Asian markets perk up amid rising commodity prices

Gains in commodity prices sent equity markets slightly higher early Wednesday, as investors await the release of the Federal Reserve&rsquo s meeting minutes later today.

Japan&rsquo s Nikkei Stock Average  NIK,  -0.03%    was up 0.2% and the Korea Kospi  SEU,  -0.46%    was flat. The Shanghai Composite Index  SHCOMP,  +1.06%    added 0.7%, Hong Kong&rsquo s Hang Seng Index  HSI,  -0.19%    rose 0.4%, and Taiwan&rsquo s Taiex  Y9999,  +0.91%    gained 1.2%.

Australia&rsquo s S& P/ASX 200  XJO,  -0.02%    , however, reversed earlier gains and was last flat, though key commodity stocks were higher. BHP Billiton  BHP,  +2.84%    added 2.3%, Fortescue MetalsFMG,  +3.28%    gained 2.8% and Rio Tinto  RIO,  +2.32%    rose 1.9%.

Base metal prices gained in Asian trade Wednesday on news of fresh disruptions in supplies and a report showing that U.S. durable goods increased more than expected in February.

A strike at the Peruvian operations of Southern Copper  SCCO,  +0.33%    helped price rises of the red metal. Three-month copper prices on the London Metal Exchange were up 0.5%, while nickel added 1.3% and zinc gained 1%.

&ldquo Metal prices have found a support level and the [U.S. consumer goods] data is encouraging,&rdquo said Daniel Hynes, a commodities analyst at ANZ Bank.

Meanwhile, oil prices maintained their rising momentum after hitting a four-week high on bets that production curbs by the world&rsquo s biggest exporters and the coming high-demand season would curb oversupply in the market. Brent crude, the international benchmark, was up 0.2% at $54.27 a barrel in early Asian trade.

Among key oil stocks, Australia&rsquo s Santos  STO,  +2.16%    was up 1.5% and Woodside PetroleumWPL,  +1.64%    added 1%. Hong Kong-listed shares of Chinese oil refiner Sinopec  0386,  +0.95%    were up 2.1% and offshore oil giant Cnooc  0883,  +0.86%    was 1% higher.