Scrap Metal Market Update: Sell Precious Metals Fast, Hold Copper — Sept 28, 2026

Metals Market Briefing: Monday, September 28, 2026

If you're sitting on a pile of precious-metal-bearing scrap this Monday morning, today's market data is sending you a clear message: move it now. Gold, silver, platinum, and palladium are all under meaningful pressure, and the macro forces driving that slide don't look like they're letting up anytime soon. Meanwhile, copper is holding its ground better than most, and ferrous grades remain steady. Here's what's happening and what it means for your yard.

What's Driving the Market

The big story this week is a combination of higher U.S. Treasury yields and a stronger dollar — a classic one-two punch for precious metals. When yields rise, holding non-interest-bearing assets like gold and silver becomes less attractive to institutional investors, so money flows out. A stronger dollar makes dollar-priced commodities more expensive for overseas buyers, which further weighs on demand.

Adding fuel to the fire, oil is trading above $100 per barrel, which is stoking inflation concerns and raising expectations that the Federal Reserve could keep monetary policy tighter for longer. That kind of environment historically puts a lid on gold and silver rallies and accelerates selloffs when momentum turns negative — which it clearly has.

Metal-by-Metal Breakdown

Precious Metals — Pressure Across the Board

Gold is sitting at $4,148.50/oz, down 6.7% over the past 30 days and nearly 5% in just the last five trading sessions. Silver has been hit even harder — off 7.8% for the month and down a sharp 8.8% in the last week alone at $61.35/oz. That kind of five-day move signals real momentum to the downside, not just a routine pullback.

Platinum ($1,725/oz) and palladium ($1,199/oz) are both weakening, with palladium in the worst shape of the group — down nearly 11% over 30 days. Palladium has been in a structural decline tied to reduced automotive demand and ongoing substitution with platinum in catalytic converters. There's no obvious near-term catalyst to reverse that trend.

The one bright spot in the precious metals complex is rhodium, which is up 3.9% on the month and holding firm at $9,350/oz. It's a thin, specialist market, but if you have rhodium-bearing material, conditions are relatively favorable right now.

Copper — The Standout Industrial Metal

Copper at $6.64/lb is off slightly on a five-day basis but has barely moved on a 30-day view, down just 0.8%. In the current environment, that kind of resilience is notable. Copper continues to benefit from long-term demand tied to electrification, grid infrastructure, and EV production, which gives it fundamental support that other industrial metals are lacking right now.

If holding inventory for a short period is an option for your operation, clean copper grades are the most defensible position in the current market.

Base Metals — Mixed but Mostly Quiet

Nickel ($7.28/lb) is down 4.7% over the past month, though its five-day momentum is nearly flat, suggesting it may be finding a short-term floor. Aluminum ($1.48/lb) is essentially unchanged with a slight positive drift — nothing exciting, but stable. Lead is quietly firm at $0.86/lb, up 1.2% for the month. Zinc is flat to slightly improved.

Ferrous Scrap — No Drama

Steel scrap ($366/mt) and shredded scrap ($413/mt) are completely flat — zero movement on both a 30-day and 5-day basis. Ferrous markets are in a wait-and-see mode. No reason to panic, no reason to rush.

Key Takeaways

• Sell precious-metal-bearing scrap promptly. Gold, silver, platinum, and palladium are all in downtrends with negative short-term momentum. Waiting is a risk right now.
• Hold clean copper where you can. Copper has the best fundamental support among major industrial metals and is showing relative price resilience.
• Avoid building positions in palladium or nickel. Both are in declining trends with no clear near-term reversal signal.
• Rhodium is the exception in precious metals — modest positive momentum makes it the only precious metal where sellers aren't in a rush.
• Ferrous and aluminum are stable. No urgent action required on steel scrap or shredded grades — hold, list, or sell at your normal pace.
• Watch macro signals closely. Dollar strength and U.S. yield direction will continue to set the tone for precious metals through the week.

What This Means for Scrap Sellers

The practical advice this week is straightforward: prioritize liquidating your precious-metal-bearing inventory — catalytic converters, electronics scrap, jewelry lots, and PGM-rich industrial material. The longer you hold in a falling market, the more value you leave on the table. On the flip side, if you have clean copper ready to move, you're in a stronger negotiating position than sellers of most other grades right now, and there's less urgency to accept a lowball offer.

For mixed nonferrous grades with significant palladium or nickel content, be realistic about pricing. Building up inventory in falling-price metals is a cash flow risk that most yard operators don't need heading into Q4.

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