A summary of trading in key commodities markets overseas:
Global oil prices struck two-week highs, with the market buoyed by forecasts of stronger crude demand, analysts said.
New York's main contract, West Texas Intermediate (WTI) for delivery in March, rallied to $96.80 a barrel -- the highest point since the start of the year. It later pulled back slightly to $US96.73, up $US1.76 from Tuesday.
Brent North Sea crude for March was up $US1.46 at $US108.19 at 0730 AEDT.
Platinum climbed to the highest price in more than two months ahead of a planned strike in South Africa that may interrupt production in the top producer of the precious metal.
Platinum for April delivery, the most actively traded contract, rose $US8.90, or 0.6 per cent, to settle at $US1,462.40 a troy ounce on the New York Mercantile Exchange, the highest since November 6.
Palladium, produced in South Africa as a byproduct of platinum mining, also settled at a two-month high. Palladium for March delivery edged up 0.1 per cent to $US748.85 a troy ounce.
Gold futures eased a bit as investors stuck to the sidelines ahead of readings on global manufacturing and US unemployment data slated for release on Thursday.
The most actively traded gold contract, for February delivery, fell $US3.20, or 0.3 per cent, to settle at $US1,238.60 a troy ounce on the Comex division of the Nymex.
Copper futures have closed lower on the London Metal Exchange (LME), weighed down by persistent concern over Chinese demand for the metal and a lack of trading interest as the Lunar New Year holiday approached.
At the PM kerb close on Wednesday, LME three-month copper was down 0.6 per cent at $US7,292 a metric ton.
Nickel, still buoyed by expectations of tight supply following an ore ban in Indonesia, closed 0.5 per cent higher at $US14,795 a ton.
The Chinese New Year festival, which starts on January 31, is likely to see economic activity dip temporarily, which will likely be reflected in reduced production and lower imports. China accounts for about 40 per cent of global copper use.