Silver Futures settle higher

UNITED STATES January 07 2016 9:25 PM

NEW YORK (Scrap Register): United States silver scrap prices remained flat on Wednesday, while silver futures prices at New York Mercantile Exchange settled up as investors channeled money into the safe-haven metal amid a global stock market rout, worries over the Chinese economy and heightened geopolitical tensions.

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

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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 Wednesday.

Bullion benefited from the risk-averse sentiment in the market, along with other haven assets such as the Japanese yen and US Treasuries. 

Also Stocks across the globe fell on Wednesday to their lowest in nearly three months as a move to weaken China's currency fuelled fears about the strength of the world's second largest economy and as Brent crude hit its lowest since 2004.

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