SMM: zinc write-off receipts jumped 153 percent to 41075 tons on Friday, according to LME data, as New Orleans warehouse write-offs rose rapidly.
New Orleans warehouse write-off receipts rose 24825 tons to 40075 tons, the largest storage site for LME zinc stocks.
The New Orleans warehouse has 178625 tons of inventory, or 99 per cent of global LME inventories.
Zinc's overall write-off rate is currently the highest since December 5 last year.
The move follows a 45-day decline in warehouse receipts, the longest since February 2014.
SMM Yan Cedar Translation
The text reads as follows:
Zinc canceled warrants surged 153% to 41075 tons on Friday as orders to withdraw metal from warehouses in New Orleans spiked, London Metal Exchange data show.
Canceled warrants rose by 24825 tons to 40075 tons in New Orleans, the largest storage point for LME zinc
Inventories in New Orleans stood at 178625 tons, or 99% of the global total in LME depots
Total zinc canceled warrants now at highest since Dec. 5
Orders had fallen previous 45 days, longest run since Feb.2014
