgence and the narrowing of refining margins.
With peak consumption season over, China's domestic oil demand may continue to dampen should more lockdowns be announced. As a result, Chinese refineries are likely to cut purchases and make more barrels available for export.
In Asia's petrochemical markets, a slight pick-up in China's polymer demand is expected from Europe this week.
The region's agriculture market will focus on Australian wheat this week in anticipation of its bumper harvest.
A larger crop may cause exports to rise and ease global supply pressure. However, concerns over the quality of the crop are likely to persist.
Metal markets are looking out for China's October steel production data this week. Crude steel output is expected to retreat after rising for two straight months.
I'm Ashna Mishra. Thanks for kicking off your Monday with S&P Global Commodity Insights.