SHANGHAI, Aug 28 (SMM) — SHFE nonferrous metals closed higher across the board on Friday August 28 as Fed Chairman Jerome Powell announced a major policy shift Thursday to “average inflation targeting.”
U.S. government debt prices slipped lower early Friday, as markets responded to Federal Reserve Chairman Jerome Powell’s announcement of a major policy shift when it comes to inflation.
It comes after Powell said Friday that the U.S. central bank is willing to allow inflation to run hotter than normal, in an effort to support the labor market and broader economy. He described it as a “robust updating” of policy.
Tin was the best performer with a rise of 1.18%. Cooper advanced 0.91%, aluminium edged up 0.07%, zinc climbed 1.11%, lead increased 0.45% and nickel went up 0.59%.
The ferrous complex also traded higher. Iron ore increased 1.4%, rebar rose 0.24%, and hot-rolled coil gained 0.38%.
SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei increased 1,500 mt in the week ended August 28 to 177,200 mt, after an increase of 600 mt in the previous week.
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