USD Index rose 0.36% to 99.48 while S&P 500 fell 0.48%, lifting the dollar and pressuring USD-denominated prices such as copper which closed 1.13% lower at 6.3965 USD/lb and uranium 0.06% lower at 90.15 USD/lb. Germanium gained 2.44% to 3487.45 USD/kg and gallium 0.16% to 230.96 USD/kg on thin volumes. These moves reflect currency strength outweighing any fresh physical supply signals in the overnight window. Chinese rare earth suppliers have halted or refused shipments to U.S. buyers since early August over compliance fears with RBA and RMI audits, with yttrium exports already down 98% year-on-year in recent customs data and terbium flows similarly constrained. This policy friction is the dominant Tier 1 development, directly tightening U.S. access to heavy rare earths without any offsetting mine or quota change. CATL’s 289.6 GWh of global EV battery installations in January-July 2026 and the SMM revision doubling Chinese lithium carbonate stocks to 175,000 tonnes are the exposures most relevant to ASX names tied to spodumene and hydroxide offtake, with the lithium contract dropping nearly 5% on September 11 after the inventory update.