US Silver Scrap prices edge up; Silver Futures end with small gains


NEW YORK (Scrap Register): United States silver scrap prices edged up on Wednesday, while silver futures prices at New York Mercantile Exchange ended with small gains but helped by a mild pullback from the U.S. dollar but remained amid growing expectations for a 2016 rate hike by Fed.

The minutes from the Federal Reserve's September meeting showed several voting policymakers judged an interest rate hike would be warranted relatively soon if the U.S. economy continued to improve.

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The minutes of the Sept. 20-21 meeting, however, showed the depth of the divide on how much longer they should allow the labour market and inflation to improve before raising rates.

The major silver scrap commodities on the Scrap Register Price Index traded slightly up on Wednesday. The hallmarked silver scrap prices edged up by 0.23% to $14.357 an ounce and non-hallmarked silver scrap prices up to $12.744 an ounce.

However, the most active December silver contract on the COMEX division of the New York Mercantile Exchange edged up by 0.06% to $17.505 an ounce on Wednesday.

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

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