US Silver Scrap prices witness drop tracking weakness in Silver Futures

UNITED STATES April 25 2017 10:02 PM

NEW YORK (Scrap Register): United States silver scrap prices witnessed a drop on Monday, tracking the weakness in silver futures prices at New York Mercantile Exchange amid investors raised bets that Emmanuel Macron would emerge victorious in the second round of the French elections on May 7.

The major silver scrap commodities on the Scrap Register Price Index fell on Monday. The hallmarked silver scrap prices dropped by 0.945 percent to $14.662 an ounce and non-hallmarked silver scrap prices down to $13.015 an ounce on Monday.

The most active May silver contract on the COMEX division of the New York Mercantile Exchange ended little changed at $17.86 an ounce on Monday.

Bullion prices opened with gap down as Investors cut ties to risk-off assets after a snap poll suggested that independent centrist Emmanuel Macron would easily beat the National Front’s Marine Le Pen in the second round of France’s presidential election next month. 

Macron and Le Pen finished Nos. 1 and 2 respectively in the first round of voting on Sunday, setting the stage for a winner-take-all duel on May 7.