Spot copper discounts in Shanghai are expected to stay under pressure tomorrow. Despite a slight pickup in procurement as downstream firms resume operations, sustained supply continues weighing on sentiment. With the Contango spread at 350-420 yuan/ton, warrant holders' delivery incentive persists, diverting spot liquidity. Imported and domestic copper arrivals continue amid incomplete downstream recovery, pushing social inventories higher. SMM data shows copper social inventories in mainstream Chinese regions reached a historically high 532,700 tons post-holiday. Unmatched delivery warrant outflows will further pressure spot premiums. The market remains in early-stage post-holiday rebalancing, with supply-side pressures set to keep spot discounts under pressure.