Scrap Metal Market Update: Precious Metals Slide While Copper Holds Firm – Sept 2026

Precious Metals Pull Back as Rates Rise — What Scrap Sellers Need to Know This Week

If you're sitting on catalytic converters, e-scrap, or any other precious-metal-bearing material, the market is sending you a clear message right now: move it sooner rather than later. Gold, silver, platinum, and palladium are all in a meaningful short-term downtrend, driven by a hawkish Federal Reserve and a strengthening U.S. dollar. Meanwhile, the industrial metals side of the yard — copper, steel, and aluminum — is holding up just fine. Here's a full breakdown of where prices stand as of September 24, 2026, and what it means for your operation.

Market Snapshot: September 24, 2026

Let's start with the numbers. Precious metals have taken a serious hit over the past 30 days, while industrial metals are mostly stable to slightly positive.

Precious Metals — Under Pressure

• Gold: $4,278.80/oz — down 8.4% over 30 days, down another 2.24% in the past five days. The trend is clearly downward.
• Silver: $63.48/oz — off 8.1% on the month and showing the weakest short-term momentum of the group, sliding 4.20% in just five days.
• Platinum: $1,741/oz — down 6.2% over 30 days with continued downward pressure in the near term.
• Palladium: $1,255/oz — falling 4.8% on the month with added volatility that makes timing tricky.
• Rhodium: $9,350/oz — the one bright spot in precious metals, up 6.2% over 30 days. If you have rhodium-bearing material, it's bucking the trend.

Industrial Metals — Holding Steady

• Copper: $6.75/lb — up 0.7% on the month and firmly range-bound. Copper remains the strongest major industrial metal right now.
• Aluminum: $1.48/lb — up slightly on the month but dipping 1.20% in the past five days. Stable overall, with a mild softening short term.
• Steel Scrap: $366/mt — completely flat. No surprises here.
• Shredded Scrap: $413/mt — also flat. The ferrous side of the market is in a holding pattern.
• Lead: $0.86/lb — up 1.2% on the month and continuing to firm up in the short term. A quiet performer.
• Nickel: $7.45/lb — down 2.2% over 30 days but showing a short-term recovery, up 1.51% in five days. Worth watching.
• Zinc: $1.79/lb — down slightly on the month but essentially stable.

What Is Driving These Moves?

The headline story is the Federal Reserve. The Fed raised its benchmark policy rate to 3.75%–4.00% in September 2026, and policymakers have signaled that another hike could be on the table before year-end. That's a tough environment for non-yielding assets like gold and silver — when investors can earn a competitive return in cash or bonds, the appeal of holding precious metals fades fast. Gold dropped more than 1% immediately following the Fed's announcement, and the selling pressure has continued since.

A stronger U.S. dollar is compounding the problem. Because precious metals are priced in dollars globally, a rising dollar makes them more expensive for foreign buyers, which dampens demand and puts further downward pressure on prices.

On the industrial side, the picture is more balanced. Copper is benefiting from steady global demand, particularly from infrastructure and energy transition projects, which is helping it resist the broader macro headwinds. Steel and aluminum markets are in a wait-and-see mode, with flat prices reflecting stable — if unspectacular — underlying demand.

Key Takeaways

• Precious metals are in a clear short-term downtrend. Gold and silver have each lost more than 8% in 30 days, with no immediate catalyst for a reversal.
• Rhodium is the exception — up 6.2% and worth prioritizing if you have it available.
• Copper is your strongest play on the industrial side, holding firm at $6.75/lb with positive momentum.
• Steel and aluminum markets are flat and stable — no urgency to rush ferrous material, but no reason to hold back either.
• Nickel is showing a short-term bounce after recent weakness. Keep an eye on it over the next week.
• The Fed remains the key wildcard. Any shift in rate expectations — in either direction — could move precious metals quickly.

What This Means for Scrap Sellers

The most important action you can take right now is to move precious-metal-bearing scrap promptly. Catalytic converters, circuit boards, jewelry scrap, and other PGM or silver-heavy material are all losing value as this downtrend plays out. Holding material hoping for a rebound is a gamble in this environment — the macro forces pushing prices lower are real, and they're not going away overnight.

For your ferrous and copper inventory, there's less urgency. Prices are stable, and you have more flexibility on timing. That said, avoid chasing falling prices on the precious metals side — locking in today's price on a declining asset is almost always a better outcome than waiting for a recovery that may not come in the near term.

If you're purchasing scrap to resell, be disciplined about what you pay for precious-metal-bearing material. Margins can erode quickly when your buy price is based on yesterday's spot and today's market moves lower.

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