US Silver Scrap prices advance; Silver Futures settle higher at $18.418 an ounce

Published: Nov 3, 2016 18:32

Save

United States silver scrap prices advanced on Tuesday, while silver futures prices at New York Mercantile Exchange settled higher as the dollar retreated ahead of a Federal Reserve meeting this week,

UNITED STATES November 02 2016 8:58 PM

NEW YORK (Scrap Register): United States silver scrap prices advanced on Tuesday, while silver futures prices at New York Mercantile Exchange settled higher as the dollar retreated ahead of a Federal Reserve meeting this week, and as concerns over the outcome of the upcoming U.S. elections underpinned prices after last month's fall.

The major silver scrap commodities on the Scrap Register Price Index traded higher on Tuesday. The hallmarked silver scrap prices up by 2.702% to $15.016 an ounce and non-hallmarked silver scrap prices gained to $13.329 an ounce.

The most active December silver contract on the COMEX division of the New York Mercantile Exchange advanced by 62.2 cents to $18.418 an ounce on Tuesday. Silver prices fell more than 7% last month.

The announcement of an FBI investigation into Hillary Clinton's use of a private email server during her time as Secretary of State has pressured stocks this week, lifting gold. The metal often acts as a haven from risk in other markets. Worries over the U.S. election saw the so-called "fear index" of market volatility hit its highest in a month.

US Silver Scrap prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

16 hours ago

Before the holiday, the black chain is unlikely to see a trend-driven market [SMM Steel Industry Chain Weekly Report].

This week, ferrous metals were in the doldrums, with coking coal and coke staging a mid-week rise. At the beginning of the week, financial markets experienced sharp fluctuations, dragging down sentiment in the ferrous chain and leading to a pullback in futures. Mid-week, Indonesia's cut to coke production quotas drove coking coal and coke futures to lead the gains, though the impact was more pronounced on thermal coal, while coking coal's rise was largely sentiment-driven and short-lived. In the latter part of the week, finished products continued their seasonal inventory buildup, and support from the raw material side weakened, causing the entire ferrous chain to pull back. In the spot market, with the Chinese New Year holiday approaching, purchasing activity slowed down further, with end-users only making limited, as-needed purchases at low prices.

16 hours ago

17 hours ago

A00 Aluminum Prices Drop, Secondary Market Shows Divergence Amid Sluggish Demand

[SMM Aluminum Alloy Daily Review] A00 aluminum prices dropped by 200 yuan/mt from the previous trading day to 23,140 yuan/mt, while SMM ADC12 prices edged down by 50 yuan/mt to 23,550 yuan/mt. Today, secondary aluminum market quotations showed some divergence, with some enterprises choosing to hold steady and wait, while others lowered their offers by about 100 yuan/mt. Driven by the price pullback, downstream purchasing mainly focused on restocking at lower levels, and transaction activity improved slightly compared to the previous period. Overall, downstream demand continued to contract, and fundamental support for prices weakened marginally. Before the holiday, secondary aluminum alloy prices are expected to remain in the doldrums at high levels, with the price center pulling back sligh

17 hours ago

22 hours ago

The Most-Traded SHFE Tin Contract Opened Lower and Then Traded Stronger, Spot Market Recovers Amid Downtrend [SMM Tin Midday Review]

[SMM Tin Midday Review: The Most-Traded SHFE Tin Contract Opened Lower and Then Traded Stronger, Spot Market Recovers Amid Downtrend]

22 hours ago