The Australian sharemarket looks more likely to decline after metals prices mostly fell, even though equity markets in the US and Europe closed higher.

At 5.55am, the June share price index contract was down nine points at 4764 points, on volume of 3624 contracts.

There is no economics news scheduled.

In company news, Nufarm is due to release its first half results in Melbourne and Sigma Pharmaceuticals is due to release its full year results.

Meanwhile, Commonwealth Bank adviser and global economist David Hale is due to speak in Melbourne.

The Australian Competition and Consumer Commission's bid to prevent Metcash's $215 million takeover of Franklins continues in the Federal Court.

On Friday, the Australian sharemarket closed nearly one per cent higher, led my mining, energy and financial stocks.

The benchmark S&P/ASX200 index closed up 43 points, or 0.91 per cent, at 4742.6 points, while the broader All Ordinaries index climbed 46.1 points, or 0.96 per cent, to 4840.3 points.