Australian shares gained on Tuesday and were on track to snap a three-session losing streak with mining major Rio Tinto leading the charge to touch its best level in over a decade, bolstered by firm iron ore prices.

The S&P/ASX 200 index traded 0.5%, or 34.5 points higher, at 6,486.4. The benchmark had closed 4.1 points lower in the previous session.

“We’ve got commodities and iron ore specifically, but also the global trade concerns that have been really pushing down on the Australian market, they’re receding a touch and that’s why we are seeing a decent start to the day,” said Nick Twidale, chief operating officer at Rakuten Securities Australia.

U.S. President Donald Trump said on Monday that Washington was not ready to make a deal with Beijing but he expected one in the future.

The mining sub-index gained as much as 1.6% hitting its highest in more than a month, taking cues from China’s iron ore prices scaling a fresh record on Monday as concerns over supply intensified.

Rio Tinto notched up as much as 4.8% in its third day in the black, while rival BHP Group added 2.1%.

Energy stocks also featured among commodity sectors that propped up the resource-focused Australian market.

Heavyweights Woodside Petroleum Ltd and Santos Ltd climbed as much as 1% and 1.5%, respectively.

Financial stocks, with their heavy weightage in the Australian market, gained 0.6% after spending three consecutive sessions in the red.

Australia’s “Big Four” banks, considered among the most profitable in the world, advanced between 0.7% and 1.4%.

Traditionally defensive plays such as gold and healthcare did not fare well against a stronger market.

Gold miners Newcrest Mining Ltd and Evolution Mining Ltd lost 0.8%, each, while big pharma stocks such as CSL Ltd also declined as much as 0.7%.

Meanwhile, New Zealand’s benchmark S&P/NZX 50 index was 0.5%, or 49.9 points, lower at 10,097.79.

Utilities stocks and healthcare were among the top losers on the main index.

Z Energy declined as much as 1.8% while Fisher & Paykel Healthcare Corporation Ltd lost as much as 4.8%, its worst intraday fall in over seven months.

However, Synlait Milk Ltd bucked the trend to climb 0.9% after it raised its forecast base milk price for the 2018/2019 season.