The pricing power of commodity futures is mainly in the United States, and basically all commodity futures are quoted in dollars.

A stronger dollar means an appreciation of the dollar, and the price of commodities denominated in dollars will inevitably weaken; On the other hand, in the early days of dollar quantitative easing, a large number of dollars "flooded" outside the United States. Under the expectation that the US dollar will raise interest rates, the US dollar will inevitably flow from outside the United States to the United States. Then, under the background of the US dollar interest rate hike, the world is in a state of tension, and the funds entering the commodity market will decrease, so it is not surprising that the market will weaken, and a bear market is also possible.