Commodity markets in Asia this week will be waiting for further announcements following the messages tweeted by US President Donald Trump Sunday about raising tariffs on $200 billion worth of Chinese goods on Friday from 10% to 25%. He also tweeted about imposing 25% tariffs "shortly" on $325 billion worth of Chinese goods that have not been taxed yet. The tweets followed the round of talks in Beijing last week, which the White House had said to have been "productive."
China is also expected to release its April commodities trade data this week. Crude import numbers are expected to show a recovery from March.
In India, traders will be looking for cues and official word from government authorities on the extent of damage due to Cyclone Fani, which battered the eastern state of Odisha last Friday. Odisha is home to Indian Oil Corp.'s refinery, as well as the ports of Dhamra, Gopalpur, and Paradip.
In Singapore, market participants in the iron ore space have gathered for this year's Singapore Iron Ore Week. S&P Global Platts will be on the ground and will hold a Ferrous Seminar and Market On Close Workshop on May 8 to discuss the latest in iron ore, steel and coking coal markets.