Lead stocks are at new highs at 197,850 tonnes and as such it is becoming difficult to justify these high prices. For a while over the summer it looked as though stocks were starting to fall, which began to generate some more positive sentiment towards the fundamental backdrop in this market, especially given signs of tightness emerging in China at the time. LME stocks edged down from 193,000 tonnes in June as far as 182,800 tonnes in July, but have since climbed again.
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