SYDNEY: Australian shares are set to open slightly lower on Thursday as basic materials stocks are expected to be under pressure due to persistent weakness in iron ore prices.
Iron ore futures in China dropped to their lowest in nearly two months on Wednesday, affected by weaker steel prices and an environmental campaign by Beijing that has limited operations of sinter facilities.
The local share price index futures rose 0.05 percent, or 3 points to 5,715, a 5.9-point premium to the underlying S&P/ASX 200 index close. The benchmark fell 0.1 percent on Wednesday.
New Zealand's benchmark S&P/NZX 50 index rose 0.09 percent to 7,825.85 by 2212 GMT.
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