US Scrap Silver prices decline; Silver Futures down 2.3% for the week

UNITED STATES May 16 2016 10:15 PM

NEW YORK (Scrap Register): United States silver scrap prices declined on Friday, while silver futures prices at New York Mercantile Exchange gained as prices recovered tracking firmness in gold and base metals prices after prices seen pressure after strong U.S. economic data suggested a brightening outlook for the economy.

The major silver scrap commodities on the Scrap Register Price Index traded down on Friday. The hallmarked silver scrap prices dropped to $14.069 an ounce and non-hallmarked silver scrap prices down to $12.489 an ounce. 

The most active June silver contract on the COMEX division of the New York Mercantile Exchange settled up by 2.9 cents to $17.132 an ounce on Friday. It saw a 2.3% weekly drop.

U.S. retail sales jumped 1.3 percent last month, the largest gain since March 2015 and a bigger rise than the 0.8 percent expected. The overall reading received a lift from auto sales, which surged 3.2% on the month. Still, core retail sales, which discounted the effects of auto purchases, increased by 0.8% above forecasts for gains of 0.5%.