BUZZ-Silver miners slide as metal prices edge lower on CME margin hike

Reuters02-02 18:41
BUZZ-Silver miners slide as metal prices edge lower on CME margin hike

** U.S.-listed shares of silver miners down premarket, tracking falling prices of the metal GOL/

** Spot silver XAG= down 3.4% at $81.65/ounce, recovering from a fall of 15% earlier. It has shed about 33% since notching up an all-time-peak of $121.64/ounce last week

** Prices fall after top commodity exchange CME CME.O increased margin requirements, which added to the selling pressure following last week's selloff sparked by Kevin Warsh's nomination as the incoming U.S. Federal Reserve chair

** Hecla Mining HL.N and Coeur Mining CDE.N down 3.3% and 2.7%, respectively

** Canadian miners Endeavour Silver EDR.TO, EXK.N falls 3.8% and Silvercorp Metals SVM.TO, SVM.N down 2.8%

** Abrdn Physical Silver Shares ETF SIVR.P down 3% and iShares Silver Trust ETF SLV.P falls 3.5%

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com;))

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