Scrap Metal Market Update: Weak Jobs Report Offers Brief Relief in a Down Market

Scrap Metal Markets: A Weak Jobs Report Brings a Silver Lining to a Tough Month

It has been a rough 30 days for scrap metal sellers. Precious metals have broadly declined, base metals are mostly under pressure, and industrial demand signals remain mixed at best. But Monday, October 5, 2026 brought one piece of unexpected relief: a significantly weaker-than-expected U.S. jobs report that has shifted short-term market sentiment in metals' favor — at least for now.

Here is a clear-eyed look at where prices stand, what is driving the market, and what it all means if you are buying or selling scrap.

The Big Picture: Pressure Across the Board

Over the past 30 days, virtually every metal on the board has moved lower. Precious metals have taken the hardest hits, while base metals have followed a similar downward path. The one exception is ferrous scrap — both steel scrap and shredded scrap have held completely flat, which is a relative bright spot worth noting.

September's U.S. payroll report came in at just 29,000 new jobs, dramatically below market expectations. That kind of weak employment data tends to soften expectations for interest rate increases, which in turn supports metal prices — particularly gold and silver. So while the 30-day trend is still negative, today's data has provided a short-term floor for some metals and a modest bounce for others.

Precious Metals: Falling, But Finding Some Footing

Precious metals have been the biggest underperformers this month, but the picture is nuanced depending on which metal you are looking at.

• Gold ($4,150.40/oz, -4.6% over 30 days): Gold has declined but is finding support from safe-haven demand — exactly the kind of buying you would expect when economic data disappoints. The 5-day momentum is slightly negative at -0.63%, but the metal is holding up better than others in the complex.
• Silver ($61.42/oz, -6.4% over 30 days): Silver has dropped more sharply than gold but appears to be stabilizing near recent lows. The 5-day decline has nearly stopped at -0.12%, suggesting sellers may be running out of steam.
• Platinum ($1,720/oz, -5.0% over 30 days): Platinum is showing the most encouraging short-term signal among precious metals, with 5-day momentum actually turning positive at +1.0%. Early signs of a recovery worth watching.
• Palladium ($1,164/oz, -12.3% over 30 days): Palladium is the clear laggard in the precious metals group, down over 12% in a month and still losing ground with 5-day momentum at -3.64%. Catalytic converter scrap containing palladium is feeling the pinch.
• Rhodium ($9,000/oz, -5.0% over 30 days): Rhodium sits at the bottom of its 30-day range with no strong recovery signal yet. At $9,000/oz it remains a high-value material, but timing matters here.

Base Metals: Copper Holds Steady While Others Struggle

Among industrial metals, the story is one of copper resilience and broad weakness everywhere else.

• Copper ($6.63/lb, -2.1% over 30 days): Copper is the standout in this group — down slightly over the month but essentially moving sideways and holding up far better than its peers. Copper remains a relatively safe bet for scrap sellers in the current environment.
• Aluminum ($1.42/lb, -6.5% over 30 days): Aluminum has fallen sharply and is near the bottom of its recent range. With 5-day momentum at -2.99%, it has not stabilized yet.
• Nickel ($7.00/lb, -7.0% over 30 days): Nickel is weak and sitting at the bottom of its 30-day range with momentum still declining at -3.83%. Sellers holding nickel-bearing scrap may want to watch for any stabilization signal before committing.
• Zinc ($1.72/lb, -7.6% over 30 days): Zinc has the weakest momentum of any base metal right now, down 7.6% in a month with 5-day losses of -4.01%. It is not a good time to be waiting on zinc prices to recover.
• Lead ($0.83/lb, -2.6% over 30 days): Lead is moving sideways but hovering near recent lows, making it a watch-and-wait situation.
• Steel Scrap ($366/mt) and Shredded Scrap ($413/mt): Both ferrous categories are completely flat — zero movement over 30 days and 5 days. In a declining market, flat is something close to good news.

Key Takeaways

• The 30-day trend is negative for almost all metals, but today's weak U.S. jobs report has improved the short-term outlook.
• Platinum and copper are showing the most resilience and are worth prioritizing if you have material ready to move.
• Palladium, nickel, and zinc are the weakest performers — sellers in those categories should monitor closely for stabilization signals.
• Ferrous scrap (steel and shredded) is holding flat, offering predictability in an otherwise choppy market.
• Gold and silver are declining but may be near a short-term floor given safe-haven demand and softening rate expectations.

What This Means for Scrap Sellers

In a market like this one — broadly lower prices, mixed momentum, and macro uncertainty — timing and transparency matter more than ever. If you are sitting on copper, platinum, or ferrous material, the current window looks reasonably solid. For aluminum, nickel, zinc, and palladium, the pressure has not fully let up yet, and rushing to sell at the bottom of a range rarely pays off. Watch the 5-day momentum figures closely over the coming week; any stabilization there could signal a better entry point.

The most important thing any scrap operator can do right now is make sure their material is in front of as many qualified buyers as possible — because in a soft market, competition among buyers is what protects your margin.

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