Scrap Metal Market Update: Precious Metals Slide While Base Metals Hold Steady

Scrap Metal Market Update: November 2, 2026

If you're sitting on a pile of catalytic converters or silver-bearing material, now is the time to pay close attention. This week's market data tells a tale of two sectors: precious metals are under significant pressure, while base metals and ferrous scrap are largely holding their ground. Here's what's moving the market and what it means for your scrap yard operations.

Precious Metals: Sellers Are in Control

The precious metals complex has had a rough 30 days, and the momentum isn't turning around anytime soon. A stronger U.S. dollar and rising rate expectations are squeezing non-yielding metals across the board. At the same time, falling oil prices are dialing back inflation fears, which reduces gold's appeal as a hedge. The result is a broad selloff that's hitting silver, platinum, and palladium the hardest.

Gold

Gold is trading at $3,941.50/oz, down 4.8% over the past 30 days. A five-day momentum reading of -2.99% suggests sellers are still in the driver's seat. The silver lining — no pun intended — is that volatility remains relatively low, pointing to an orderly decline rather than a panic-driven freefall. Gold is holding up better than its precious metal peers, but it's not immune to the broader pressure.

Silver

Silver is the weakest performer in the precious metals space, sitting at $50.95/oz after a staggering 16.6% drop over 30 days. High volatility and a five-day move of -6.51% make this the most urgent situation for scrap sellers. If you're holding silver-bearing material — whether that's electronics scrap, industrial equipment, or photographic materials — the window to maximize your return is closing fast.

Platinum and Palladium

Both platinum and palladium are deep in the red. Platinum has fallen 15.5% to $1,446/oz, weighed down by ongoing concerns about auto and industrial demand. Palladium is in an even steeper decline, down 17.9% to $952/oz — sitting at the low end of its 30-day trading range. EV adoption continues to erode palladium's core use case in gasoline catalytic converters, and weaker vehicle sales are compounding the problem. Investment outflows are adding further downside pressure.

Rhodium is the one bright spot in the PGM complex, up 1.4% and trading in a narrow, stable range — a sign that the market is finding its footing at current levels.

Base Metals: A More Constructive Picture

Base metals are telling a different story. While none are posting dramatic gains, the fundamentals are generally more supportive than in the precious metals space.

Copper is at $6.53/lb, down just 1.7% over 30 days. Low Chinese inventory levels and elevated physical premiums are providing a floor under prices. That said, buyers are pushing back on high premiums, and weaker downstream purchasing activity could limit near-term upside. Watch this one closely — it could move either way depending on how Chinese demand develops through the end of the year.

Lead and zinc are both outperforming, with lead up 3.5% and zinc leading the base metals pack with a 4.2% monthly gain. If you're processing lead-acid batteries or zinc-rich scrap, current prices are favorable. Aluminum and nickel are drifting modestly lower, with no strong catalyst in either direction for now.

Ferrous Scrap: Steady as She Goes

Steel scrap and shredded scrap are essentially flat, showing no meaningful price direction in either direction. For ferrous scrap yards, this is a holding pattern — not a crisis, but not a windfall either. Monitor mill buying activity and export demand for any signs of a shift.

Key Takeaways

• Silver is the most urgent sell: A 16.6% monthly decline and high volatility make this the riskiest material to hold right now.
• Palladium-bearing catalytic converters should move soon: Down nearly 18% in 30 days, and the structural pressure from EV adoption isn't going away.
• Platinum is also under pressure — auto and industrial demand concerns continue to drag on prices.
• Copper fundamentals are supportive, but buyer resistance to high premiums could cap near-term gains.
• Lead and zinc are performing well — favorable conditions for sellers of those materials.
• Ferrous scrap is stable — no rush to sell, but no compelling reason to hold out for higher prices either.
• Gold is declining but orderly — less urgent than silver or PGMs, but the trend remains negative.

What This Means for Scrap Sellers

The single clearest message from this week's data is this: don't hold silver-bearing or PGM-rich material while momentum is negative. Markets can reverse, but waiting for a turnaround while prices are actively falling is a costly strategy. Selling in stages — rather than all at once — lets you capture value at multiple price points without betting everything on a single moment. For palladium specifically, the longer-term structural shift toward EVs means the recovery story is less convincing than it once was. Getting material to market sooner rather than later is the prudent move.

For base metals, the approach can be more measured. Zinc and lead sellers are in a good spot. Copper holders can afford to be patient but should stay alert to shifts in Chinese buying behavior. Ferrous scrap operators can focus on operational efficiency while the market finds its next direction.

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