Lead has paralleled its companion basenmetal zinc this year in several aspects --nbeing among the weakest performingnbase metals in 2010, a worsening over-nsupply -- and the China factor. In a reportnissued Monday by Commerzbank, ana-nlysts said lead’s lackluster performancenis “not surprising in view of the funda-nmental situation in the global lead mar-nket.” Citing new data from thenInternational Lead and Zinc Study Group,nCommerzbank said lead’s supply beatndemand by 34,000 mt in the first fivenmonths of this year, an excess that pilednonto an existing 2009 oversupply ofn96,000 mt. But the problem will onlyndeepen before the year is out, the ana-nlysts predicted, and market watchersnneed look no further than China.
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