July 20, 2014 / 10:32 PM / 4 years ago

Australia shares seen edging higher on Wall St, miners may constrain

SYDNEY, July 21 (Reuters) - Australian shares are seen edging higher on Monday, buoyed by a rebound on Wall Street, though gains may be limited by the resource sector as metals prices fell.

Local share price index futures rose 0.4 percent, but were at a 24.7-point discount to the underlying S&P/ASX 200 index close. The benchmark added 0.2 percent on Friday and rose 0.8 percent for the week.

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

* U.S. stocks rose on Friday, rebounding a day after the S&P 500 suffered its worst slide since April 10, with the three major indexes gaining.

* Copper fell to a two-week low and clocked up its biggest weekly drop in 18 weeks on concerns about the Chinese property sector and an outlook for increased production.

* Profit-taking sent gold prices lower after they rallied the previous session on the shooting down of a passenger plane in eastern Ukraine, but traders said interest in bullion will be quick to rise again if geopolitical tensions heighten.

----------------------MARKET SNAPSHOT @ 2220 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1978.22 1.03% 20.100 USD/JPY 101.36 0.04% 0.040 10-YR US TSY YLD 2.4818 -- 0.000 SPOT GOLD 1309.96 -0.03% -0.440 US CRUDE 102.78 -0.34% -0.350 DOW JONES 17100.18 0.73% 123.37 ASIA ADRS 150.70 0.95% 1.42 -------------------------------------------------------------

* Wall St rebounds from selloff; indexes up for week * Oil prices slip after spike on downed airliner, Gaza * Gold falls on profit-taking but geopolitical tensions eyed * Copper clocks up biggest weekly drop since mid-March

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

Reporting by Thuy Ong; Editing by Andrea Ricci

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