US Silver Scrap prices advance; Silver Futures settle higher at $18.418 an ounce


NEW YORK (Scrap Register): United States silver scrap prices advanced on Tuesday, while silver futures prices at New York Mercantile Exchange settled higher as the dollar retreated ahead of a Federal Reserve meeting this week, and as concerns over the outcome of the upcoming U.S. elections underpinned prices after last month's fall.

The major silver scrap commodities on the Scrap Register Price Index traded higher on Tuesday. The hallmarked silver scrap prices up by 2.702% to $15.016 an ounce and non-hallmarked silver scrap prices gained to $13.329 an ounce.

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The most active December silver contract on the COMEX division of the New York Mercantile Exchange advanced by 62.2 cents to $18.418 an ounce on Tuesday. Silver prices fell more than 7% last month.

The announcement of an FBI investigation into Hillary Clinton's use of a private email server during her time as Secretary of State has pressured stocks this week, lifting gold. The metal often acts as a haven from risk in other markets. Worries over the U.S. election saw the so-called "fear index" of market volatility hit its highest in a month.

(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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