Lead joined the other base metals in a general price slide, yet managed to be the best performer despite losing 2.2% of value. Two large deliveries either side of the month start added 23kt to LME stocks, helping to deflate the lead price. Markets recovered as trade war tensions eased and lead's dynamics were helped by fresh warrant cancellations effectively neutralising the earlier influx and pushing the available tonnage down to a five-year low. Price spreads remained tight, the refined lead spot market saw little activity and scrap prices scarcely eased in the transition towards the low season. Lead concentrate supply is improving as Chinese mines reopen after winter, although environmental constraints may limit net growth this year. ROW mine production is forecast to increase but will be insufficient to allow full operation at smelters. Spot TCs are thus unchanged and annual contract negotiations look set to continue yielding terms lower than last year.