March 16 (Reuters) - 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 YAPcm1 rose 0.6 percent or 36 points to 5,818, a 44 point premium to the underlying S&P/ASX 200 index .AXJO 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. IRONORE/ MET/L
Gold rallied on Wednesday, as the U.S. Federal Reserve called for gradual monetary tightening after raising interest rates. GOL/
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. O/R
New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.40 percent or 28.8 points to 7160.11 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