铜价突破1.2万美元创纪录，锂电铜箔加速切换4.5μm

Core Viewpoint - The article discusses the recent surge in copper prices, driven by macroeconomic factors and industry dynamics, highlighting the implications for copper processing fees and the competition in high-end copper foil driven by AI advancements [2][3][5]. Group 1: Copper Price Surge - Copper prices have accelerated towards the end of the year, with the London Metal Exchange three-month copper price reaching approximately $12,160 per ton, marking a record high and a cumulative increase of about 37% in 2025, representing one of the strongest annual performances since 2009 [2]. - Factors driving this price increase include expectations of potential tariffs on copper imports by the U.S., which have led to a preemptive movement of copper resources to the U.S. to avoid trade friction, putting pressure on non-U.S. inventories [3]. - Continued global supply disruptions and tight supply narratives are reinforcing the upward pressure on copper prices [4]. Group 2: Processing Fees and Market Dynamics - The tightening supply is also reflected in the upstream processing segment, with Antofagasta and Chinese smelting companies agreeing to a rare zero processing fee for copper concentrate for 2026, indicating a tight mining sector and pressure on smelting negotiations [5]. - The rise in copper prices is pushing downstream copper usage to decrease and driving product structure upgrades, with companies like Nord emphasizing a pricing model based on "copper price + processing fee" to buffer against volatility [7]. - The demand recovery and increased penetration of high-end specifications are leading to a reported rebound in processing fees, with some companies noting improved order volumes and operating rates contributing to higher processing fees and prices [7]. Group 3: High-End Copper Foil Competition - The competition in the copper foil sector is intensifying, with manufacturers focusing on two main tracks: the thinning of lithium battery copper foil and the high-end electronic circuit copper foil driven by AI servers and advanced PCBs [8]. - Industry research indicates that the demand for high-frequency, high-speed PCBs and the opportunity for domestic substitution are directly linked to high-end categories like HVLP (High Voltage Low Profile) and RTF (Rigid Thin Film), with domestic manufacturers accelerating their entry into the supply chain [8]. - Companies like Nord are advancing their high-end electronic circuit copper foil capabilities, with expectations that AI-driven PCB demand will significantly tighten the supply of high-end electronic copper foil in the coming year [9].