SYDNEY: Australian shares are set to rebound from three days of losses on Thursday, after the Federal Reserve reaffirmed its commitment to easing policy, but sentiment will remain cautious on Cyprus and uncertain demand in China.
Local share price index futures was up 0.4 percent at 4,984.0, a 16.6-point premium to the underlying S&P/ASX 200 index close. The benchmark fell 0.4 percent on Wednesday.
New Zealand's benchmark NZX 50 index inched up 0.1 percent to 4,355.7 in early trade.
The Federal Reserve on Wednesday pressed forward with its aggressive efforts to stimulate the US economy, saying it would take into account risks posed by its policies but also how much work still needs to be done to lower unemployment.
US stocks climbed on Wednesday, with the S&P 500 snapping a three-day losing streak as the Federal Reserve reassured investors that it would keep supporting the economy.
Iron ore prices could fall to around $90 a tonne by 2018 from an average of $128 in 2012, as a result of moderating demand in China and substantial supply increases, Australia's Bureau of Resources and Energy Economics said on Wednesday.
Copper rebounded on Wednesday from seven-month lows as some investors went bargain hunting and others closed out short positions, but gains were capped by worries about Cyprus and uncertain demand in China.
<Center><b><i>Copyright Reuters, 2013</b></i><br></center>
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