Reuters: Hot Stocks: Australia shares seen climbing on miners' pick-up

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Australia shares seen climbing on miners' pick-up Jul 22nd 2013, 22:48 Tweet Share this Email Print Mon Jul 22, 2013 6:48pm EDT Australian shares are set to open higher on Tuesday, buoyed by the miners as copper prices rose on healthy Chinese demand, though stocks gains are likely to be limited as caution reigns ahead of the local reporting season. * Local share price index futures rose 0.3 percent to 4,974.0, but that was a 27.9-point discount to the underlying S&P/ASX 200 index close. The benchmark rose 0.6 percent on Monday. * New Zealand's benchmark NZX 50 index rose 6.6 points to 4,560.7 in early trade. * On Wall Street, the S&P 500 notched a third consecutive record closing high on Monday and major indexes rose, though disappointing McDonald's earnings kept the Dow from making significant gains. * Copper rose for a third day to its highest level in more than a month, boosted by higher Chinese copper imports, China's move to lift controls on lending rates and a weaker dollar. Gold surged 3 percent to a one-month high. * Fortescue Metals Group releases its June quarter production report on Tuesday, with investors looking for an update on its expansion to 155 million tonnes a year capacity and talks to sell a stake in its port and rail unit, The Pilbara Infrastructure, to raise up to $4 billion. ----------------------MARKET SNAPSHOT @ 2236 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1695.53 0.2% 3.440 USD/JPY 99.57 -0.07% -0.070 10-YR US TSY YLD 2.4841 -- 0.000 SPOT GOLD 1336.96 0.14% 1.920 US CRUDE 106.98 0.04% 0.040 DOW JONES 15545.55 0.01% 1.81 ASIA ADRS 142.49 0.43% 0.62 ------------------------------------------------------------- * Wall St edges higher despite McDonald's disappointment * U.S. crude ends lower on profit-taking, Brent inches up * Gold surges above $1,300, bears seek cover * Copper up 1.6 pct on Chinese data, weaker dollar 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) Tweet this Link this Share this Digg this Email Reprints Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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