Scrap Metal Market Update: Precious Metals Rebound While Copper Stays Under Pressure

Scrap Metal Market Update — November 6, 2026

Mixed signals across the metals complex today, with precious metals staging a short-term recovery while copper and aluminum continue to drift lower. For scrap yard operators, the message is clear: protect your margins now, move high-value material strategically, and avoid sitting on large speculative inventories while the market finds its footing.

Precious Metals: A Recovery, Not a Rally

Gold is trading at $4,040.60 per ounce, up 2.43% over the past five days after a rough 30-day stretch that saw prices fall 1.6%. Silver has bounced as well, but its 30-day decline of 14.0% and elevated volatility of 6.1% are a reminder that the white metal can move hard in either direction. Platinum ($1,514/oz) and palladium ($997/oz) have both seen their five-day momentum turn positive after monthly declines of 6.9% and 9.6% respectively.

What is driving the uptick? A softer US dollar and lower Treasury yields have made precious metals more attractive to investors. That said, rising oil prices and the possibility that interest rates remain elevated longer than expected are capping any meaningful upside. Treat these five-day gains as a relief bounce, not the start of a new uptrend. Rhodium remains the standout for stability, holding near $9,125/oz with very low volatility — a rare bright spot for operators handling catalytic converter material.

Copper: Tight Supply, Weak Price — A Puzzling Disconnect

Copper is one of the more confusing stories in today's market. Chinese warehouse inventories dropped more than 24% in a single week, falling to just 33,848 tonnes — close to a three-year low. Under normal circumstances, that kind of inventory tightness would be pushing prices higher. Instead, copper sits at $6.25 per pound, down 5.8% over the past 30 days, with five-day momentum still negative.

The reason? Macro headwinds are winning out over physical fundamentals. Concerns around AI-related investment slowdowns, the potential impact of new tariffs, and broader risk-off sentiment in financial markets are all weighing on the red metal. For scrap sellers, this means the case for holding copper in hopes of a quick price jump is weak right now. The underlying supply picture could support prices eventually, but timing that move is difficult.

Nickel: Interesting, But Proceed With Caution

Nickel is the week's relative outperformer, up 3.6% to $7.30 per pound. Indonesia — the world's largest nickel producer — is signaling tighter production controls heading into 2027, and that supply-side news has lifted sentiment. However, global nickel inventories remain elevated and demand has not picked up meaningfully. This rally could fade quickly if the demand picture does not improve. Worth watching, but not worth overcommitting to.

Steel, Aluminum, and Base Metals: Flat Is the New Forward

Shredded scrap is holding at $413 per metric ton and heavy melt at $366 per metric ton — both unchanged. Aluminum is drifting lower at $1.39 per pound, with negative momentum suggesting buyers are in no hurry. Lead and zinc showed strength over the past 30 days (up 1.6% and 2.0% respectively) but have lost momentum in the past five sessions. Steel pricing is flat, and there is little evidence of a broad-based recovery in ferrous or industrial metals on the near-term horizon.

Key Takeaways

• Precious metals are bouncing, but the 30-day trend is still down — do not mistake a five-day recovery for a confirmed uptrend.
• Copper's physical market is tight, but macro concerns are keeping a lid on prices; avoid speculative holds.
• Nickel is the week's bright spot, though global oversupply means the rally may not last.
• Steel and aluminum remain flat — buyers are cautious and there is no catalyst for a broad industrial metals surge right now.
• Rhodium is unusually stable — a good time to move cat converter material if you have it graded and ready.

What This Means for Scrap Sellers

Today's market rewards discipline more than speculation. If you are holding precious metal bearing material — whether that is catalytic converters, electronic scrap, or platinum group metal (PGM) concentrates — the five-day rebound gives you a reasonable window to bring material to market without catching the bottom of a downturn. Separate and grade your high-value material carefully; in a volatile market, mixed or ungraded loads leave money on the table.

For copper and aluminum, the risk of holding is higher than the potential reward right now. Moving inventory while margins are still workable is a smarter play than waiting for a rally that macro conditions are actively fighting against. On the ferrous side, flat pricing means you are not losing ground by selling today — and you are freeing up yard space ahead of what could be a more active winter buying season.

Keep a close eye on Indonesia's nickel policy announcements and any shifts in US dollar strength heading into next week, as both could move multiple metals simultaneously.

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