US Silver Scrap prices drop in line with Silver Futures as the BoJ left interest rates unchanged

UNITED STATES March 16 2016 7:40 PM

NEW YORK (Scrap Register): United States silver scrap prices dropped on Tuesday in line with silver futures prices at New York Mercantile Exchange as the Bank of Japan (BoJ) left interest rates unchanged at a closely-watched meeting ahead of the Federal Reserve's latest interest rate decision on Wednesday.

The major silver scrap commodities on the Scrap Register Price Index traded down on Tuesday. The hallmarked silver scrap prices decreased to $12.612 an ounce and non-hallmarked silver scrap prices dropped to $11.195 an ounce.

The most active March silver contract on the COMEX division of the New York Mercantile Exchange settled lower by 26 cents to $15.261 an ounce on Tuesday.

As expected, the Bank of Japan left short-term interest rates unchanged on Tuesday, weeks after startling markets by surprisingly lowering rates into negative territory for the first time in the history of the central bank. In a 7-2 vote, the BOJ held its benchmark rate steady at Minus-0.1%, while also leaving its target for its monetary base unchanged.