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Australasia, News

Australia shares poised to slip on mining stocks; NZ inches up

Dec 23 (Reuters) – Australian shares are set to open lower on Monday, with the benchmark’s heavyweight iron ore miners likely to trade lower following a drop in prices of the steelmaking commodity over the weekend. Chinese iron ore futures fell as much as 1.3% to 633 yuan per tonne on Friday, amid uncertainties over demand from China. Gold prices also traded lower, which is likely to add to pressure on miners of the safe-haven metal. The local share price index futures fell 26 points or 0.4%, a 1.3% discount to the underlying S&P/ASX 200 index close. The benchmark fell 0.3% on Friday. New Zealand’s benchmark S&P/NZX 50 index rose 0.1% or 13.16 points to 11,495.45 in early trade. (Reporting by Rashmi Ashok in Bengaluru; Editing by Sandra Maler)


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