By Manolo Serapio Jr SINGAPORE, Aug 1 (Reuters) - Commodities from oil to industrial metals and grains rose on Monday and gold lost some safe-haven appeal after U.S. lawmakers agreed on a deal to raise the U.S. debt limit, but euphoria over the news could fade fast, given a bleak macroeconomic outlook. The White House and congressional leaders said the compromise would cut about $2.5 trillion from the U.S. deficit over a decade, with U.S. President Barack Obama urging lawmakers to approve the deal with just a day to go before Tuesday's deadline to lift the United States' $14.3-trillion debt ceiling. [IDnN1E76U00H] "A deal has finally been reached and as a result of that, you should get euphoric buying in the commodity and equity markets," said Jonathan Barratt, managing director at Commodity Broking Services in Sydney. Even ahead of Obama's announcement, oil rose more than a dollar and gold slipped from record highs as soon as Asian markets opened, since investors sensed a deal was coming. Asian equities chased gains in U.S. stock futures. U.S. crude Clc1 rose $1.28 to $96.98 a barrel by 0232 GMT and Brent LCOc1 climbed $1.51 to $118.25. Spot gold fell more than 1 percent to as low as $1,607.69 an ounce, after hitting a record high of $1,632.30 on Friday. RELIEF RALLY SEEN SHORT-LIVED But analysts say the relief rally may be short-lived as investors digest details of the U.S. debt deal and as worries about the brittle global economy persist. "The key here is the U.S. is raising more debt and cutting spending. This cannot be overall positive for the global economy because you've weaned the economy off stimulus packages and now you're turning around and cutting its legs off," said Barratt at Commodity Broking Services. Obama said the spending cuts would not happen so quickly that they would drag on the fragile U.S. economy. The first phase of the two-stage plan called for spending cuts of about $1 trillion over the next decade. The next $1.5 trillion in savings must be found by a special congressional committee by the end of December. "The news is obviously constructive and we will likely see a relief rally that would last Monday and Tuesday. But the selling will likely return by the weekend as focus reverts to the macro picture which remains uninspiring," said Edward Meir, analyst at MF Global. The factory sector in China, a top consumer of many commodities, posted its slowest activity in 28 months in July as manufacturers grappled with a credit shortage and softer global demand. That added to disappointing data on Friday when revised U.S. figures showed the world's largest economy came dangerously close to shrinking in the first quarter, with GDP growth of just 0.4 percent. Gains in other commodities suggested investors were exercising caution in pushing up prices. London copper futures rose a modest 0.8 percent to $9,894 a tonne, despite the news on the U.S. debt deal and a strike in the world's biggest copper mine poised to stretch to an 11th day on Monday. Workers at Chile's Escondida continued their walkout after rejecting a new compensation offer from majority mine owner BHP Billiton . Contagion fears were eased when workers at Chile's Collahuasi, the world's No. 3 copper mine, returned on Sunday after a 24-hour walkout. In the grains market, Chicago December corn Cc2 rose 0.8 percent to $6.74 a bushel and September wheat Wc1 climbed 1.1 percent to $6.79-3/4. (Additional reporting by Rujun Shen; Editing by Clarence Fernandez)

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