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.
  

