Australia shares seen bouncing from 2-1/2 month lows

SYDNEY, July 2 Tue Jul 1, 2014 7:22pm EDT

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SYDNEY, July 2 (Reuters) - Australian shares are set to rebound from a 2-1/2 month low in early trade on Wednesday, buoyed by record highs on Wall Street overnight, while investors will keep an eye on local trade balance data due later.

* Local share price index futures rose 0.4 percent to 5,360, a 15.9-point discount to the underlying S&P/ASX 200 index close. The benchmark fell 0.4 percent on Tuesday.

* New Zealand's benchmark NZX 50 index added 0.1 percent in early trade.

* The Dow and the S&P 500 closed at record highs overnight as manufacturing activity picked up in the United States and Asia and increased optimism about the global economy's health.

* Copper pulled back from its strongest levels in nearly four months, while benchmark 62 percent grade iron ore .IO62-CNI=SI rose slightly to $94.20 a tonne.

* Gold reversed early gains as investors took profits after strong exchange-traded fund buying sent prices to a near two-month peak earlier.

* Australasian food company Goodman Fielder Ltd said it would recommend shareholders accept a reduced takeover offer from Wilmar International Ltd and Hong Kong investor First Pacific Co, valuing the company at A$1.32 billion ($1.25 billion).

* Singapore's Frasers Centrepoint Ltd has reached a deal to buy Australia's Australand Property Group for about A$2.6 billion.

* New Horizon Coal Ltd says it has commenced a strategic review in releation to its investment in the Kinney Coal Project.

* Archer Exploration Ltd said an action lodged by Magnesium Developments has been discontinued that affected part of Archer's Leigh Creek Magnesite Project.

* Monthly trade balance data from the Reserve Bank of Australia is due out later on Wednesday.

----------------------MARKET SNAPSHOT @ 2302 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1973.32 0.67% 13.090 USD/JPY 101.54 -0.01% -0.010 10-YR US TSY YLD 2.5665 -- #N/A SPOT GOLD 1326.1 0.05% 0.660 US CRUDE 105.27 -0.07% -0.070 DOW JONES 16956.07 0.77% 129.47 ASIA ADRS 152.09 1.20% 1.80 -------------------------------------------------------------

* Dow, S&P end at records in fireworks before the fourth * Oil dips on easing supply concerns; China data supports * Platinum at 10-month high on supply worries gold eases * Zinc retreats from 16-1/2 month high, tin bounces

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

(Reporting by Thuy Ong; Editing by Richard Pullin)

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