VESSEL LOST IN PACIFIC WAS CARRYING LEAD
The 37,635 deadweight tonnes bulk carrier
Cumberlande, which sank in the South Pacific last Friday, was
carrying a cargo which included lead as well as magnesium ore,
a Lloyds Shipping Intelligence spokesman said.
    He was unable to confirm the tonnages involved.
    Trade reports circulating the London Metal Exchange said
the vessel, en route to New Orleans from Newcastle, New South
Wales, had been carrying 10,000 tonnes of lead concentrates.
Traders said this pushed lead prices higher in early morning
trading as the market is currently sensitive to any fundamental
news due to its finely balanced supply/demand position and low
stocks.
    Trade sources said that 10,000 tonnes of lead concentrates
could convert to around 5,000 tonnes of metal, although this
depended on the quality of the concentrates.
    A loss of this size could cause a gap in the supply
pipeline, particularly in North America, they noted. Supplies
there have been very tight this year and there is a strike at
one major producer, Cominco, and labour talks currently being
held at another, Noranda subsidiary Brunswick Mining and
Smelting Ltd.
 REUTER
