SYDNEY: Australian shares are expected to open firm on Thursday as strong metal prices are set to underpin gains in the materials sector, boosting the benchmark for a third straight session.
Chinese steel futures rallied on Wednesday, supported by leaner supply and expectations that consumption in the world’s top user would recover when production cuts are lifted after winter.
Meanwhile, zinc climbed to its highest in two weeks on Wednesday on persistent concern about shortages and after Chinese steel futures rallied.
Local share price index futures rose 0.1 percent or 5 points to 6,005, a 18.6-point premium to the underlying S&P/ASX 200 index close. The benchmark rose 0.4 percent on Wednesday.
New Zealand’s benchmark S&P/NZX 50 index rose 0.2 percent or 15.120 points to 8,120.110 in early trade.
Source: Brecorder.com
