March 20, 2019 / 9:13 PM / 4 months ago

Australia shares set to inch lower, hurt by miners; New Zealand up

    March 21 (Reuters) - Australian shares are poised to open
lower on Thursday, as a sharp drop in iron ore prices is likely
to weigh mining stocks, with heavyweights Rio Tinto Ltd         
and Fortescue Metals Group Ltd          likely to extend their
declines. 
     China's iron ore futures plunged nearly 6 percent on
Wednesday, on expectation of higher supply as Brazil's Vale SA
           is set to resume work at its largest iron ore mine in
Minas Gerais state.           
    The local share price index futures          fell 0.1
percent or 4 points to 6,170, a 4.7-point premium to the
underlying S&P/ASX 200 index         close. The benchmark fell
0.3 percent on Wednesday.
    In New Zealand, the benchmark S&P/NZX 50 index         rose
0.1 percent at 2105 GMT.

 (Reporting by Shanima A in Bengaluru; Editing by Lisa Shumaker)
  
 
 
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