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Steel futures in China traded in a tight range on Monday, hit by fears over the new Omicron coronavirus variant, while coking coal and coke prices fell on a plunge in thermal coal futures.

Asian markets were trying to regain some composure on Monday as the spread of the Omicron variant in developed nations threatened to derail economic recoveries and the tightening plans of some central banks.

South Africa's rand firmed early on Monday, recovering from last week's plunge to its lowest since October 2020 on concerns around the discovery of a COVID-19 variant in the country that has been described as the most concerning.

Chicago wheat futures climbed more than 1% on Monday, bouncing back from the previous session's losses as tightening global supplies and strong demand buoyed the market.

Chile's peso led declines among Latin American currencies on Monday after recent polls showed leftist presidential candidate Gabriel Boric leading ahead of a Dec. 19 runoff election, while shares of LATAM Airlines plummeted on the unveiling of its restructuring plan.

Asian refining margins for 10 ppm gasoil rose on Monday, but stayed within close sight of a more than two-month low touched on Friday, amid renewed concerns over near-term demand due to the Omicron coronavirus variant.

U.S. natural gas futures slid more than 10% on Monday, erasing gains from a post-Thanksgiving rally in the previous session, hurt by forecasts for lower-than-usual heating demand over the next two weeks.

The Ugandan shilling inched down on Monday, weighed on by demand for dollars from energy and other importers.

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Round-up of South Korean financial markets: