US Silver Scrap prices edge up; Silver Futures gain one percent
NEW YORK (Scrap Register): United States silver scrap prices edged up on Monday, while silver futures prices at New York Mercantile Exchange settled higher by one percent as weaker dollar and the precious metal continued to recover from its sell-off into the end of last year.
The major silver scrap commodities on the Scrap Register Price Index slightly up by 0.4283 percent on Monday. The hallmarked silver scrap prices up to $13.60 an ounce and non-hallmarked silver scrap prices slightly up to $12.072 an ounce.
The most active March silver contract on the COMEX division of the New York Mercantile Exchange declined by 16.4 cents to settle at $16.683 an ounce on Monday after it logged a roughly 3.3% advance last week.
The outlook for U.S. rates may become even clearer when Chair Janet Yellen appears at a webcast town hall meeting with educators on Thursday. A focus for the week will be a news conference on Wednesday at which Trump may give more details about the policies he will seek to implement after he takes office on Jan. 20.
In the week ahead, investors will be looking ahead to U.S. economic reports, particularly Friday’s retail sales figures for December.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments firstname.lastname@example.org)