US Scrap Silver prices gain; Silver Futures settle lower on strong Dollar

UNITED STATES May 10 2016 9:39 PM

NEW YORK (Scrap Register): United States silver scrap prices gained on Monday, while silver futures prices at New York Mercantile Exchange settled lower as the strengthening dollar and a sharper appetite for assets seen as higher risk sparked selling across commodities.

The major silver scrap commodities on the Scrap Register Price Index traded up on Monday. The hallmarked silver scrap prices gained to $14.267 an ounce and non-hallmarked silver scrap prices down to $12.664 an ounce. 

The most active June silver contract on the COMEX division of the New York Mercantile Exchange settled lower by 2.5% to $$17.09 an ounce on Monday.

Silver extended the pressure as basemetals corrected after China's CPI for April fell 0.2% month-on-month as expected and at a 2.3% pace year-on-year, a tad lower than the 2.4% gain seen. 

In a speech, New York Federal Reserve President William Dudley said two U.S. rate increases this year were still a “reasonable expectation.” Lower interest rates tend to pressure the dollar and boost dollar-denominated assets such as gold.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)