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Metals fell after Donald Trump's US presidential election win, with copper, gold and zinc retreating on concerns about new tariffs on Chinese goods. Oil prices flattened after falling more than $2 per barrel, and agricultural commodities recovered some earlier losses.
Expected tariffs on China raise the risk of weaker US farm exports and a stronger dollar, which pressures grain and oilseed prices, while the dollar gain also pulls down energy prices.
reuters.comNina ChestneyNov 6, 2024After 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.
After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 50 past neutral macro events, Soybeans moved a median -0.3% over 5 sessions (48% higher; middle half -2.2% to +1.3%), and -0.8% 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.
