US Silver Scrap, COMEX Silver prices down following hawkish Fed minutes

UNITED STATES May 19 2016 7:27 PM

NEW YORK (Scrap Register): United States silver scrap prices declined on Wednesday, while silver futures prices at New York Mercantile Exchange ended lower as minutes from the Fed suggest a near-term rate hike is possible. 

The major silver scrap commodities on the Scrap Register Price Index traded down on Wednesday. The hallmarked silver scrap prices dropped to $14.036 an ounce and non-hallmarked silver scrap prices down to $12.459 an ounce. 

The most active June silver contract on the COMEX division of the New York Mercantile Exchange settled lower by 11.8 cents to $17.132 an ounce on Wednesday after logging its best settlement in over a week a day earlier.

Yesterday night minutes released by the Fed from its April policy meeting suggested an interest-rate increase in June was possible if incoming data showed an improving economy. 

As well, an assessment of risks posed by global economic and financial conditions was downplayed, and the minutes pointed to additional strengthening of the U.S. labor market despite an apparent slowdown in economic activity.