One holding lead throughout? (6)

I believe the answer is:

pencil

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'one holding lead' is the definition.
'pencil' can be an answer for 'lead' (synonyms). I am unsure of the 'one holding' bit.

I don't understand how the remainder of the clue works.

Can you help me to learn more?

(Other definitions for pencil that I've seen before include "Graphite writer" , "Drawing instrument" , "Drawer with graphite in" , "Writing implement with graphite centre" , "HB writer?" .)

I've seen this clue in The Sun.

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