hmm .. i would guess its a screw out of round (bent) combined with some clearance play in something, maybe a few things .. in other words a scenario which may or may not be the case but as an example - if there was a warp 'bind' or trash in the lead screw and you were using it to power, it could lift and move the entire carriage on each revolution ... i rebuilt and scrutinized every part of my chinese mini lathe and found many small issues to iron out, that combined could lead to larger problems for sure ... spent almost a month of spare time on the rebuild .. an out of the box precision machine a cheap lathe is not, but they can be with alot of attention ..