* Commodities rise on expectations of higher demand
* Volume may be weak again ahead of earnings next week
* Japan market rebounds after quake, Europe also higher
* Futures up: Dow 42 pts, S&P 6.5 pts, Nasdaq 6.75 pts
* For up-to-the-minute market news see [STXNEWS/US] (Updates with Democratic leader's comment on budget talks, adds Seagate Technology, updates prices)
By Ryan Vlastelica
NEW YORK, April 8 (Reuters) - U.S. stock index futures rose on Friday on higher commodity prices, although volume was expected to be light until investors get a look at the first earnings reports.
The commodity gains were driven by expectations of stronger
demand and in some cases threatened supply shortages. Copper
U.S.-listed shares of miner Rio Tinto Plc
Trading volume in stocks has been among the lowest of the
year as investors look to quarterly earnings to see how
corporations are performing and whether global headwinds are
offsetting domestic strength. Alcoa Inc
"We're waiting to see the early results, since there's a belief that while earnings will rise this quarter, expectations might be high," said John Brady, senior vice president at MF Global in Chicago. Brady said stocks were inexpensive on a relative value basis.
In Japan, dollar-denominated Nikkei futures
"The impact of the (latest) quake was limited, so it shouldn't be a factor in today's trading," Brady said.
S&P 500 futures
U.S. budget negotiators were "very close" to a deal, Steny Hoyer, the House Democratic whip, told NBC on Friday. [ID:nN08165749] The White House and Congress faced a midnight deadline to break a budget deadlock and avoid a government shutdown. [ID:nN08144565]
Data on February wholesale inventories will be released at 10 a.m. [1400 GMT], which are seen rising 1 percent.
The initial public offering of CVR Partners LP, a unit of
oil refiner CVR Energy Inc
Shares of Seagate Technology Plc
Stocks closed slightly lower on Thursday on concerns about the impact of Japan's earthquake, though a drop in initial jobless claims and some strong retail sales data prevented further losses.
(Editing by Kenneth Barry)