Copper Hits Record Highs: What Scrap Metal Sellers Need to Know This Week

Metals Markets Are Tight and Moving — Here's How to Play It

If you've been sitting on a pile of copper or zinc-heavy material, this week is demanding your attention. Copper just hit a new record on the London Metal Exchange, zinc is up nearly 10% over the past 30 days, and precious metals like platinum and rhodium are quietly climbing. Meanwhile, ferrous prices are holding flat as North American tariff uncertainty keeps steel buyers cautious. The market is giving non-ferrous sellers a clear window — and it won't stay open forever.

Here's a breakdown of what's moving, what's stalling, and what scrap yard operators across Canada and the U.S. should be doing right now.

Non-Ferrous Metals: The Big Winners This Week

Copper — Record Prices, Real Urgency

Copper is the headline story. Spot prices are sitting at $6.82 per pound, up 2.8% over the past 30 days and right at the top of its recent trading range. More importantly, 5-day momentum is running at +4.31% — a signal that buyers are actively chasing supply, not waiting for dips.

What's driving it? A combination of mine-supply disruptions, extremely low exchange inventories on the LME, and growing anxiety around U.S. copper tariffs is pushing industrial buyers to secure regional scrap supply now. When refined copper is tight and tariffs threaten import flows, domestic scrap becomes the path of least resistance for mills and smelters.

For sellers, this means No. 1 copper, bright wire, clean bus bar, and No. 2 copper are all in a strong position. Set firm reserve prices above last week's levels and move material actively while the momentum holds.

Zinc — The Quiet Outperformer

Zinc is up a remarkable 9.8% over the past 30 days and deserves more attention than it typically gets. Supply-side tightness and continued demand from galvanizing and infrastructure projects are supporting prices. If you're holding die-cast zinc, galvanizer's dross, or zinc-heavy mixed loads, now is an excellent time to grade and list that material rather than let it sit in the yard.

Precious Metals and PGMs — Selective Strength

Precious metals are sending mixed signals. Gold is up 0.1% and silver up 0.9%, though both face a headwind from a roughly 60% market expectation of a Federal Reserve rate hike next week. A stronger Fed rate environment typically pressures gold and silver, so don't count on a sustained rally there.

The real story in precious metals is the platinum group metals (PGMs). Platinum is up 5.1% and rhodium has surged 9.5% over the past 30 days. For scrap yards processing catalytic converters or industrial PGM-bearing material, these are numbers worth acting on. Move your cat inventory now while refiner bids are elevated.

Ferrous Metals: Hold Steady and Watch the Tariff Situation

Heavy melt and shredded steel are both flat at 0.0% movement this week, which sounds boring — but there's real tension beneath the surface. Canada's retaliatory tariffs on U.S. steel and ongoing U.S. trade policy discussions are reshuffling North American trade flows in ways that haven't fully worked their way into scrap pricing yet.

Energy and geopolitical pressures are keeping production costs elevated for steelmakers, which provides a floor under prices. But until the tariff picture becomes clearer, expect buyers to remain cautious and bids to stay tight. For ferrous material, patience is the strategy — hold where you can, and avoid locking in long-term deals at current flat prices if your storage situation allows flexibility.

Nickel and aluminum are modest underperformers this week, down 0.9% and 0.5% respectively, though structural demand from EVs, data centers, and infrastructure spending continues to support the longer-term outlook for both.

Key Takeaways

• Copper hit a new LME record — scrap sellers should actively list No. 1, No. 2, and bright wire material this week.
• Zinc is up nearly 10% in 30 days — don't overlook zinc-heavy loads and die-cast material.
• Platinum (+5.1%) and rhodium (+9.5%) are surging — catalytic converter and PGM scrap should move now.
• Ferrous prices are flat — hold steel if possible and wait for tariff clarity before committing to aggressive pricing.
• Gold and silver face Fed rate pressure — modest near-term headwinds, not a collapse, but manage expectations.
• U.S. and Canadian tariff actions are creating regional supply premiums that favor domestic scrap over imports.

What This Means for Scrap Sellers

This week's market is rewarding sellers who are organized, graded, and ready to move. The gap between sitting on material and actively listing it on a competitive auction platform is real money when copper is at record highs and zinc is running hot. Buyers are actively looking for reliable regional supply — especially with tariffs making imported refined metal more expensive and less predictable. Clean, well-described lots of non-ferrous material will attract strong bids right now. On the ferrous side, the smart play is flexibility: don't rush into flat-priced deals when the tariff situation could shift prices meaningfully in either direction over the next few weeks.

List Your Scrap on SmashScrap.com This Week

Markets like this one reward speed and reach. When copper is at record highs, the difference between one buyer and ten buyers on your lot can be significant. SmashScrap.com connects Canadian and U.S. scrap sellers with a network of verified industrial buyers competing in real-time auctions — so you capture the market, not just a single offer. Whether you're moving a truckload of bright copper wire or a mixed non-ferrous lot, now is the time to list. Create your free seller account at SmashScrap.com and get your material in front of buyers who are actively bidding this week.