US Silver Scrap prices fall; Silver Futures rally comes to an end

UNITED STATES July 13 2016 10:22 PM

NEW YORK (Scrap Register): United States silver scrap prices fell on Monday, while silver futures prices at New York Mercantile Exchange turned lower, surrendering what would have been a nearly two-year settlement high as a rally in U.S. equities tarnished the appeal of precious metals, including gold.

The major silver scrap commodities on the Scrap Register Price Index traded down on Monday. The hallmarked silver scrap prices declined to $16.753 an ounce and non-hallmarked silver scrap prices tumbled to $14.871 an ounce.

Meanwhile, the most active September silver contract on the COMEX division of the New York Mercantile Exchange down 13 cents at $20.17 an ounce on Monday.

Silver had traded as high as $20.595 an ounce early Tuesday, buoyed by hedging demand and for its use as an industrial commodity. 

Prices for the white metal have posted gains in eight of the last nine trading sessions. Prices finished Monday at $20.304, the highest since August 2014.