There is no absolute connection between the two. Assuming that there is no fluctuation in the RMB-denominated futures iron ore powder of Dalian Commodity Exchange, the appreciation of USD/CNY will slightly suppress the price, and conversely, it will have a slightly positive effect on the price.

The commodity market and all financial products and financial derivatives comply with the "Law of One Price". Domestic RMB-denominated commodities are discounted from the prices of the same specifications in the same market denominated in other currencies overseas. (converted into the same currency) are consistent. Because large and efficient arbitrage behavior will make the price comply with the law of one price as much as possible.

For arbitrage, you can refer to the relevant blog posts on my blog.