There has been a significant shift in the trade flows of lead concentrate. Changes can partly be explained by a rise and fall in a country's lead concentrate production or, equally, a rise and fall in a country's demand for lead concentrate. However, while changes in countries' lead concentrate production have had an impact on trade flows, we believe that the silver grade of individual lead concentrates has been the greatest determinant. An examination of customs figures goes a long way to confirming this view.
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