US Silver Scrap prices advance in line with Silver Futures ahead of Fed meet

UNITED STATES December 16 2015 7:02 PM

NEW YORK (Scrap Register): United States silver scrap prices advanced on Tuesday, while silver futures prices at New York Mercantile Exchange settled higher ahead of this week's meeting of the U.S. Federal Reserve, which is expected to raise interest rates for the first time in nearly a decade.

The major silver scrap commodities on the Scrap Register Price Index traded up on Tuesday. The hallmarked silver scrap prices advanced to $11.748 an ounce and non-hallmarked silver scrap prices gained to $10.041 an ounce.

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The most active March silver contract on the COMEX division of the New York Mercantile Exchange settled up by 7.5 cents to $13.77 an ounce on Tuesday.

In bullion complex Gold has fallen 10 percent this year, largely on the back of expectations of a U.S. rate increase. Rising rates increase the opportunity cost of holding bullion rather than interest-bearing assets. 

The central bank's FOMC is expected to announce the increase at the end of its two-day policy meeting on Wednesday, but has hinted that it intends to raise rates only gradually from there.

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