Nov 25 (Reuters) - Australian shares are set to open slightly higher on Friday, reflecting modest gains in European markets, and with miners standing to gain from the continuing base metals rally led by copper and zinc.
European shares .FTEU3 rose marginally on Thursday, with most of the main bourses 0#.INDEXE inching up on gains from chemical and insurance sector stocks but capped by weaker banks. .SX7E MKTS/GLOB
Zinc prices jumped to their highest in more than eight years on Thursday and copper headed towards its 2016 peak as funds piled in on expectations of stronger demand and tighter supplies. MET/L
Overnight, Dalian iron ore extended its rally to hit its highest in nearly three years while oil prices were little changed. IRONORE/ O/R
Wall Street was closed on Thursday for the U.S. Thanksgiving holiday.
Local share price index futures YAPcm1 rose 0.2 percent, or 13 points, to 5,510, a 24.9-point premium to the underlying S&P/ASX 200 index .AXJO close. The benchmark closed 0.01 percent lower on Thursday.
New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.2 percent in early trade.
For a summary of overnight action across global markets, double click on AU/CALL
For a digest of the day's business stories in Australian newspapers, double click on PRESS/AUB