US Silver Scrap prices decline; Silver Futures prices rise

UNITED STATES March 03 2016 7:13 PM

NEW YORK (Scrap Register): United States silver scrap prices declined on Tuesday in line with silver futures prices at New York Mercantile Exchange as solid U.S. private sector employment data provided optimism on the near-term outlook of the U.S. economy ahead of Friday's critical jobs report.

The ADP Research Institute said nonfarm private employment rose by 214,000, last month, topping expectations for gains of 190,000. It came after ADP downwardly revised employment data in January by 12,000 to 193,000.

The major silver scrap commodities on the Scrap Register Price Index traded down on Wednesday. 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 26.6 cents to $15.022 an ounce on Wednesday.

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