Scrap Metal Market Update: Gold Steadies While Most Nonferrous Metals Slide – Oct 9, 2026

Scrap Metal Market Update: Gold Steadies While Most Nonferrous Metals Slide

October 9, 2026 — It has been a rough 30 days for most scrap metal prices, but today's session offered a few bright spots worth paying attention to. Gold and copper are showing signs of life, while silver, platinum, palladium, aluminum, and zinc remain under meaningful pressure. Here is what is moving markets right now and what it means for your yard.

Precious Metals: A Bounce, But Not a Bottom

Gold climbed roughly 0.9% today to sit at $4,175.40 per ounce, and silver followed with a 1.1% gain, reaching $60.47 per ounce. The catalyst was a softer U.S. dollar and a dip in 10-year Treasury yields. When yields fall, the opportunity cost of holding non-interest-bearing assets like gold and silver drops, making them more attractive to investors.

That said, do not mistake today's bounce for a trend reversal. Markets are still pricing in a strong chance of further Federal Reserve rate hikes — roughly 18% odds for October and an 82% probability of a December hike. A more restrictive Fed tends to push yields higher and the dollar stronger, both of which are headwinds for precious metals. On a 30-day basis, gold is still down 5.1%, silver is off 10.1%, and platinum has shed 11.8%.

Palladium is the weakest performer in the precious metals group, down 15.8% over the past month and sitting at $1,128.00 per ounce. Rhodium is relatively flat at $9,000 per ounce, down just 6.0% over 30 days, but trading remains thin and illiquid in that market.

Copper: The Most Constructive Story Right Now

Copper is the standout to watch. At $6.68 per pound, it is only down 2.6% over the past 30 days — far better than most other nonferrous metals — and the short-term signal has shifted to sideways and firming.

Two factors are supporting copper right now. First, Chinese buyers returned from the holiday period and are actively restocking against low inventory levels, which is adding real physical demand to the market. Second, there is a potential labor dispute brewing at Chile's Centinela mine that could disrupt supply. Mine strikes have historically provided short-term price spikes for copper, and traders are keeping a close eye on the situation.

The risk to this bullish setup is that Chilean labor talks could resolve quickly, removing the supply disruption premium from prices. Clean copper sellers with low storage costs may find it worthwhile to wait for more clarity, but those carrying higher holding costs should weigh that carefully against the uncertain timeline.

Base Metals: Broad Weakness Across the Board

Outside of copper, the base metals picture is difficult. Here is a quick rundown of where things stand on a 30-day basis:

• Aluminum: $1.39/lb — down 8.6%, signal is weak
• Nickel: $6.99/lb — down 7.6%, signal is weak
• Zinc: $1.72/lb — down 8.0%, signal is weak
• Lead: $0.83/lb — down just 1.4%, signal is stable

Aluminum's decline of nearly 9% in 30 days is notable for yards handling large volumes of UBC, extrusion, or mixed aluminum loads. Waiting on aluminum in this environment is unlikely to be rewarded in the near term.

Steel Scrap: The Steady Hand

Steel scrap remains the most stable corner of the market. Both heavy melt scrap at $366 per metric ton and shredded scrap at $413 per metric ton are showing zero movement over the past 30 days. For yards with significant ferrous volume, current prices are predictable even if they are not exciting. No major moves are expected in the immediate term.

Key Takeaways

• Gold and silver bounced today on lower yields and a weaker dollar, but the Fed rate outlook keeps precious metals vulnerable to sharp reversals.
• Copper is the strongest nonferrous story right now, supported by Chinese restocking and potential Chilean mine disruptions.
• Aluminum, nickel, and zinc remain weak — sellers should not count on near-term price recovery in these metals.
• Steel scrap is flat and stable — predictable pricing makes ferrous loads easier to plan around.
• Palladium continues to underperform all other precious metals, down nearly 16% in a month.

What This Means for Scrap Sellers

The clearest action item today is to move precious-metal-bearing material promptly. Catalytic converters, electronics scrap, and other PGM-rich loads are sitting on prices that could slip further if the Fed signals more aggressive tightening. Today's bounce is an opportunity, not a guarantee of sustained recovery.

Aluminum loads should also move quickly. With prices down almost 9% over a month and no near-term catalyst for a reversal, holding aluminum is likely to cost you more than the wait is worth.

For clean copper, the calculus is more nuanced. If your storage and handling costs are manageable and you can afford to wait a week or two, the Chilean mine situation and Chinese restocking demand offer a credible upside scenario. If carrying costs are high, current prices are still relatively resilient compared to the rest of the nonferrous complex.

Ferrous sellers can operate with confidence in the current price environment. Steel scrap prices are stable, and there is no urgency to rush loads to market — but equally, there is no reason to expect a significant price improvement in the near term either.

List Your Loads on SmashScrap.com

Whether you are moving catalytic converters, copper wire, aluminum extrusion, or ferrous scrap, SmashScrap.com connects you directly with competitive buyers across the country. Our B2B auction platform is built for scrap yard operators who want better pricing, faster transactions, and less hassle. In a market where timing matters, getting your material in front of the right buyers at the right moment can make a real difference to your bottom line. List your loads on SmashScrap.com today and let the market come to you.