The report this week that a phase-one trade agreement is a boost for commodities

With gains in all industries, the Bloomberg Commodity Index was 2.2 percent above weekly. After both countries have signed the agreement, the Chinese have agreed to buy more US agricultural goods, while some existing customs tariffs would be reduced. Besides metals, coffee softs have increased their two-month increase to 45%.

Many big hurdles remain before all tariffs are eliminated and a second phase deal is impossible until after t....