Copper prices in China fluctuated and decreased during the reporting period (June 22-26), as macro factors weighed heavily on them. The U.S. PCE price index for May met market expectations but remained elevated, keeping market expectations of Fed rate hikes this year alive. This in turn pushed the U.S. dollar index higher last week, suppressing copper prices. In contrast, tight supply and improving downstream consumption provided some support to copper prices, limiting their downside. Imports and smelter shipments in some markets edged up after the Dragon Boat Festival, but the improvement was limited. Along with concentrated restocking by downstream buyers after the copper price decline, China's refined copper retail inventory rose first and then fell last week.