Shanghai copper continued to fall back after being hindered in the upward movement, and it ran weakly during the day

On the macro front, the Fed's interest rate decision continued to remain on hold, and the overall attitude was dovish, and the dollar index continued to fall
.
Escondida, the world's largest copper mine, is at risk of strike, with unions urging its members on Wednesday to vote for a strike, noting that management is trying to impose its will and that the version of the contract it is proposing is "not good enough.
"
The powerful 2,300-member union will vote
on BHP's contract proposal from Thursday to Saturday.

In terms of inventory, after a week, LME copper stocks increased significantly by 5,000 tons, registered warehouse receipts also increased, and cancelled warehouse receipts remained stable
at a high level.
The dematerialization rate slowed after the Shanghai copper warehouse receipt inventory fell below 50,000 tons, but the inventory is still slightly degraded
.
On the whole, the Fed's attitude is just as dovish as expected, but copper prices have reacted to this at the beginning of the week, with increased LME inventories and expected short-term copper price high volatility
.

In terms of fundamentals, the current TC price continues to recover, coupled with the rumors of domestic storage dumping, so the supply side has a more negative impact on copper prices, while on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, so overall, it maintains a relatively neutral attitude
.