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Friday, March 31, 2023

Australia shares to slip on material losses, NZ flat

Australia shares to slip on material losses, NZ flatSYDNEY: Australian shares are seen falling at open on Friday, tracking Wall Street losses overnight, with material stocks expected to weigh down on the index after base metal prices retreated.

Copper prices plunged to one-year lows on Thursday as fund-selling accelerated on worries about demand from the trade tussle between the United States and top consumer China, while Aluminium traded down 1.3 percent to $2,001.

The local share price index futures slipped 0.2 percent, or 11 points, to 6,201, a 61.7-point discount to the underlying S&P/ASX 200 index close. The benchmark rose 0.3 percent on Thursday.

New Zealand’s benchmark S&P/NZX 50 index was close to flat at 2210 GMT.

Copyright Reuters, 2018

Source: Brecorder

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