US Silver Scrap prices climb in line with Silver Futures
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 as the safe-haven asset was supported by worries over economic growth and renewed China-U.S. tensions.
The major silver scrap commodities on the Scrap Register Price Index gained on Monday. The hallmarked silver scrap prices climbed by 1.60 percent to $12.592 an ounce and non-hallmarked silver scrap prices climbed to $11.177 an ounce.
The most active March Silver contract on the COMEX division of the New York Mercantile Exchange has climbed by 7 cents to $15.385 an ounce on Friday. It’s up nearly 4.7% for the week.
Meanwhile, a measure of U.S. consumer confidence posted its sharpest decline in more than three years in December, as investors remain concerned that a global economic slowdown was spilling over into the United States.
On Thursday, official data showed China’s industrial profits fell for the first time since December 2015. The decline was due to slowing growth in sales and producer prices, and rising costs, statistics bureau said in a statement accompanying the data, while rising trade tensions with the United States also piled pressure on China’s economic growth.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)