Aug 28 (Reuters) - Australian shares are set to edge higher on Monday, with strong commodity prices likely to lift material stocks, while a modest rise on Wall Street in the previous session after Federal Reserve Chair Janet Yellen's speech is also expected to boost sentiment.
China's iron ore futures cut gains on Friday after hitting a near five-month high, but still extended their winning streak to a ninth straight week, backed by firm steel consumption in the world's top user. IRONORE/
Meanwhile, Yellen's speech at the annual meeting of central bankers in Jackson Hole, Wyoming, focused on financial stability while giving no hint on monetary policy, leaving the prospect of more interest rate hikes up in the air. .N
The local share price index futures YAPcm1 rose 0.1 percent or 6 points to 5,716, a 27.9-point discount to the underlying S&P/ASX 200 index .AXJO close. The benchmark fell 0.03 percent on Friday.
New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.2 percent or 13.77 points to 7,871.58 at 2213 GMT.