Continuity and conformity were the hallmarks of lead's performance in April. Continuity came from no meaningful changes in the supply-demand balance or demand picture, while conformity came from lead doing very little other than tracking the dollar rate and being a rather middling price performer within the base metals pack. The 9% gain in value this month, finishing above the $2100/t barrier, was very much in line with the general trend of the key LME metals. Supply-side, annual concentrate contract terms have at last been settled. Smelters were forced to concede half their 2020 TC gains but held on to RC levels. However, in reality, they really haven't lost out thanks to higher metal prices.