US Silver Scrap prices decline; Silver Futures shed by 3%

UNITED STATES February 16 2016 6:35 PM

NEW YORK (Scrap Register): United States silver scrap prices declined on Monday, while silver futures prices at New York Mercantile Exchange settled down as a rebound in stocks and profit-taking from China after the Lunar New Year weighed on the market.

The major silver scrap commodities on the Scrap Register Price Index traded down on Monday. The hallmarked silver scrap prices declined to $12.563 an ounce and non-hallmarked silver scrap prices dropped to $11.151 an ounce.

The most active March silver contract on the COMEX division of the New York Mercantile Exchange settled lower by 48 cents or 3% to $15.30 an ounce on Monday. Last week, silver climbed nearly 6.9%. 

Silver had climbed to a one-year high on Last week on Thursday as turmoil in global equities stoked safe-haven demand for the metal, along with the Japanese yen and U.S. Treasuries.

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