Australia shares seen edging higher underpinned by Wall Street, copper

SYDNEY Sun May 25, 2014 6:42pm EDT

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SYDNEY May 26 (Reuters) - Australian shares are seen posting modest gains on Monday, tracking Wall Street which ended at record highs, while some resource stocks may be supported after copper prices rose on tight supply.

* Local share price index futures inched 0.1 percent higher, a 21.2-point premium to the underlying S&P/ASX 200 index close. The benchmark added 0.2 percent on Friday and 0.3 percent last week, its third consecutive week of gains.

* New Zealand's benchmark NZX 50 index added 0.4 percent in early trade.

* The S&P 500 closed at a record high on Friday, buoyed by a rally in housing stocks after better-than-expected home sales and a jump in Hewlett-Packard shares a day after the personal computer maker said it would cut more jobs.

* Billionaire Petro Poroshenko claimed Ukraine's presidency on Sunday after exit polls gave him an absolute majority in a first round of voting and, vowing to end a conflict with pro-Russian rebels, he pledged to align his country with Europe.

* Copper prices rose, lifted by growing supply tightness, while nickel's rally paused for breath.

* Palladium fell as investors took some profits after hitting 2-1/2 year highs a day earlier and the dollar firmed, even as concerns remained about supplies as strikes in major producer South Africa drag on.

* QrxPharma Ltd said the FDA has issued a response letter regarding its Moxduo drug and said there was not sufficient evidence to support its approval. ----------------------MARKET SNAPSHOT @ 2228 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1900.53 0.42% 8.040 USD/JPY 101.94 -0.02% -0.020 10-YR US TSY YLD 2.5356 -- 0.000 SPOT GOLD 1291.26 -0.10% -1.350 US CRUDE 104.28 -0.07% -0.070 DOW JONES 16606.27 0.38% 63.19 ASIA ADRS 144.51 0.46% 0.67 -------------------------------------------------------------

* S&P 500 ends at record on housing, HP; transports fly * Brent, U.S. crude push higher on geopolitical worries * Palladium falls on profit taking, gold flat * Copper gains on tight supply, nickel rally pauses

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(Australia/New Zealand bureaux; +61 2 9373 1800/+64 4 471 4234)

(Reporting by Thuy Ong; Editing by)

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