Given the relatively small volume of copper foil product exports, it is expected that the significant impact of tariffs will still take some time to be transmitted. SMM forecasts that in May 2025, the overall operating rate of copper foil enterprises will be 71.42%, down 0.09 percentage point MoM and 0.85 percentage point YoY. The operating rate of lithium battery copper foil is expected to be 68.55% in May, down 0.40 percentage point MoM and up 1.37 percentage point YoY. The operating rate of electronic circuit copper foil is expected to be 77.00% in May, up 0.52 percentage point MoM and down 4.63 percentage point YoY.