BEIJING, Nov 22 (Reuters) - London copper prices hovered near two-month highs on Wednesday after U.S. Federal Reserve minutes showed a cautious approach to more interest rate hikes.

Three-month copper on the London Metal Exchange eased 0.1% to $8,438 per metric ton by 0139 GMT, after hitting its highest level since Sept. 15 in the previous session.

The most-traded December copper contract on the Shanghai Futures Exchange was little changed at a six-week high of 68,240 yuan ($9,463.19) per ton.

The dollar index held around 2-1/2-month lows, after Fed officials said inflation remained well above their target but noted that rates would only need to be raised if new data showed insufficient progress on reducing price pressures.

A weaker dollar makes it cheaper for non-dollar holders to buy the greenback-priced commodity.

Meanwhile, limited supply and healthy demand in top metal consumer China underpinned imports, reflected by a recent rally in the Yangshan copper premium , which hit a one-year high this week.

Chilean state-owned miner Codelco, the world's largest copper producer, said on Tuesday it had extracted ore for the first time from the Rajo Inca project.

LME aluminium slid 0.2% to $2,253.50 a ton, tin dropped 0.4% to $24,890, zinc shed 0.2% to $2,541.50, lead nudged down 0.2% to $2,267.50, and nickel fell 1.3% to $16,780.

SHFE aluminium lost 0.3% to 18,910 yuan a ton, zinc fell 1.1% to 21,140 yuan, lead slipped 0.7% to 16,800 yuan, nickel fell 2% to 131,440 yuan, and tin declined 0.8% to 206,810 yuan.

For the top stories in metals and other news, click or ($1 = 7.2111 Chinese yuan) (Reporting by Siyi Liu and Dominique Patton; Editing by Subhranshu Sahu)