In light of the sharp rise in copper prices, Mexican group's Asarco plans to restart production at US copper smelters

Gold Ten Futures, May 24, according to foreign media reports, market participants said on Friday that in view of copper prices hitting a record high, the Mexican group (Grupo Mexico) owned mining company Asarco is planning to restart its copper smelter in the United States mothballed. Market participants said that Asarco is currently negotiating with unionized workers to restart the Hayden smelter in Arizona and nearby copper mines, as well as the Amarillo refinery in Texas. The restart of the Hayden smelter will increase the supply of copper in the United States. There are currently only two copper smelters in the United States, one is Freeport McMoRan's Miami smelter in Arizona and Rio Tinto's Kennecott smelter in Utah. Market participants said that in view of the recent rise in copper prices, Asarco plans to restart the Hayden copper smelter. It is not clear when the Hayden smelter will restart production, but the company is said to be in talks with union representatives and smelters. According to the International Copper Study Group (ICSG), the United States produced 880,880 tons of refined copper in 2023, imported 770,900 tons of refined copper, and consumed more than 1.60 million tons of refined copper.