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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.

FUNDAMENTALS

* 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.

* For the top stories in metals and other news, click or

MARKETS NEWS

* 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.

DATA/EVENTS (GMT)

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

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