Lead hits record high

Lead rose to a record high for the second consecutive day in London on speculation that growing stockpiles will fail to keep pace with the demand from China. Nickel and copper also advanced. China, the world's largest lead consumer, will increase use of the metal by about 10 per cent this year, Neil Hawkes, an analyst at London-based metals consultant CRU, said today. Inventories tracked by the LME rose 0.6 per cent to 43,025 tonnes, the exchange said today. Stockpiles are still in a "tight condition", said Hawkes, who has followed the lead market for 15 years.