March 16 Australian shares were seen opening
higher on Thursday as resources stocks were expected to rally,
supported by strong commodity prices.
The local share price index futures rose 0.6
percent or 36 points to 5,818, a 44 point premium to the
underlying S&P/ASX 200 index close. The benchmark ended
0.3 percent higher on Wednesday.
Iron ore futures in China surged more than 5 percent on
Wednesday as steel prices rose to their strongest in more than
three years on hopes of firm demand as Beijing spurs
infrastructure spending and property sales rise, while copper
prices gained for the fourth session.
Gold rallied on Wednesday, as the U.S. Federal Reserve
called for gradual monetary tightening after raising interest
Oil prices on Wednesday climbed for the first time in more
than a week on a surprise drawdown in U.S. crude inventories and
data from the International Energy Agency suggesting OPEC cuts
could create a crude deficit in the first half of 2017.
New Zealand's benchmark S&P/NZX 50 index rose 0.40
percent or 28.8 points to 7160.11 in early trade.
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(Reporting by Urvashi Goenka in Bengaluru; Editing by Robin