Scrap Metal Market Update: Copper Leads the Way — October 28, 2026

Scrap Metal Market Update: October 28, 2026

Today's scrap metal market is a story of two worlds: a copper-led bright spot on one side, and a broad wave of pressure across precious metals and industrial commodities on the other. If you're a scrap yard operator or industrial seller trying to time your moves, here's what the numbers are telling you right now.

Precious Metals: Gold Holds, but the Rest Are Struggling

Gold is the standout performer in the precious metals space — and that's not saying a whole lot this month. At $4,054.50/oz, it's down just 1.7% over the past 30 days, which makes it the most stable of the bunch. Safe-haven demand is keeping a floor under prices, but a stronger U.S. dollar is capping any meaningful upside. With the Federal Reserve widely expected to hold rates steady at its upcoming meeting, the real risk is a hawkish tone that could push real yields higher and weigh further on gold. For now, gold-bearing scrap remains a relatively safe hold.

Silver is a different story entirely. Down 10.6% in 30 days and sitting at $54.31/oz, silver is the most volatile metal on our board right now. The same Fed-driven dollar pressure that's nudging gold lower is hitting silver harder, compounded by softer industrial demand signals. If you're sitting on silver-bearing material — electronics, jewelry scrap, industrial byproducts — the case for moving it sooner rather than later is getting stronger.

Platinum ($1,546/oz, -9.6%) and palladium ($1,001/oz, -16.4%) are both under serious pressure. The culprit is structural: weaker global vehicle production, high financing and fuel costs squeezing auto sales, and an accelerating shift toward battery-electric vehicles (BEVs) that simply don't require platinum group metals (PGMs) in their drivetrains. Palladium's 16.4% drop in a single month is a number that should get your attention. Rhodium is softer at $9,075/oz but holding relatively steady with a modest -2.9% decline.

Copper: The Clearest Positive Setup on the Board

While much of the market is on the defensive, copper is flashing green. At $6.66/lb and up 0.7% over 30 days, it's the only major metal showing genuine upward momentum right now. The drivers are well-established and aren't going away anytime soon: AI data center buildouts, power grid infrastructure investment, and robust Chinese demand are all pulling on a supply chain that simply can't keep up.

In China specifically, warehouse inventories are low and spot premiums are rising — a classic setup that signals real tightness in refined supply. While high prices are starting to push back on some end-use buyers, the underlying demand story remains intact. For scrap sellers with copper-bearing material, this is a market that rewards patience. Don't let short-term noise push you into underselling.

Industrial Metals: Mixed Signals Across the Board

Aluminum is seeing a short-term bounce but is still down 4.9% over the past month at $1.40/lb. Treat any near-term strength as an opportunity rather than a trend reversal. Steel scrap ($366/mt) and shredded scrap ($413/mt) are both flat — stable but uninspiring. Nickel is soft at $7.00/lb (-3.8%), zinc is falling at $1.78/lb (-3.3%) despite a recent modest bounce, and lead is essentially flat at $0.86/lb.

Key Takeaways

• Copper is the market's strongest play right now — AI infrastructure and grid investment are sustaining real demand against tight supply.
• Gold is stable above $4,000/oz, but Fed commentary this week could introduce volatility; monitor closely.
• Silver and PGMs are under meaningful pressure — palladium's 16.4% monthly drop signals structural headwinds from EV adoption, not just a temporary dip.
• Steel and shredded scrap are flat — predictable pricing makes planning easier, but don't expect a near-term catalyst.
• Aluminum has short-term bounce potential, but the broader monthly trend is still negative.

What This Means for Scrap Sellers

The playbook for the near term is fairly clear. Prioritize moving PGM-bearing and silver-bearing material — catalytic converters, industrial silver scrap, and electronics — before further price erosion eats into your margins. Holding out for a recovery in palladium right now is a bet against a structural shift that is already well underway in the automotive industry.

On the flip side, protect your upside in copper and aluminum. Copper's momentum is real and supported by long-term infrastructure themes that aren't going to reverse in a single news cycle. If you have copper wire, tubing, or heavy copper scrap ready to list, you're in a strong negotiating position. For aluminum, watch for the short-term bounce to materialize before committing — but don't sit on it indefinitely given the softer monthly trend.

For ferrous material, the flat pricing environment in steel and shredded scrap actually works in your favor for planning — what you see today is largely what you'll get this week. Use that predictability to your advantage when coordinating logistics and negotiations.

List Your Scrap on SmashScrap.com Today

Market timing matters — and so does finding the right buyer at the right price. SmashScrap.com connects scrap yards and industrial sellers with a nationwide network of verified B2B buyers who are actively bidding on material right now. Whether you're moving copper, working through a PGM backlog, or selling ferrous tonnage, our auction platform puts competitive pressure to work for you. List your material today at SmashScrap.com and let the market come to you.