A steady decline reduced the lead price by 8% to $2075/t after dropping to a four-month low earlier in the month. External factors added to negative sentiment from swelling exchange stocks as material removed from LME warehouses in April was placed back on warrant. A clear decline in automotive production in China, the US and Korea added momentum to this price fall. While overall demand for refined lead remained healthy, some softening was noticeable on top of the seasonal reduction for the Northern Hemisphere summer period. Increasing tightness in both primary and secondary raw materials will trigger a price recovery, but we are unlikely to see this until the peak battery production season commences towards the end of Q3.