US Silver Scrap prices decrease; Silver Futures up on rate hike expectation

UNITED STATES April 11 2016 6:39 PM     

NEW YORK (Scrap Register): United  States silver scrap prices decreased on Friday, while silver futures prices at  New York Mercantile Exchange as the expectations that any rate hikes by the Fed  will be gradual based on comments from Federal Reserve Board Chair Janet  Yellen.

The major silver scrap commodities on the Scrap Register Price  Index traded down on Friday. The hallmarked silver scrap prices decreased to  $12.48 an ounce and non-hallmarked silver scrap prices dropped to $11.078 an  ounce.

The most active May silver contract on the  COMEX division of the New York Mercantile Exchange settled higher by 22.6% to $  15.384 an ounce on Friday, marking its biggest weekly rise since March  4.

At its previous meeting, the FOMC voted 9-1 to leave the Fed Funds  Rate unchanged at a level between 0.25 and 0.50%. Several other members  considered raising rates in March, the minutes showed.

Citing evidence  that the economy was expanding at a moderate pace, improved labor market  conditions and continued firming of inflation, the members discussed the  possibility of raising the Fed Funds Rate even further.