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.