Lead's performance finished mid-pack this month, essentially finishing January were it started but, importantly, remaining above the psychologically important $2000/t threshold. Sister metal zinc nosedived with a huge influx of LME stocks, whereas the lead price was supported by large outflows from warehouses. This suggests that relative value trading is at play, and that we'll soon see this lead reappearing in LME stocks. Markets were often mixed, balancing positive news with threatening developments politically and with the coronavirus. Supply worries resurfaced with new lockdowns in Peru potentially causing further mine disruption. Annual negotiations are still underway, but these developments increase the downward pressure on contract TCs.