Its lead decreases and it often draws (6)

I believe the answer is:

pencil

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'it often draws' is the definition.
The definition suggests a singular noun which matches the answer.

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

Can you help me to learn more?

(Other definitions for pencil that I've seen before include "Drawer with graphite in" , "Writing instrument" , "American bureaucrat -- purple niches (anag)" , "writing equipment" , "Writing implement with graphite centre" .)

I've seen this clue in The Globe and Mail.

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