US Silver Scrap, COMEX Silver prices decline on weaker than expected US data

UNITED STATES March 29 2016 7:39 PM

NEW YORK (Scrap Register): United States silver scrap prices declined on Monday in line with silver futures prices at New York Mercantile Exchange as the dollar retreated after weaker than expected U.S. data, but stayed close to a one-month low with investors focused on speeches by Fed officials that could give more clues on potential interest rate increases.

The major silver scrap commodities on the Scrap Register Price Index traded down on Monday. The hallmarked silver scrap prices decreased to $12.579 an ounce and non-hallmarked silver scrap prices dropped to $11.166 an ounce.

The most active March silver contract on the COMEX division of the New York Mercantile Exchange settled slightly lower by 0.5% to $ 15.19 an ounce on Monday.

The dollar fell after data showed U.S. consumer spending rose marginally in February and overall inflation retreated. The Commerce Department also downwardly revised 0.1 percent gain in January. Weaker U.S. data supports the view the Fed would raise interest rates at a gradual pace, weighing on the dollar and in turn helping bullion.

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