US Scrap Silver prices climb; Silver Futures up 1.5 percent for the week
NEW YORK (Scrap Register): United States silver scrap prices climbed on the Scrap Register Price Index as on Friday, tracking the up trend in silver futures prices at New York Mercantile Exchange in line with crude oil and base metals prices amid continued relief that fresh U.S. and Chinese tariffs on reciprocal imports were less harsh than originally feared.
The major silver scrap commodities on the Scrap Register Price Index gained on Friday. The hallmarked silver scrap prices up by 0.70 percent to $11.797 an ounce and non-hallmarked silver scrap prices climbed to $10.472 an ounce.
The most active September Silver contract on the COMEX division of the New York Mercantile Exchange has gained by 5.4 cents to $14.359 an ounce on Friday.
Silver held above the recent low of $14.142, set late last week, which marked the weakest settlement for a most-active contract since January 2016. The contract was up 1.5% for the week.
Gold’s white metal counterpart, which straddles the line between a hedging asset and an industrial metal, which in part led it to decouple from gold on Friday.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)