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Reuters
Reuters
Business

Australia shares set to open higher, New Zealand down

FILE PHOTO: Pedestrians are reflected in a window in front of a board displaying stock prices at the Australian Securities Exchange (ASX) in Sydney, Australia, February 9, 2018. REUTERS/David Gray

(Reuters) - Australian shares are expected to rise on Wednesday, with mining stocks likely to gain on the back of rising iron ore and base metal prices.

China's iron ore futures surged on Tuesday on expectations that major miners will be unable to expand production to meet robust demand.

The local share price index futures edged up 0.2%, or 12 points, to 6,565 at 2207 GMT, a premium of 18.7 points to the underlying S&P/ASX 200 index close. The benchmark closed 1.6% higher on Tuesday.

New Zealand's benchmark S&P/NZX 50 index dipped 0.1% in early trade.

(Reporting by Mensholong Lepcha in Bengaluru)

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