Australia shares seen rising modestly on metals, eyes on RBA

SYDNEY, July 1 Mon Jun 30, 2014 6:42pm EDT

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SYDNEY, July 1 (Reuters) - Australian shares are seen modestly rising on Tuesday, as the S&P 500 and Nasdaq booked a sixth straight quarter of gains while an uptick among metals prices may support the resource sector.

* Investors will also eye the Reserve Bank of Australia, which will announce the results of its monthly policy meeting later on Tuesday. All 24 economists polled by Reuters expect to see the cash rate unchanged at a record low of 2.5 percent.

* Local share price index futures rose 0.2 percent, but this represented a 29.7-point discount to the underlying S&P/ASX 200 index close. The benchmark dropped 0.9 percent on Monday to 1-1/2 week lows and lost 1.8 percent for June.

For the first six months of 2014, the benchmark index added 0.8 percent, lagging the 3.4 percent gain booked in the same period last year.

* New Zealand's benchmark NZX 50 index was flat in early trade.

* The S&P 500 and the Nasdaq Composite indexes wrapped up a sixth straight quarter of gains on Monday, a streak not seen in more than 14 years. The three major U.S. stock indexes, however, closed little changed for the day, following a set of mixed economic data.

* Copper rose, posting a second month of gains on tight supply and hopes of solid demand from China and on an improving U.S. economy.

* Gold rose nearly 1 percent to its highest since mid-April with bullion posting its second consecutive quarterly gain as increased geopolitical tensions boosted its safe-haven appeal.

* MacMahon Holdings Ltd has been awarded a two-year A$38 million contract extension at Newmont Mining's open cut gold mine in New Zealand.

----------------------MARKET SNAPSHOT @ 2228 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1960.23 -0.04% -0.730 USD/JPY 101.29 -0.01% -0.010 10-YR US TSY YLD 2.5322 -- #N/A SPOT GOLD 1326.94 -0.02% -0.250 US CRUDE 105.47 0.09% 0.100 DOW JONES 16826.60 -0.15% -25.24 ASIA ADRS 150.29 0.34% 0.51 -------------------------------------------------------------

* S&P 500, Nasdaq score 6th straight quarter of gains * Brent & U.S. crude reach 18-day low on easing Iraq supply fears * Gold rises on dollar drop, fund buying; posts Q2 gain * Copper up, eyes second monthly rise on China hopes

For a digest of the day's business stories in Australian newspapers, double click on

(Reporting by Thuy Ong; Editing by Jan Paschal)

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