Lead trading within a narrow band, finishing July almost exactly where it started on $2281/t. The price resisted a sliding dollar, refusing to gain value despite evidence of the concentrate shortage translating into refined metal tightness. Reinforcement of this came from exchange stocks continuing to decline with the LME lead inventory falling to its lowest level since 2015. An increase in cancelled warrants suggest that this process is far from over. US scrap supply tightened even further as smelters hope summer temperatures will lead to increased battery failures and an easing of availability. Announcements by the UK and French governments of plans to ban future sales of petrol- and diesel-engined cars seized the attention of lead markets over the potential effects on demand.