Copper prices in China fluctuated and increased further during the reporting period (August 3-7). Weak U.S. labour data cooled rate-hike expectations and kept the USD index low, which supported copper prices. Meanwhile, U.S.-Iran talks brokered by Oman could produce a framework for transit through the Strait of Hormuz, leading to weak energy prices and in turn allowing risk assets to extend their recovery. In addition, the Democratic Republic of the Congo (DRC)'s imposition of a copper concentrate export ban fuelled raw material supply concerns, giving copper a further lift. As a result, copper prices rose week on week last week.