China's refined copper prices fell then rebounded during the reporting period (September 14-18), with the overall price level moving down week on week. Macro factors weighed heavily on copper prices. On one hand, easing expectations of U.S. tariffs on refined copper rapidly unwound the tariff premium that had built up. On the other hand, firm inflation kept rate-hike expectations strong, weighing on copper prices. However, after the Fed's rate hike landed, the U.S. dollar index rebounded and gold fell, while copper prices recovered instead. Even though the Fed remained hawkish on future rate policy, with the rate-hike overhang removed and raw material and spot supply tight, copper prices found strong support.