Australian shares are set to open higher on Friday, and are on track to end the week in the black, bolstered by global risk sentiment and local blue-chip miners likely benefiting from a surge in iron ore and copper prices.

The local share price index futures rose 0.3%, a 18.7-point discount to the underlying S&P/ASX 200 index close.

The benchmark lost half a percent on Thursday.

New Zealand's benchmark S&P/NZX 50 index gained marginally in early trade on Friday.