US Silver Scrap, Silver Futures decline on firm Dollar

UNITED STATES May 24 2016 7:11 PM

NEW YORK (Scrap Register): United States silver scrap prices declined on Monday, while silver futures prices at New York Mercantile Exchange ended lower as the dollar firmed and expectations rose that the U.S. Federal Reserve will hike interest rates as early as June.

The major silver scrap commodities on the Scrap Register Price Index traded down on Monday. The hallmarked silver scrap prices dropped to $13.394 an ounce and non-hallmarked silver scrap prices down to $11.889 an ounce. 

The most active June silver contract on the COMEX division of the New York Mercantile Exchange settled lower by 10.9 cents to $16.423 an ounce on Monday after shedding 3.5% last week.

Silver has been under pressure since the Fed last week released the minutes of its April meeting, which showed officials believe the U.S. economy could be ready for another interest rate increase next month.