Oct 24 (Reuters) - Australian shares are set to open in negative territory on Tuesday, tracking weakness in U.S. stocks, while continuing strength in metal prices are likely to buoy material stocks.
U.S. stocks retreated from record positions on Monday as technology and industrial shares weighed on Wall Street indexes, while Chinese iron ore futures hit three-week highs. .N IRONORE/ MET/L
The local share price index futures YAPcm1 fell 0.1 percent or 5 points to 5,870, a 24-point discount to the underlying S&P/ASX 200 index .AXJO close.
The benchmark snapped an eight-session streak of gains to fall 0.2 percent on Monday, as investors took profits.
New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.1 in early trade.