Reuters: Hot Stocks: Australia shares could be constrained by drop in iron ore prices

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Australia shares could be constrained by drop in iron ore prices May 28th 2013, 23:12 SYDNEY | Tue May 28, 2013 7:12pm EDT SYDNEY May 29 (Reuters) - Australian shares could be hobbled on Wednesday by a possible hit to miners from a decline in iron ore prices to their weakest level this year, offsetting a rally on Wall Street as the Dow Jones closed at another record high. * Local share price index futures fell 1 point, a 6.7-point discount to the underlying S&P/ASX 200 index close. The benchmark rose 0.2 percent on Tuesday, snapping a five-day losing streak. * New Zealand's benchmark NZX 50 index rose 0.4 percent in early trade. * U.S. stocks rose on Tuesday, with the Dow closing at yet another record high after central banks reassured investors that they will retain policies designed to foster global growth. * Shanghai steel futures fell to near nine-month lows on Tuesday, and spot iron ore prices were at their weakest this year, as the risk that China's economic recovery could stall dampened demand for the commodities in the world's top consumer. * Copper rose after strong U.S. housing and consumer confidence data lifted prospects for rising metals demand in the world's biggest economy, although gains were capped by a stronger dollar and concerns over Chinese growth. * Gold fell 1 percent as an equities market rally driven by encouraging U.S. home sales and consumer confidence data decreased bullion's safe-haven appeal. * Rio Tinto Alcan has written to Japanese buyers asking for a premium of $254 per tonne over the LME cash price for July-September primary aluminium shipments, a source involved in quarterly pricing talks said on Tuesday. * Australian supermarket chain Wesfarmers Ltd said it expects a full year net capital expenditure estimate of between $1.5 billion to $1.7 billion. ----------------------MARKET SNAPSHOT @ 2258 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1660.06 0.63% 10.460 USD/JPY 102.29 -0.07% -0.070 10-YR US TSY YLD 2.167 -- 0.000 SPOT GOLD 1380.66 0.03% 0.410 US CRUDE 95.07 0.06% 0.060 DOW JONES 15409.39 0.69% 106.29 ASIA ADRS 140.59 0.57% 0.80 ------------------------------------------------------------- * Dow ends at record as central banks reassure Wall St * Oil rises more than $1 on equities, Middle East tension * Gold down 1 pct as strong U.S. data dents safe havens * Copper gains after upbeat U.S. data; firmer dollar weighs For a digest of the day's business stories in Australian newspapers, double click on (Australia/New Zealand bureaux; +61 2 9373 1800/+64 4 471 4234) (Reporting by Thuy Ong; Editing by Shri Navaratnam) Link this Share this Digg this Email Reprints

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