June 8, 2020 / 10:33 PM / a month ago

Australian shares set to gain on iron ore miners, NZ ticks higher

    June 9 (Reuters) - Australian shares were likely to open
higher on Tuesday with heavyweight mining stocks set to gain on
robust iron ore prices, while strength in Wall Street on
economic recovery hopes was also expected to carry over.
    Chinese iron ore futures surged on Monday, as supply
concerns deepened after the country's second-biggest iron ore
supplier Brazil shut down a Vale complex due to coronavirus
concerns.              
    The local share price index futures          rose 0.7%, a
139.3-point premium to the underlying S&P/ASX 200 index        
close. Markets in Australia were closed for a holiday on Monday,
while the benchmark closed 0.1% higher on Friday.
    New Zealand's benchmark S&P/NZX 50 index         ticked
0.04% higher in early trade. 
   

 (Reporting by A K Pranav in Bengaluru
Editing by Chris Reese)
  
 
 
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