May 2 (Reuters) - Australian shares are set to edge lower on Thursday, tracking losses on Wall Street with material stocks, hurt by a slide in base metal prices, likely to drag the index.
Copper prices slumped 2.8 percent to the weakest close since Feb. 18, while aluminium and lead prices slid to their lowest in more than two years. MET/L
The local share price index futures YAPcm1 fell 0.5 percent, a 55.9-point discount to the underlying S&P/ASX 200 index .AXJO close. The benchmark rose 0.8 percent on Wednesday.
New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.04 percent in early trade.