The U.S. Commerce Department released a report indicating factories' need for metals rose 0.8 percent in May, a welcome change to the 0.9 percent fall for the same figure in April, the Associated Press reports. The industries requiring metals include manufacture of airplanes and vehicles while drilling equipment producers also sought supplies.
"S&P's statement underscores the danger the authorities face as they attempt to change the terms of prior debt offerings while simultaneously trying not to run afoul of the ratings agencies," according to a client note from senior commodities analyst Edward Meir of MF Global.
At 6:48 a.m. on Wednesday, silver futures climbed .47 percent, a 16.5 cent rise to $35.575 per troy ounce.
Barrons reports financial issues also benefited the volatile metal, noting Chinese credit has fallen into question while the U.S. is struggling with a federal debt ceiling that requires negotiations among leaders. The sovereign debt scourge in the euro zone is benefiting silver prices as the metal serves as an asset haven during trying economic times.
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