US Silver Scrap prices drop tracking the weakness in COMEX Silver

August 7, 2018

New York (Aug 7)  United States silver scrap prices dropped on the Scrap Register Price Index as on Monday, tracking the weakness in silver futures prices at New York Mercantile Exchange amid rising dollar and lingering US trade-war concerns weighed on sentiment.

 The major silver scrap commodities on the Scrap Register Price Index dropped on Thursday. The hallmarked silver scrap prices dropped by 0.94 percent to $12.633 an ounce and non-hallmarked silver scrap prices dropped to $11.213 an ounce.

 The most active September Silver contract on the COMEX division of the New York Mercantile Exchange has dropped by 11.4 cents to $15.348 an ounce on Monday. The commodity booked a 0.2% loss for the week ended Friday.

Trading in commodities have come amid a focus on global trade tensions, which have helped to buoy the dollar and pressure gold and silver lower.

Chinese state media on Monday attacked U.S. President Donald Trump's trade policies, stating that he was starring in his own "street fighter-style deceitful drama of extortion and intimidation".

 Chinese authorities announced?last Friday that it would impose tariffs, ranging from 5% to 35%, on $60 billion in U.S. goods that include many agriculture-related goods if the U.S. proceeded with placing more tariffs on Chinese imports.


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