Scrap Metal Market Update: Copper Surges While Palladium Hits 2026 Lows

Scrap Metal Market Update — October 13, 2026: Copper Leads While Precious Metals Feel the Pressure

Today's scrap metal market is telling two very different stories depending on what's sitting in your yard. Copper is the clear standout, up 5.3% over the past 30 days, while precious metals — especially palladium — are taking a beating. A strengthening U.S. dollar and renewed fears of Federal Reserve rate hikes are weighing on dollar-priced metals across the board, making timing and strategy more important than ever for scrap sellers.

Here's a full breakdown of where prices stand today and what you should be doing about it.

Market Snapshot: Where Prices Stand Today

Precious Metals: Under Pressure Across the Board

The precious metals complex is struggling, and the numbers reflect it clearly.

• Gold: $4,173.50/oz (↓ 2.8% in 30 days) — Short-term momentum has nudged slightly positive, but gold remains well below its recent peak. Hot U.S. inflation data and a firmer dollar could push prices lower still. Don't count on a near-term bounce.
• Silver: $60.16/oz (↓ 4.8%) — Silver is the weakest performer among the major precious metals right now, and it tends to swing harder than gold in volatile conditions. Sellers holding silver-bearing material should factor in that added price risk.
• Platinum: $1,678/oz (↓ 4.7%) — Demand signals remain uneven. Platinum is caught between industrial use headwinds and broader precious metal weakness.
• Palladium: $1,113/oz (↓ 12.2%) — This is the weakest major metal in today's market, full stop. Palladium has dropped sharply, volatility remains high, and there's no clear catalyst for a reversal on the horizon. If you're holding catalytic converters or mixed PGM material, this number deserves your attention.
• Rhodium: $9,300/oz (↓ 2.6%) — Rhodium is moving mostly sideways, and recent momentum has actually improved slightly. It's the most stable of the PGM group right now, though volumes in this market are always thin.

Base Metals: A Mixed Picture

• Copper: $6.74/lb (↑ 5.3%) — Copper is the strongest major category in today's market, supported by ongoing supply disruptions and shortage concerns. If you have copper to move, market conditions are favorable.
• Aluminum: $1.38/lb (↓ 6.4%) — Aluminum is sitting at the bottom of its 30-day range with mixed supply signals. There's no strong reason to hold here hoping for a quick recovery.
• Nickel: $7.04/lb (↓ 4.6%) — Recent momentum is nearly flat, but the broader trend remains negative. Watch this one closely through the end of the month.
• Zinc: $1.73/lb (↓ 5.1%) — Prices have dipped significantly, though recent short-term momentum has improved. Still trading below recent highs.
• Lead: $0.84/lb (↓ 0.6%) — Lead is the quiet achiever today — stable, trading in a narrow range, and largely unaffected by the broader volatility.

Ferrous Metals: Holding Steady

• Steel: $366/mt (→ unchanged)
• Shredded Scrap: $413/mt (→ unchanged)

The ferrous market is a rare pocket of calm today. Both steel and shredded scrap are flat, which gives sellers of bulk ferrous material a predictable baseline to work from.

Key Takeaways

• Copper is the strongest opportunity right now — up 5.3% with supply-side support still in play.
• Palladium has dropped 12.2% in 30 days and remains highly volatile. It is the most urgent sell decision in today's market.
• Silver and aluminum are both weak, down 4.8% and 6.4% respectively. Holding for a rebound carries real risk in the current macro environment.
• Ferrous markets are stable — steel and shredded scrap prices are unchanged, offering consistent value for bulk sellers.
• A stronger dollar and potential rate hikes are the key macro risks to watch. Both tend to push dollar-priced metals lower.

What This Means for Scrap Sellers

If you're holding palladium-bearing material — catalytic converters, mixed PGMs, or autocatalyst scrap — today's data is a clear signal to move it promptly. A 12.2% drop in 30 days is significant, and there's no reliable floor in sight. Waiting for a rebound in this environment is a high-risk strategy.

If you have copper inventory, conditions are about as good as they've been recently. Supply disruptions are doing the work for you on the pricing side, and momentum is positive. List it now and take advantage of the market's strength.

Silver and aluminum sellers should price competitively and avoid sitting on material. Both metals have downside momentum, and the macro backdrop — dollar strength, rate hike fears — isn't likely to reverse quickly. Getting material off the floor at today's prices is smarter than gambling on a recovery.

For ferrous sellers, the stability in steel and shredded scrap means you can plan with confidence. No urgency to rush, but no reason to delay either.

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