I'm asking the same quesrions. To me it's a tug of war in metals as you've noted, fed detroying credit demand hoping it'll counter inflation. It'll affect consumers demand from those who borrow against assets with refinances dropping which flows through to lower metals consumption.
To complicate things the EV revolution/green energy theme increases metal demand so who wins this tug of war is anyone's guess.
Why the Dow's bouncing up is beyond me with rates heading upwards? I think it a fake mini rally til they really pull the rug on us. I'm sitting on 60% cash sidelines.
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