US Silver Scrap prices gain; Silver futures settle at more than 11-month high

UNITED STATES April 28 2016 11:28 PM     

NEW YORK (Scrap Register): United States silver scrap prices  gained on Wednesday, while silver futures prices at New York Mercantile Exchange  settled at a more than 11-month high.

The major silver scrap commodities  on the Scrap Register Price Index traded up on Wednesday. The hallmarked silver  scrap prices advanced to $14.275 an ounce and non-hallmarked silver scrap prices  gained to $12.671an ounce.

The most active July silver contract, which  saw higher open interest than the May contract, on the COMEX division of the New  York Mercantile Exchange settled higher by 17.6 cents to $17.335 an ounce on  Wednesday, the highest in more than 11 months.

Slowing silver supplies  combined with firm manufacturing and investment demand could give silver prices  strong support in 2016. The Fed said short-term interest rates remain unchanged  and suggested a gradual path for future interest-rate increases.

As U.S.  economic data have improved, traders have begun to reconsider the possibility of  a rate rise at the next meeting, scheduled for June. While the central bank  cited some concerns over economic activity, officials seemed less worried over  global financial risks than in previous statements.