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METALS-Copper edges higher as Fed shifts inflation target

Aug 28 (Reuters) - Copper rose on Friday after the U.S. Federal Reserve said it would promote higher inflation, a move that could weaken the dollar and make greenback-priced commodities more attractive.

Three-month copper on the London Metal Exchange advanced 0.3% to $6,640 a tonne by 0143 GMT and was on track for a third straight weekly gain, while the most-traded October copper contract on the Shanghai Futures Exchange rose 0.5% to 51,790 yuan ($7,513.96) a tonne.

The Fed on Thursday introduced new monetary policy which would likely keep interest rate low and pressure the dollar , which has been hovering around a two-year low.


* Freeport-McMoran Inc’s Indonesian unit would ease a lockdown at its Grasberg mine after a protest by workers over movements disrupted operations.

* Activities at Indonesia’s Weda Bay smelter complex, one of the country’s main nickel processing hubs, resumed on Thursday after floods halted operations earlier this week.

* LME lead rose 0.2% to $1,985.50 a tonne, while zinc rose 0.4% to $2,495.50 a tonne. In Shanghai, nickel eased 0.4% to 119,220 yuan a tonne and aluminium declined 0.6% to 14,515 yuan a tonne.

* COLUMN: LME warehouse wars rumble on in the Malaysian jungle - Andy Home.

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* Asian equities are likely to have a bumpy ride after U.S. stocks scaled new peaks for a third straight day and bond yields surged on the Federal Reserve’s average-inflation strategy, as well as a promising development in curbing the coronavirus pandemic.


0645 France GDP QQ Final Q2

0645 France CPI (EU Norm) Prelim YY Aug

0900 EU Consumer Confid. Final Aug

1230 US Consumption, Adjusted MM July

1400 US U Mich Sentiment Final Aug

$1 = 6.8925 Chinese yuan Reporting by Mai Nguyen; Editing by Subhranshu Sahu