Stock index futures dropped 0.2 percent to 4,518, a 31.7 point discount to the underlying S&P/ASX 200 index, which rose 1.8 percent on Wednesday marking its biggest one day gain in 8 months.

Newcrest Mining will be in focus after it reported a 16 percent jump in quarterly gold production on Thursday and said its full-year output was 2.7 million ounces in line with its recently lowered guidance.

Shares in media firms could also come under watch as Australia pushes to toughen privacy laws. Austar would also be in focus ahead of the competition regulators ruling on Foxtel's takeover bid.

Takeover candidate Sundance Resources could gain on media speculation that Xstrata might be eyeing the firm. China's Hanlong has already bid for Sundance.

But with prices of the metal now well within reach of their all-time highs questions are rising over demand expectations, especially Chinese demand.

Doubts also persist whether a second round of aid worth 110 billion euros for highly indebted Greece would be enough to stop the region's crisis spreading to Italy and Spain, the euro zone's third- and fourth-largest economies.

New Zealand's benchmark NZX 50 index slipped 3.8 points to 3,404.6 in early trade.

Copyright Reuters, 2011