That is because high grade lead deposits is actually rare....

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.