January 30, 2014 / 10:27 PM / 4 years ago

Australia shares seen rising modestly, weak metals prices may drag

SYDNEY, Jan 31 (Reuters) - Australian shares are seen modestly rising on Friday as Wall Street recovered overnight on data showing GDP growth, however resource stocks may drag on the local market after a sell-off in metals.

* Local share price index futures rose 0.4 percent, a 32.1-point discount to the underlying S&P/ASX 200 index close. The benchmark fell 0.8 percent on Thursday.

* New Zealand’s benchmark NZX 50 index rose 0.6 percent in early trade.

* The S&P 500 scored its biggest gain in more than a month on Thursday as Facebook led a tech rally and data showed the U.S. economy was on solid footing in the fourth quarter of last year.

* Copper prices fell to a near two-month low, dragged down by a strong dollar and lacklustre demand from China ahead of a week-long holiday, while overproduction in aluminium pressured the metal to its lowest level in nearly five years. Gold fell 2 percent.

* Spot iron ore prices fell to the lowest in more than six months amid thin buying interest from Chinese steel mills adequately stocked on the raw material ahead of a week-long Lunar New Year holiday.

* Australia’s quarterly producer inflation data and private sector credit are both due at 0030 GMT.

----------------------MARKET SNAPSHOT @ 2212 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1794.19 1.13% 19.990 USD/JPY 102.7 0% 0.000 10-YR US TSY YLD 2.6931 -- 0.018 SPOT GOLD 1242.79 -0.03% -0.410 US CRUDE 98.07 0.73% 0.710 DOW JONES 15848.61 0.70% 109.82 ASIA ADRS 140.79 0.28% 0.39 -------------------------------------------------------------

* Wall St Rebounds with tech gains, signs of growth * U.S. crude oil rises on strong GDP data * Gold drops 2 pct on equity rally, stronger U.S. dollar * Copper falls to near 2-mnth low on weak Chinese demand

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

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

Reporting by Thuy Ong; Editing by Chris Reese

Our Standards:The Thomson Reuters Trust Principles.
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