Stocks for producers of rare earth elements rose Thursday after President Donald Trump and Chinese President Xi Jinping reached a truce to ease restrictions on exports of the minerals from China.

The market reaction suggests that investors appreciate the certainty offered by the deal, and that they still see value in the production of rare earths outside China, which currently dominates the supply chain and has threatened to choke off supplies. The Trump administration has sought to boost domestic production of the minerals because they are critical for defense and energy applications, and reliance on China is proving to be a liability.

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