Oil prices gained over 2 percent on Monday as US output diminished while iron ore futures matched up, jumping over 3 percent, supported by data showing a recovery in China's manufacturing activity.

Australia's central bank is seen holding the cash rate at a record low of 1.5 percent in its policy meeting later in the day, according to economists polled by Reuters.

The local share price index futures gained 0.6 percent, or 35 points, a 14.5-point discount to the underlying S&P/ASX 200 index  close. The benchmark fell 0.7 percent at the close of trade on Monday.

The benchmark is also expected to be cheered up by gains in Wall Street led by energy and bank stocks.

New Zealand's benchmark S&P/NZX 50 index  edged up about 0.1 percent, or 9.77 points, to 7,598.2 in early trade.