Jan 27 (Reuters) - Australian shares are set to open flat on Friday, tracking Wall Street, with gains for mining heavyweights from rallying iron ore expected to be tempered by the decline in copper prices, while rising crude should boost energy stocks.
U.S. stocks were little changed on Thursday after the two-day rally which pushed the Dow Jones Industrial Average above the 20,000 mark. .N
Chinese steel and iron ore futures extended gains on Thursday on expectations of firm demand following the Lunar New Year holiday, while copper prices declined on a strengthening dollar. IRONORE/ MET/L
Oil prices jumped 2 percent overnight, while gold slipped to a two-week low. O/R [GOL
Local share price index futures YAPcm1 were flat at 5,649, a 22.5-point discount to the underlying S&P/ASX 200 index .AXJO close on Wednesday. Australian markets were closed on Thursday for a holiday.
New Zealand's benchmark S&P/NZX 50 index .NZ50 was flat in early trade.
For a summary of overnight action across global markets, double click on AU/CALL
For a digest of the day's business stories in Australian newspapers, double click on PRESS/AUB