US Silver Scrap prices advance; Silver Futures settle slightly higher

UNITED STATES January 06 2016 5:27 PM

NEW YORK (Scrap Register): United  States silver scrap prices advanced on Tuesday, while silver futures prices at  New York Mercantile Exchange settled slightly higher as fresh concerns over  global growth boosted demand for safe-haven assets. 

The major silver  scrap commodities on the Scrap Register Price Index traded up on Tuesday. The  hallmarked silver scrap prices unchanged at $11.534 an ounce and non-hallmarked  silver scrap prices stayed flat at $10.238 an ounce.

The most  active March silver contract on the COMEX division of the New York Mercantile  Exchange settled slightly up by $0.154 to $13.995 an ounce on  Tuesday.

Silver received another boost after data showed that  manufacturing activity in the U.S. and China, the world's two biggest economies,  both contracted last month, rekindling fears over the global growth  outlook.

Bullion, often seen as a alternative investment in times of  political and financial uncertainty, is also benefiting from a shift away from  risk along with the Japanese yen and U.S. bonds.