US Silver Scrap, Silver Futures continue to decline

UNITED STATES May 31 2016 7:12 PM

NEW YORK (Scrap Register): United States silver scrap prices continued to decline on Monday, while silver futures prices at New York Mercantile Exchange ended lower tracking last week’s weakness.

The major silver scrap commodities on the Scrap Register Price Index traded down on Monday. The hallmarked silver scrap prices dropped to $13.419 an ounce and non-hallmarked silver scrap prices down to $11.911 an ounce. 

The most active June silver contract on the COMEX division of the New York Mercantile Exchange settled lower by 7.4 cents to $16.269 an ounce on Friday, with prices down about 1.6% for the week. 

Comments from Federal Reserve chief Janet Yellen on the likelihood of higher U.S. interest rates sent the dollar to two-month highs. 

The Fed should increase interest rates in the coming months if the economy picks up, Yellen said on Friday, bolstering the case for a rate hike in June or July. St. Louis Fed President James Bullard said on Monday global markets appeared to be "well-prepared" for a summer rate hike.