China's copper prices fluctuated upwards during the reporting period (August 24-28). On the macro front, the U.S. dollar index traded low early in the week, but the U.S. July PCE price index and hawkish remarks from some Fed officials lifted market expectations for further Fed rate hikes. As a result, the U.S. dollar index gradually strengthened during the week, weighing on copper prices. However, on the fundamentals side, China's refined copper retail inventory continued to drop, providing support for copper prices and spot premiums.