UNITED STATES April 28 2016 11:28 PM
NEW YORK (Scrap Register): United States silver scrap prices gained on Wednesday, while silver futures prices at New York Mercantile Exchange settled at a more than 11-month high.
The major silver scrap commodities on the Scrap Register Price Index traded up on Wednesday. The hallmarked silver scrap prices advanced to $14.275 an ounce and non-hallmarked silver scrap prices gained to $12.671an ounce.
The most active July silver contract, which saw higher open interest than the May contract, on the COMEX division of the New York Mercantile Exchange settled higher by 17.6 cents to $17.335 an ounce on Wednesday, the highest in more than 11 months.
Slowing silver supplies combined with firm manufacturing and investment demand could give silver prices strong support in 2016. The Fed said short-term interest rates remain unchanged and suggested a gradual path for future interest-rate increases.
As U.S. economic data have improved, traders have begun to reconsider the possibility of a rate rise at the next meeting, scheduled for June. While the central bank cited some concerns over economic activity, officials seemed less worried over global financial risks than in previous statements.