Australian market set to open higher

THE Australian stock market looks set to open higher following gains in commodity prices overnight.

THE Australian stock market looks set to open higher following gains in commodity prices overnight.

At 0700 AEST on Wednesday, the June share price index futures contract was up 18 points at 5,641.

In overnight trade, iron ore prices were up 1.9 per cent, and copper and gold prices also gained ground.

Locally on Wednesday, March quarter gross domestic product figures are due out and the Australian Industry Group releases its Australian Performance of Services Index for May.

In Australia, the market on Tuesday fell heavily again, its fourth day of losses in the last five.

The benchmark S&P/ASX200 index was down 99.4 points, or 1.73 per cent, at 5,636 points.

The broader All Ordinaries index was down 94.1 points, or 1.64 per cent, at 5639.9 points.