Further support comes from recent reports that US commerce secretary Wilbur Ross has floated a new round of talks with the European Union as an alternative to imposing tariffs on auto imports from Europe in November and this should limit the downside pressure on LME lead's price action. That said, judging by the latest LME commitment of traders’ report (COTR), fund managers buying interest in the heavy metal has slowed considerably, with only 38 lots added, which has pushed its net long fund position (NLFP) only marginally higher to 10,957 lots. Gross longs added 389 lots, but this was partially offset by selling of 361 lots in the week to November 1. We envisage that a great deal of short covering may have run its course and gross shorts could take the recent price weakness as an opportunity to rebuild their bearish exposure. We are also mindful that the elevated gross long position of 15,238 lots now runs the risk of bouts of profit-taking activity in the coming weeks.