US Silver Scrap prices advance 2 percent; Silver Futures settle down

UNITED STATES December 09 2016 6:43 PM

NEW YORK (Scrap Register): United States silver scrap prices advanced by 2.15 percent on Thursday, while silver futures prices at New York Mercantile Exchange settled down mainly due to the stronger U.S. dollar and expectations the U.S. Federal Reserve will hike rates next week. 

The major silver scrap commodities on the Scrap Register Price Index gained on Thursday. The hallmarked silver scrap prices up by 2.14 percent to $14.102 an ounce and non-hallmarked silver scrap prices down to $12.518 an ounce.

The most active March silver contract on the COMEX division of the New York Mercantile Exchange down 17.9 cents to settle at $17.096 an ounce on Thursday, easing back after Wednesday’s 2.8% climb. 

Investors gave the extension more weight than the ECB's unexpected decision to cut its asset buying to 60 billion euros ($64 billion) a month from next April from 80 billion euros now. 

The number of Americans filing for unemployment benefits fell from a five-month high last week, pointing to labour strength that underscores the economy's sustained momentum.