US Silver prices decrease in line with Silver Futures

UNITED STATES May 05 2016 7:19 PM

NEW YORK (Scrap Register): United States silver scrap prices decreased on Wednesday in line with silver futures prices at New York Mercantile Exchange as a mixed bag of US economic data provided few indications on the long-term path of the economy, potentially leaving the Federal Reserving at an impasse while it weighs the timing of its next interest rate hike. 

The major silver scrap commodities on the Scrap Register Price Index traded up on Wednesday. The hallmarked silver scrap prices dropped to $14.143 an ounce and non-hallmarked silver scrap prices down to $12.554 an ounce. 

The most active May silver contract on the COMEX division of the New York Mercantile Exchange settled lower by 19 cents to $17.30 an ounce on Wednesday.

The Silver Institute projects improving industrial demand and moderating mine and scrap supply in 2016, all of which also appear supportive of prices.

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