US Silver Scrap prices edge up; Silver Futures settle lower on strong Dollar

UNITED STATES December 08 2015 2:31 PM

NEW YORK (Scrap Register): United States silver scrap prices edged up on Monday, while silver futures prices at New York Mercantile Exchange settled lower as the U.S. dollar recovered from last week's losses.

The major silver scrap commodities on the Scrap Register Price Index traded up on Monday. The hallmarked silver scrap prices advanced to $11.929 an ounce and non-hallmarked silver scrap prices gained to $10.589 an ounce.

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The most active March silver contract on the COMEX division of the New York Mercantile Exchange settled down by 19.6 cents to $14.332 an ounce on Monday.

The Labor Department said Friday the U.S. economy added 211,000 jobs last month, beating expectations for 200,000. The unemployment rate held steady at 5.0%, matching forecasts. 

The robust data solidified expectations that the Federal Reserve will hike interest rates for the first time in nearly a decade at its upcoming meeting on December 15-16. While investors widely expect U.S. interest rates to start rising later this month, they anticipate the pace of increases to be gradual.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)