Japan’s Kanto Tetsugen has secured a higher price at its ferrous scrap auction for December, which is likely to boost sentiment in the Asian market for the steelmaking raw material.

The emergence of a contango in London Metal Exchange aluminium spreads for early next year helped push premiums in the Dutch port of Rotterdam upward in the week ended Tuesday December 10, while rates elsewhere were either unchanged or down amid prevailing weak market conditions.

Chinese copper producer Jiangxi Copper will become the largest shareholder of Canada-listed First Quantum Minerals (FQM) after its $1.12-billion purchase of PIM Cupric Holdings (PCH), which holds around 18.015% of FQM’s issued shares.

A closed arbitrage window between the Shanghai and London exchanges forced nickel premiums in China lower, while a push for market participants to clear stock by year-end in the United States moved premiums lower there as well.

The sharp fall in London Metal Exchange three-month lead price has put upward pressure on the US lead premium. Stock liquidation and weak buying saw the Italian delivered zinc premium decline, while the Shanghai zinc market held firm.