Australia shares seen edging higher, investors eye local data

SYDNEY, July 3 Wed Jul 2, 2014 7:17pm EDT

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SYDNEY, July 3 (Reuters) - Australian shares are see to edge up in early trade, underpinned by fresh highs on Wall Street and gains for metals prices, while investors will keep an eye on local retail sales and building data due later.

* Share price index futures rose 0.4 percent 5432.0, a 23.4 point discount to the underlying S&P/ASX 200 index close. The benchmark jumped 1.5 percent from 2-1/2 month lows on Wednesday, its biggest one-day percentage gain in two weeks.

* New Zealand's benchmark NZX 50 index was flat 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 on renewed optimism about the health of the global economy.

* Copper rose to its highest in more than four months after U.S. jobs data signalled a strengthening recovery in the world's largest economy, boosting demand prospects for the metal. Gold prices edged up on a second consecutive day of strong buying by exchange-traded funds.

* Benchmark 62-percent grade iron ore for immediate delivery to China .IO62-CNI=SI rose to $94.70 a tonne. Iron ore is still down nearly 30 percent this year.

* Lachlan Star has announced a renegotiation of a credit facility.

* Monthly retail sales data and building permits from the Australian Bureau of Statistics are due out at 0130 GMT.

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

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1974.62 0.07% 1.300 USD/JPY 101.77 0% 0.000 10-YR US TSY YLD 2.6282 -- #N/A SPOT GOLD 1326.54 -0.05% -0.600 US CRUDE 104.22 -0.25% -0.260 DOW JONES 16976.24 0.12% 20.17 ASIA ADRS 152.71 0.41% 0.62 -------------------------------------------------------------

* Dow, S&P end at records in fireworks before the fourth * Oil falls on Libya port deal, despite U.S. inventory drop * Platinum hits 10-month high but ends flat; gold up * Copper hits 4-month high on U.S. jobs gains

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(Reporting by Thuy Ong; Editing by Richard Pullin)

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