Scrap Metal Market Update: Copper Holds Firm While Precious Metals Slide — Sept 25, 2026
Scrap Metal Market Snapshot: Copper Strength vs. Precious Metal Weakness — Friday, September 25, 2026
This week's metals market is telling two very different stories at once. If you're holding copper scrap, the fundamentals are quietly working in your favor thanks to a major supply disruption in Chile. But if your yard is heavy on gold, silver, or palladium, the trend lines are flashing caution. Here's what's moving markets today and what it means for your selling decisions heading into the weekend.
Copper: The One Bright Spot — But Don't Get Complacent
Copper is the metal to watch right now. Prices are sitting at $6.76 per pound, up 2.1% over the past 30 days, and the supply picture just got more complicated in a way that could push prices higher. BHP has suspended operations at Chile's Escondida mine — the single largest copper mine on the planet — following a worker fatality, with no restart timeline announced.
That's a significant development. Escondida accounts for a meaningful share of global copper concentrate supply, and any extended outage will ripple through refined copper availability worldwide. Markets are already pricing in some of that risk, though the 5-day momentum has dipped slightly (-0.53%), which tells us traders are in a wait-and-see mode while the situation develops.
The practical takeaway for scrap sellers: don't rush copper material to market right now. If you can hold it, conditions may improve further as the Escondida situation plays out. That said, copper prices are choppy day to day, so keep a close eye on quotes and be ready to move decisively when the timing looks right.
Precious Metals: Broad Weakness Across the Board
The precious metals complex is having a rough month, and the near-term picture hasn't improved much heading into the weekend.
Gold & Silver
Gold has dropped 6.8% over the past 30 days and is now trading at $4,292.80 per ounce, with a further 1.4% slip in the last five sessions. Silver is faring even worse — down 6.0% on the month and losing another 2.29% this week, settling at $64.65 per ounce. If you're bringing gold or silver scrap to market, be selective. Don't dump material at current levels unless you need the liquidity. Spread your lots and keep offer windows short.
Platinum & Palladium
Platinum is softer at $1,762 per ounce (down 3.9% on the month), but the real concern is palladium. Palladium carries the highest downside risk of any metal in today's market, sliding 5.7% over 30 days and accelerating lower with a brutal 4.25% drop in just the past five sessions. At $1,239 per ounce, sellers holding palladium-rich material — particularly catalytic converters — should consider moving product sooner rather than later or at minimum locking in quotes quickly to protect against further erosion.
Rhodium: The Exception
Not every precious metal is struggling. Rhodium is the standout performer this week, up 7.4% on the month and gaining another 5.0% in the last five days, now at $9,450 per ounce. If you're selling rhodium-bearing material, verify your quotes frequently — prices are moving fast enough that a quote from earlier in the week may already be stale.
Base Metals: Mixed Signals
Outside of copper, the base metals picture is relatively calm but worth monitoring. Lead is the firmest base metal right now at $0.86 per pound, with consistent upward momentum over both the 30-day and 5-day windows. Aluminum is holding steady at $1.48 per pound with a modest 1.4% monthly gain — a normal selling pace is appropriate. Steel scrap ($366/mt) and shredded scrap ($413/mt) remain range-bound with no meaningful trend in either direction.
Nickel is in an interesting spot — down 3.4% on the month but showing some short-term recovery (+1.65% this week) at $7.40 per pound. The rebound isn't confirmed yet, so hold off on reading too much into it. Zinc continues to soften at $1.81 per pound (down 3.1%), and sellers should avoid building up exposure here.
Key Takeaways
- Copper: Supply-supported by the Escondida mine suspension — hold if you can, watch closely if you can't.
- Gold & Silver: Both under pressure; sell selectively and avoid bulk moves at current prices.
- Palladium: Highest risk in the market right now — consider moving material or locking in quotes fast.
- Rhodium: Strong momentum — verify quotes frequently as prices are shifting quickly.
- Lead & Aluminum: Stable and firm; normal selling pace is appropriate.
- Steel & Shredded Scrap: Flat and range-bound — no urgency in either direction.
- Zinc: Avoid accumulating additional exposure in a soft trend.
What This Means for Scrap Sellers
This is a market that rewards patience on copper and decisiveness on palladium. The worst thing you can do right now is treat all your material the same way. A strategic, metal-by-metal approach to timing your sales will protect your margins far better than moving everything at once. Keep your offer windows short on precious metals, lock in strong bids on rhodium before prices shift, and let the Escondida situation develop before committing your copper inventory.
Buyers are active on the platform right now, and competitive bidding can offset some of the price softness in precious metals — especially when you're reaching multiple qualified buyers at once rather than negotiating with one.
Ready to put your material in front of verified industrial buyers? List your scrap on SmashScrap.com today and let competitive auction bidding work for you. Whether you're moving copper, catalytic converters, or ferrous scrap, our B2B platform connects you with serious buyers who are ready to transact — so you can sell smarter, not just faster.
