Shanghai bonded copper stocks added 15,500 mt on week

【SMM Copper Flash News】China Southern Power Grid Energy Storage Co., Ltd. launched an open tender for technical services on manufacturing quality control of electromechanical equipment for three pumped storage power stations in Yulin, Guigang and Qinzhou of Guangxi (each equipped with four 300 MW reversible units). The maximum bid price is CNY 18.97626 million. The scope of manufacturing supervision covers turbines, generators, ball valves, governors, excitation equipment, isolated-phase busbars, static frequency converters, generator outlet voltage equipment, reactors, 500kV main transformers, 500kV GIS gas-insulated switchgear, 500kV cables and accessories, etc.Among them, 500kV main transformers (with copper windings), 500kV cables (with copper conductors), GIS (with copper conductive circuits) and generator/excitation equipment (with copper coils) are all copper-intensive electrical equipment.Bids are due on September 22, 2026, and the construction period is estimated at 3 to 4 years.

【SMM Copper Social Inventory Flash News】On August 31, social inventories of electrolytic copper in major domestic regions continued to draw down, falling by 12,100 tonnes month-on-month to 102,100 tonnes, a sharp drop of 30,000 tonnes year-on-year.Inflow of copper supplies was generally restricted in Shanghai, Jiangsu and Guangdong, underpinning the inventory decline. Arrivals of refined copper are tightening in the short term. Although the traditional peak season is approaching, high copper prices weigh on end-user demand, and market participants only purchase for immediate needs.The operating rate of refined copper rod mills is projected at 63.39% this week, edging up month-on-month. Tight spot supply contrasts with weak end-user procurement. Inventories are expected to keep declining modestly.