Lead endured a mixed month, producing the worst price performance among the base metals despite hitting a seven-year price high at the start of the month. Overall, it lost 5.2% of value to end February at $2530/t, having largely tracked the fluctuating dollar rate with its own fundamentals superimposed. Price spreads tightened and oscillated between contango and backwardation as the price rose and fell throughout the month. Total LME stocks reduced by a further 5.6% despite a 13kt influx stunning the market on the last day of February. Just prior to that, LME stocks dipped to a nine-year low of 113kt before spiking back up to 126kt, still some 7.5kt lower than the end of January. The supply story continues to be one of limited concentrate supply. Limited Rest of World smelter cuts are making little difference to global lead fundamentals, but are indicative of overall market tightness. Ongoing TC negotiations are focused on the question of how much, rather than if, TCs should decrease.