With no obvious resolution in sight, the blockade of Peñasquito is now in its third month, with the suspension of its operations is running one month behind this. This mine had promised to provide the largest addition to ROW supply in 2019, and the disruption is merely helping to keep the concentrate market tight. It has had no discernible impact on metal prices, which have continued to slide. Lead's losses in May do not mark it out from the general base metals trend. All been hit by the escalating trade war and its association with the now-slumping automotive sector is the key drag on overall sentiment towards lead. Its fundamentals appear more supportive than prices would suggest but, for the moment, sentiment is in control.