Inside the opening few minutes of trade, the S&P/ASX 200 has jumped 39.2 points to 5,900.6.
The miners, as expected, are leading the way this morning with Alumina up 8.2 per cent on stronger aluminium prices, and Western Areas enjoying a jump in nickel prices, rising up 7.8 per cent.
TPG Telecom is down 3.5 per cent this morning following a ratings downgrade from Goldman.
Surging nickel and aluminium prices are set to help the market open higher this morning.
ASX futures were up 25 points earlier this morning and the Australian dollar was up 0.2 per cent.
BHP Billiton was up 5.5 per cent on the London Stock Exchange while Rio Tinto also rose 5.4 per cent.
Nickel surged overnight, jumping as high as 12 per cent before finishing the day up 7.5 per cent at $US15,275, reportedly its largest daily gain in almost 7 years.
Read the full overnight market wrap here.
Here's the overnight highlights.
SPI futures up 25 points or 0.4% to 5863 at 8.25am AEST
AUD +0.2% to 77.83 US cents
On Wall St: Dow -0.2, S&P 500 +0.1%, Nasdaq +0.2%
In New York, BHP +3.1%, Rio +3.9%
In Europe: Stoxx 50 +0.4%, FTSE +1.3%, CAC +0.5%, DAX flat
Spot gold flat at $US1349.42 an ounce at 5pm New York time
Brent crude +3.1% to $US73.80 a barrel at 4.55pm New York time
US oil +3.4% to $US68.77 a barrelat 4.55pm New York time
Iron ore +2.1% to $US65.88 a tonne
Dalian iron ore +4.3% to 465 yuan
LME aluminium +5.5% to $US2537 a tonne
LME copper +2.1% to $US7022 a tonne
LME nickel +7.5% to $US15,275 a tonne
10-year bond yield: US 2.87%, Canada 2.28%, Germany 0.53%, Australia 2.75%
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The Australian sharemarket is set follow global markets higher, but hesitation remains, with investors showing restraint, writes John Kicklighter.
US equities followed up on Tuesday's critical breakout, but the enthusiasm generated by the technical charge was notably absent.
Technically speaking, the day registered an advance for the S&P 500 and Nasdaq with bullish opening gaps – the fifth in a row.
Yet, the lift through the session was notably restrained with volume matching the sense of hesitation reflected in price.
Read more of the 8@eight here.
Good morning and welcome to the Markets Live blog for Thursday.
Your editor today is William McInnes.
This blog is not intended as investment advice.
Fairfax Media with wires.