US Silver Scrap prices drop 2.2 percent; Silver Futures settle at $16.51 an ounce

UNITED STATES December 02 2016 6:01 PM

NEW YORK (Scrap Register): United States silver scrap prices dropped on Thursday, while silver futures prices at New York Mercantile Exchange settled higher.
The major silver scrap commodities on the Scrap Register Price Index traded lower on Thursday. The hallmarked silver scrap prices dropped by 2.22 percent to $13.419 an ounce and non-hallmarked silver scrap prices advanced to $11.911 an ounce.
The most active March silver contract on the COMEX division of the New York Mercantile Exchange rebounded mildly from a sharp drop on Wednesday, settled up 2.4 cents at just under $16.51 an ounce. 
The metal lost 7.6% in November, its biggest monthly drop since August. Silver recently receded into bear-market territory, which is typically defined as a 20% drop from a recent peak.