Stocks were set for a higher open on Tuesday as the euro rose against the dollar and commodities prices climbed on optimism that new aid for Greece was on the horizon.

Europe stepped up efforts to draft a second bailout package for Greece, with private sector participation still an option to help relieve the country of its massive debt burden.

Rising expectations for a second aid package sent oil higher, with U.S. crude futures up 2.5 percent to $103.10 a barrel. Exxon Mobil Corp added 0.9 percent to $83.35, and Chevron Corp gained 0.9 percent to $104.10 in premarket trade.

The firming of the euro helped lift metals prices, with copper rising to a four-week high. Mining company Freeport-McMoRan Copper & Gold Inc advanced 1.3 percent to $52.43.

If Germany wants to pay the debt for them, I guess that works. I don't know how much longer that can continue, said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.

The market has been down for a long time. We were down 4 weeks in row, we were due for a bounce. Any story is going to do it. The line of least resistance is higher here.

The S&P 500 is off 2.4 percent for the month, putting it on track for the worst monthly performance for the benchmark index since August 2010 as recent soft economic data raised doubts about the health of the economic recovery.

S&P 500 futures rose 12.1 points and were well 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 jumped 108 points, and Nasdaq 100 futures climbed 24.5 points.

Futures were unaffected after data showed U.S. single-family home prices dropped into double-dip territory in March. The housing market remained bogged down by an inventory surplus and weak demand, according to the S&P/Case Shiller composite index of 20 metropolitan areas.

U.S.-listed shares of Nokia Corp slumped 12.8 percent to $7.15 after the handset maker cut its sales outlook, citing weaker-than-expected margins and sales.

The Institute of Supply Management Chicago reports its May index of manufacturing activity at 9:45 a.m. <1345 GMT>. Economists forecast a reading of 62.6 in the month, compared with 67.6 in April.

At 10 a.m. (1400 GMT), the Conference Board reports May consumer confidence. Economists expected a reading of 66.5, compared with 65.4 in April.

U.S. chemicals maker Ashland Inc will buy privately held International Specialty Products for about $3.2 billion in cash to expand in high-growth markets such as personal care, pharmaceutical and energy. Ashland gained 4.5 percent to $64 premarket.

(Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)

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