Australia shares seen firming after decline, eyes on miners

Tue Jan 14, 2014 5:15pm EST

SYDNEY, Jan 15 (Reuters) - Australian shares were set to
firm on Wednesday, rebounding from its biggest single day
decline in 3-1/2 months in the previous session, drawing support
from Wall Street, which rose on better-than-expected retail
figures.
    
    * Local share price index futures rose 0.6 percent
to 5,204.0, which is still an 8-point discount to the underlying
S&P/ASX 200 index close. The benchmark fell 1.5 percent
on Tuesday.
    * New Zealand's benchmark NZX 50 index edged up 0.1
percent to 4,868.0 in early trade.
    * U.S. stocks rose on Tuesday, erasing much of the previous
session's steep drop, after a strong December retail sales
reading eased concerns about an economic slowdown.
    * Copper dipped on Tuesday due to a firming dollar and
caution over growth prospects for the world's top copper
consumer China, but a shortfall of metal in the physical markets
and upbeat U.S. data helped limit losses.
    * OZ Minerals Ltd said copper and gold productions
were expected to increase in 2014, as the miner reported total
copper production for December quarter of 18,119 tonnes versus
17,390 tonnes last quarter. 
    * Rio Tinto Ltd, BHP Billiton Ltd and
Fortescue Metals Group Ltd are set to report higher
iron ore output for the December quarter after spending heavily
to dig more mines in Australia. 
 
------------------ MARKET SNAPSHOT @ 2204 GMT ------------------
                    INSTRUMENT   LAST       PCT CHG   NET CHG
S&P 500                   1,838.88     1.08%    19.680
USD/JPY                   104.19      -0.01%    -0.010
10-YR US TSY YLD     2.8709          --     0.046
SPOT GOLD                 1,244.39    -0.03%    -0.320
US CRUDE                  92.64        0.92%     0.840
DOW JONES                 16,373.86    0.71%    115.92
ASIA ADRS                146.72       0.42%      0.62
-------------------------------------------------------------   
                                                        

        
* Wall St rebounds as sales point to healthy economy     
* U.S. oil up, Brent falls; spread narrows over $1       
* Gold falls as Wall St rises on U.S. retail sales data  
* Copper falls on firm dollar, caution over China growth 
    
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 (Reporting by Maggie Lu Yueyang, editing by G Crosse)