May 28, 2014 / 11:16 PM / 4 years ago

Australia shares seen slipping; gold, iron ore prices falls

SYDNEY, May 29 (Reuters) - Australian shares are seen slipping on Thursday after falls on Wall Street overnight, while miners could be hit as iron ore prices fell to a fresh 20-month low and bullion prices hit near 4-month lows.

* Local share price index futures fell 0.2 percent, a 3.2-point discount to the underlying S&P/ASX 200 index close. The benchmark added 0.3 percent on Wednesday.

* New Zealand’s benchmark NZX 50 index slipped 0.1 percent in early trade.

* The S&P 500 snapped a four-session winning streak on Wednesday to end just shy of a third straight record closing high.

* Iron ore for immediate delivery to China .IO62-CNI=SI fell to $96.80. Iron ore prices have lost nearly 28 percent so far this year.

* Gold prices fell to their lowest in nearly 4 months, extending the previous session’s two-percent sell-off as the dollar rallied against the euro and stock markets held near recent record highs.

* Copper prices hovered near three-month highs, underpinned by optimism about the outlook for demand from top consumer China.

* Australia’s opposition Labor Party said two contentious taxes on mining and carbon emissions introduced during its years in power would likely be repealed this year.

* Some of China’s biggest property developers will compete against Australian gaming giants for casino licences in Queensland, boosting the government’s plans to turn the popular tourist destination into a haven for big-spending Chinese gamblers.

* Rio Tinto Ltd has appointed Michael L‘Estrange as a non-executive director from 1 September.

* Business capital expenditure data from the Australian Bureau of Statistics, and a new home sales report from the Housing Industry Association are both due out later in the day.

* Westfield Group will hold its annual meeting in Sydney.

----------------------MARKET SNAPSHOT @ 2257 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1909.78 -0.11% -2.130 USD/JPY 101.77 -0.06% -0.060 10-YR US TSY YLD 2.4449 -- 0.000 SPOT GOLD 1259.19 0.08% 1.050 US CRUDE 103 0.27% 0.280 DOW JONES 16633.18 -0.25% -42.32 ASIA ADRS 144.60 -0.19% -0.27 -------------------------------------------------------------

* S&P 500 falls shy of a record, breaks four days of gains * U.S. oil falls more than $1 on expected inventory build * Gold drops to near 4-month low as dollar up, equities firm * Copper up on China demand hopes, trades near 3-month highs

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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