High-melting antimicrobial polymer fibers and antimicrobial fabrics comprising such fibers are prepared by preparing a masterbatch of polymer pellets (e.g., PET), silver and copper salts, and a compounding agent which provides free flowing polymer pellets which can be prepared in advance, with a long shelf life. Polymer masterbatches prepared by the methods of the invention can produce limited color or off-white antimicrobial fibers and fabrics using conventional melt spinning manufacturing methods. Fabrics incorporating fibers of the present invention are potent inhibitors of Athlete's foot fungi, gram negative and gram positive bacteria, and drug resistant pathogens.