US Silver Scrap, COMEX Silver prices drop on strong factory data

UNITED STATES March 02 2016 10:03 PM     

NEW YORK (Scrap Register): United States silver scrap prices  dropped on Tuesday in line with silver futures prices at New York Mercantile  Exchange due to the stronger than expected factory data from the Institute of  Supply Management provided some optimism that a prolonged slump in the  manufacturing sector could be on the verge of a rebound.

The major silver scrap commodities on the  Scrap Register Price Index traded down on Tuesday. The hallmarked silver scrap  prices decreased to $12.21 an ounce and non-hallmarked silver scrap prices  dropped to $10.83 an ounce.

The most active March silver contract on the  COMEX division of the New York Mercantile Exchange settled lower by 16.2 cents  to $14.756 an ounce on Tuesday.

Upbeat U.S. manufacturing data and  another jump in oil prices on Tuesday pushed a leading stocks gauge, MSCI's  global gauge of equity markets, to its highest in nearly two months.  

Data on Tuesday showed U.S. manufacturing appeared to stabilize in  February, with production accelerating and new orders holding steady at higher  levels.