A summary of trading in key commodities markets overseas:
World oil prices are mixed as traders react to news of rising US crude supplies and a shrinking storage glut at the Cushing, Oklahoma, trading hub.
US benchmark West Texas Intermediate (WTI) for delivery in March rose 19 US cents to $97.38 per barrel.
Brent North Sea crude for March was down 26 US cents to $105.78 a barrel in London deals at 0716 AEDT.
American crude reserves rose by 400,000 barrels in the week ending January 31, the US government's Energy Information Administration (EIA) said - the third weekly gain in a row but below expectations for a far bigger gain of 2.2 million barrels.
Stockpiles in Cushing meanwhile sank 1.5 million barrels to 40.3 million barrels - the lowest level since the week ending December 27.
Gold is higher amid investor optimism that weaker US employment data would lead the Federal Reserve to continue its accommodative measures.
Gold for April delivery, the most active contract, rose $5.70, or 0.5 per cent, to settle at $US1,256.90 a troy ounce on the Comex division of the New York Mercantile Exchange.
Gold prices had catapulted to a one-week high of $US1,274.50 an ounce after a national employment report from Automatic Data Processing Inc and forecasting firm Moody's Analytics showed employers added just 175,000 new hires in January, less than the 189,000 expected.
Some investors hope the disappointing data will disrupt the Fed's plans to wind down its bond purchasing program. The slow reduction in the Fed's stimulus efforts is expected to raise interest rates and sap appetite for zero-yielding assets like gold.
Copper futures closed flat on the London Metal Exchange (LME), losing steam after a weaker-than-expected US employment report raised concerns over demand for the metal.
The LME's flagship three-month copper contract on Wednesday was down 0.04 per cent at $7,038 a metric ton at the close of open-outcry trading.
Aluminium was 0.9 per cent higher at $US1,700.50 a ton.
Early gains were later derailed after a report compiled by payroll processor Automatic Data Processing Inc showed US private sector payrolls increased by 175,000 new jobs in January. Economists surveyed by Dow Jones Newswires expected the ADP to report a January increase of 189,000 jobs.