US Silver Scrap prices continue to rise; COMEX Silver jumps 60 cents

UNITED STATES June 09 2016 6:47 PM

NEW YORK (Scrap Register): United States silver scrap prices continued to rise on Wednesday, while silver futures prices at New York Mercantile Exchange settled up as weaker dollar and diminishing expectations of an interest rate hike by the U.S. Federal Reserve at its meeting next week.

The major silver scrap commodities on the Scrap Register Price Index traded up on Wednesday. The hallmarked silver scrap prices advanced to $13.789 an ounce and non-hallmarked silver scrap prices up to $12.24 an ounce.

The most active July silver contract on the COMEX division of the New York Mercantile Exchange jumped 60 cents to $16.99 an ounce on Wednesday.

Yellen's comments, however, have done little to convince market players that the Fed could resume tightening in the coming months. The market also sees practically no chance of a rate hike next week when the FOMC convenes for the two-day meeting next week. 

The current probability of a June rate hike fell to 1.9% on Tuesday from 3.8% during the previous day. Any rate hikes from the Fed this year are viewed as bearish for bullion.

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