US Scrap Silver prices decline; Silver Futures settle lower at $17.103 an ounce

UNITED STATES May 13 2016 7:31 PM

NEW YORK (Scrap Register): United States silver scrap prices declined on Thursday in line with silver futures prices at New York Mercantile Exchange as the dollar recovered some lost ground.

The major silver scrap commodities on the Scrap Register Price Index traded down on Thursday. The hallmarked silver scrap prices dropped to $14.185 an ounce and non-hallmarked silver scrap prices down to $12.591 an ounce. 

The most active June silver contract on the COMEX division of the New York Mercantile Exchange settled lower by 21.6 cents to $17.103 an ounce on Thursday.

In three subsequent meetings, the FOMC has left short-term rates steady, fueling speculation that the U.S. central bank could delay its next rate hike until September. Any rate hikes by the Fed this year are viewed as bearish for bullion, which struggles to compete with high-yield bearing assets in rising rate environments.

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