UNITED STATES December 03 2015 11:23 AM
NEW YORK (Scrap Register): United States silver scrap prices declined on Wednesday in line with silver futures prices at New York Mercantile Exchange as the comments from Federal Reserve chair Janet Yellen boosted expectations of a U.S. rate hike this month, while the strength in the dollar also weighed on the metal.
The major silver scrap commodities on the Scrap Register Price Index traded down on Wednesday. The hallmarked silver scrap prices down to $11.641 an ounce and non-hallmarked silver scrap prices declined to $10.333 an ounce.
The most active March silver contract on the COMEX division of the New York Mercantile Exchange settled down by 7.4 cents an ounce to $14.009 an ounce.
Silver extended earlier losses when the ADP said in its National Employment Report that U.S. private employers added 217,000 jobs in November, up from 182,000 a month earlier.
The unexpected surge provides a strong harbinger for Friday's critical U.S. jobs report, the last before the FOMC holds a two day meeting on Dec. 15-16.
Hawkish arguments for December lift-off gained momentum early last month after a robust employment report provided signals that the economy could handle the first upward move in rates in nearly a decade.