Commodities: Lead

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LEAD yesterday recovered slightly from an 11-month low in price.

The London market had taken a tumble on data released by the International Lead and Zinc Study Group on Thursday, which showed that exports from Eastern countries had more than doubled in 1992, to 120,000 tonnes from 49,000 tonnes the previous year. Consequently, the market was oversupplied by 85,000 tonnes, having recorded a 6,000-tonne deficit in 1991.

Yesterday three months closed at pounds 291 a tonne, up pounds 3.50. The key downside level is pounds 286, as a fall through here could result in declines towards pounds 260.