There was some rare action on the cancelled warrant front for lead last week with 500 tonnes cancelled in Antwerp and 775 tonnes cancelled in New Orleans on Friday. Compared with a worldwide total of just 75 tonnes being on cancelled status for the best part of the last three months, this action is noteworthy. We have been expecting the harsh winter in the Northern Hemisphere to filter down to the physical lead market and translate into a pickup in demand, and this may be happening now.
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