Short-term supply worries from damaged transport links for Peruvian lead concentrate plus massive LME stock cancellations supported the lead price in March, keeping it ahead of the other LME base metals in an essentially flat month. Prolonged heavy rain in Peru wiped out several kilometres of railway between the mines and port of Callao, but the limited capacity of alternative road transport and storage capacity is likely to force production disruption during the likely repair lasting well into April. Meanwhile, warrant cancellations of LME stocks shot up to 59% of the total tonnage, leaving available material at its lower level for four years, threatening a refined metal supply squeeze if this material leaves warehouses in short order. TCs fell again in the month, with indicative terms now standing at just $35/t CIF MCP. Smelters are clearly desperate for supply.