* Strong trade data from China lifts U.S. futures
* Alcoa set to kick off earnings season after the bell
* Futures up: Dow 30 pts, S&P 500 4.5 pts, Nasdaq 4 pts
* For up-to-the-minute market news, click STXNEWS/US
(Adds new analyst comment)
By Edward Krudy
NEW YORK, Jan 11 (Reuters) - U.S. stock index futures rose
on Monday as China's stronger trade figures stoked optimism in
the global recovery and as investors anticipated a profitable
earnings report from Alcoa Inc <AA.N>.
Data on the surge in December Chinese trade, including
strong demand for oil and copper, helped lift commodity prices
and looked set to boost commodity related stocks. Shares in
Newmont Mining Corp <NEM.N> rose 2.4 percent to $50.80 in
premarket trade.
After the close on Monday, aluminum giant Alcoa is
expected to post a profit of 5 cents per share, compared to a
loss of 28 cents a year ago, in a report that traditionally
marks the start of earnings season. Alcoa shares rose 2.7
percent to $17.49 in premarket trading.
Steve Goldman, market strategist at Weeden & Co in
Greenwich, Connecticut, said the Chinese data was supporting
the idea of a global recovery. "It has been a propeller for the
general equity markets. You're seeing cyclical stocks very
strong."
S&P 500 futures <SPc1> gained 4.5 points and were above
fair value, a formula that evaluates pricing by taking into
account interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures <DJc1> rose by
30 points, and Nasdaq 100 futures <NDc1> gained 4 points.
China ended 2009 with record monthly imports of crude oil
and soybeans and a strong appetite for iron ore and copper,
while its exports rose 17.7 percent year-over-year, dwarfing a
forecast for a 4 percent rise. [] []
U.S. crude oil futures <CLc1> rose 36 cents to $83.11 a
barrel, and industrial base metals surged, with copper up
almost 3 percent. The rise in commodities' was also helped by a
weaker U.S. dollar, which fell 0.6 percent against a basket of
currencies.
Analysts' expectations for earnings have been rising
heading into the reporting period, and plummeting profits a
year ago are expected to make for an easy comparison.
"The earnings growth profile is going to certainly be
pretty impressive," said Craig Peckham, equity trading
strategist at Jefferies & Company in New York,
Citigroup Inc upgraded Chevron Corp <CVX.N> to "buy" from
"hold" as Citigroup increased its long-term oil price
assumption to $80 per barrel from $65. Citigroup said Chevron
shares have the greatest sensitivity to a change in oil prices.
The stock rose 0.8 percent to $80.13.
On Friday, the Dow and the S&P 500 rose to a new 15-month
high, while the Nasdaq hit its highest level in 16 months. The
S&P 500 has risen for 12 out of the last 14 trading sessions.
(Editing by Padraic Cassidy)
