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.