Despite being a mid-pack runner among the base metal prices for most of the month, lead still managed to reach a 16-month high and finish May level with frontrunners zinc and copper in price performance. Copper hitting a new record high pulled the rest of the LME complex higher, assisted by a weaker dollar. But without any apparent supportive fundamentals, lead still finished the month strongly. This hints at potential activity, yet to see the light of day, pushing up the lead price by one or more market actors. One of the few intrinsic price positives for lead was continuing concentrate tightness, which saw TCs tumble further with little prospect of this situation easing.