Wandering trader spawns with 2 llamas holding them on lead.
If I right click on one of the llamas with a lead, it will attached to it, however the trader still holds the llama, so I can't pull it. That's OK.
When I right click again to detach the lead, the lead becomes invisible in my hand. When I place an other item to that slot, it suddenly becomes visible.
Steps to reproduce:
Find a trader with llamas (I dug a hole below him to stand still)
First day there is a visible lead on llamas, that trader holds, so you can't attach a lead to the llama
However the next day after sleeping, this lead disappear, so you can attach your lead to the llama
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Detach the lead and it becomes invisible
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Seeking in the inventory it's still invisible
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However if I place another thing to that slot, it becomes visible again
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can reproduce in 19w14a