Copper prices in China fluctuated during the reporting period (June 15-18), with the weekly average lower week on week. Macro factors continued to create volatility. The FOMC statement released at 2:00 AM Beijing time on June 18 kept the U.S. federal funds rate at 3.50%-3.75% for the fourth straight meeting. However, the Fed's inflation concerns, along with half of officials considering a rate hike this year, pushed the U.S. Dollar index higher, weighing on copper prices. Meanwhile, easing U.S.-Iran geopolitical tensions and consecutive inventory declines in the spot market provided some support. Although imported copper increased, domestic arrivals remained low. Meanwhile, purchasing demand for refined copper improved only marginally in the off-season. With weakness on both supply and demand sides, refined copper inventory in China declined further, lending support to copper prices and spot premiums.