New South Wales maintained a steady downward trend in COVID-19 cases as it attempts to contain an outbreak in capital Sydney, reporting nine fresh local infections versus eight on Wednesday.
"If the coal issue with China is resolved early in the new year, it would relax the market in relation to other commodities that are exported to China," Smoling added.
Heavyweight miners also traded firmly in the black as iron ore prices recovered on lingering supply concerns and strong manufacturing output data from China.