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Base metals lost momentum as the Dollar Index climbed to the 103-104 range. The move followed resilient US economic data, higher Treasury yields and expectations that the Federal Reserve will keep rates restrictive for longer.
A stronger dollar makes dollar-priced commodities more expensive for non-US buyers, which tends to weigh on prices across the commodity complex, including feed-related inputs.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.