Oil, metals and crop commodities rallied while gold fell after China and the US agreed to lower tariffs on each other's economies after a weekend of trade talks.
Brent crude added as much as 3.7% in London while copper in London rose 1.4%. Gold futures fell as haven demand eased. Soybeans and iron ore also jumped.
China will reduce its tariffs on US goods to 10% from a level that climbed to 125% when the two nations began placing retaliatory restrictions on one another. The reduction will last for 90 days, while the US will reduce its own curbs to 30% from 145%.
At a briefing after the talks, US Treasury Secretary Scott Bessent said neither nation wanted their economies to decouple.
Commodity prices have tumbled in recent weeks as the threat of tariffs dented the outlook for global growth this year. Oil watchers have been slashing their demand forecasts and there have been signs in recent weeks that the measures are already hitting the amount of goods arriving in the US.
The announcement came following a weekend of talks in Geneva involving Bessent, US Trade Representative Jamieson Greer and their Chinese counterparts.
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Prices:
Brent oil added as much as 3.7% to $66.30
Copper rose as much as 1.4%
Spot gold fell as much as 2.4%
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