Producers of metals and other raw materials fell as traders awaited the Federal Reserve's meeting.

The U.S. dollar is hovering around multiyear highs against rivals, weighing on the price of dollar-denominated commodities. Gold futures have lost roughly 3% in the last three sessions.

"It's all but a foregone conclusion that the Fed will ease rates by 25 basis points on Wednesday," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.

"The more interesting developments is in the summary of economic projections, and specifically the 'dot plot' and any questions about the future outlook [for rates]."

Live cattle futures hit record highs as traders anticipated disruptions to beef imports in the U.S. due to a double-whammy of potential tariffs and insect infestations.

President elect Donald Trump's tariff plans could affect industrial-metals prices, according to one brokerage.

"The U.S. has a high dependency on imported aluminium, zinc and nickel," said analysts at brokerage BNP Paribas, in a note to clients.

"Canada and Mexico, threatened with 25% tariffs on all imports into the U.S., are key metals suppliers, accounting for 70%, 65% and 46% of U.S. imports of aluminium, zinc, and nickel, respectively."

Other major aluminum producers, including Russia and China, are already shut out of the U.S. market, the analysts said.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

12-16-24 1741ET