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US Silver Scrap prices gain; Silver Futures fall slightly

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NEW YORK (Scrap Register): United States silver scrap prices gained on the Scrap Register Price Index as on Monday, tracking the up trend in silver futures prices at New York Mercantile Exchange as the U.S. dollar slipped ahead of Wednesday’s minutes of the Federal Reserve’s December meeting.

The major silver scrap commodities on the Scrap Register Price Index advanced on Monday. The hallmarked silver scrap prices gained by 0.28 percent to $12.966 an ounce and non-hallmarked silver scrap prices climbed to $11.509 an ounce.

The most active March Silver contract on the COMEX division of the New York Mercantile Exchange has shed by 3 cents to $15.756 an ounce on Monday, after gold’s sister metal fell 0.1% to end last week, with prices producing a weekly gain of about 2.3%.

Precious metals traders will get a fresh update on the outlook for monetary policy from Wednesday’s December Federal Reserve meeting minutes and a speech by Fed Chairman Jerome Powell a day later.

(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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