if your talking about lube on the shank of the bullet there are a few possible problems. One problem would be that you are using a sizing die that is bigger than the as-cast diameter of the bullet. If you're using the standard .452 sizing die and your bullets are undersize as they come out of the mould, you will need to look at your alloy composition and/or temperature because you are getting too much shrinkage upon cooling of the bullet. If you're trying to use a sizing die that allows shooting the bullet at as-cast diameter, you should try one size smaller die. What mould are you using? What kind of alloy? What temperature?
If you're talking about lube on the nose/shoulder of the bullet, you're simply pushing the bullet too far into the sizing die and allowing the lube holes to be partially exposed by the shoulder of the bullet when it is being pressed into the die excessivley deep.
If you're running the bullet in too deep, like hciK suggested, spin the stop screw under the die punch up some. If the die is the right size, the sides of the bullet which get sized will be smooth and shinier than the rest of the bullet. If your die is too big, it's as hcik said.
You may have your lube too hot or you're cranking down on the pressure screw too much. Either way lube will leak up. If you're getting lube on the base of the bullet (I read your post the other way, that the lube is getting on the nose), are you using a bevel based bullet. They're a pain for that, and the only cure I've heard of is a flat based bullet or a Star sizer. Some have cut the bevel out of their moulds with a lathe or chucking reamer.
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