Copper gained 3.1% to $6147.50 per tonne, zinc jumped 4.7% to $1943.25/t and nickel added 4.5% to $17,819/t.

Copper play Cudeco rose 6.6% or A34c to $5.48, while Phoenix Copper jumped 25% or 2.5c to 12.5c.

However, the Shanghai Futures Exchange will be closed until October 9 and analysts are expecting a quiet time on the metals front.

The outlook for base metals is still mixed, with analysts expecting volatility over the next quarter.

"The concerns for demand from China, coupled with mixed data being released from the US, makes for a challenging market,” an unnamed trader told Dow Jones Newswires.

Meanwhile, gold rose $US14.90 to $1009.30/oz on the Comex division of the New York Mercantile Exchange and spot gold was steady at $1006.92/oz at 11.30am EST.

Gold’s strong performance despite better than expected US economic data has led analysts to believe that there may be further rises for the precious metal.

Closer to home, the Australian Financial Review reported today that the local bourse has had its best quarterly performance in 22 years, rising 20% over the three months to September 30.

“There is precedence for a major slump in equities to be followed by a major rebound, particularly when a lot of cash has built up on the sidelines, investors had given up on shares and when Armageddon fails to arrive," AMP head of investment strategy Shane Oliver told Dow Jones.

Despite the rally, the market was trading flat at midday, with the S&P-ASX 200 down just 0.2% to 4732.1 points.

BHP Billiton was last trading A36c down to $37.37, while Rio Tinto was 49c down to $58.75.