LME Pb stocks below 80kt!, page-12

That is because high grade lead deposits is actually rare. Lithium is all about cost of production and the middle of the Congo is not where I would want to own a lithium deposit no matter how big.

As others have pointed out the LME levels are less of a reliable indication of lead supply and demand than they once were. What is much more telling is Toho wanting to get access to supply at a premium - they are a far better signal of the medium-to-long term tightness of lead than any warehouse.