Scrap Metal Market Update: Precious Metals Rebound While Copper Lags — Nov 9, 2026

Metals Market Update: Precious Metals Find Their Footing While Industrial Metals Hold Steady

It's a tale of two markets this Monday. Precious metals are staging a meaningful short-term recovery after a rough month, gold continues to trade near historic highs, and most industrial metals are holding their ground — with copper being the notable exception. Here's what scrap yard operators and sellers need to know heading into the week.

Precious Metals: A Rough Month, But Momentum Is Shifting

If you've been watching silver, platinum, or palladium over the past 30 days, it hasn't been pretty. Silver dropped 10.9% over the past month, palladium fell 9.0%, and platinum slid 6.3%. Those are significant corrections, and they've weighed on the value of catalytic converters, electronic scrap, and other precious-metal-bearing materials.

The good news? All three are bouncing back hard in the short term. Palladium is leading the charge with a 5-day gain of over 10%, followed closely by platinum at nearly 10% and silver at almost 6%. These aren't just noise — they suggest buyers are stepping back in after the pullback, and that the selloff may have been overdone.

Gold remains the standout story. At $4,119.50 per ounce, it's essentially flat over the past month but has gained nearly 5% in the last five days alone. A softer U.S. dollar, continued central bank buying, and persistent demand for currency protection are all keeping gold elevated. For context, Barrick Gold recently reported a realized gold price of $4,243 per ounce in the third quarter — up 23% year over year. The structural case for gold remains intact.

Rhodium, meanwhile, is quietly holding at $9,250 per ounce with minimal movement in either direction. Stable, but not generating much excitement.

Industrial Metals: Mostly Steady, With One Weak Spot

On the industrial side, the picture is more nuanced but broadly constructive — except for copper.

Nickel is the standout gainer among base metals, up 3.8% over the past month and adding another 5.5% in just the last five days. At $7.30 per lb, nickel is in improving territory and worth watching closely, particularly for sellers dealing in stainless steel scrap and specialty alloys.

Aluminum continues its quiet resilience at $1.38 per lb, up a modest 0.5% over the month and essentially flat on the week. It's not exciting, but stability in aluminum is a positive signal for the broader scrap market given how heavily it's traded.

Steel scrap and shredded scrap are completely flat — $366 per metric ton and $413 per metric ton, respectively, with no movement over either timeframe. If you're in the ferrous scrap business, don't expect price-driven urgency right now. That said, flat prices in a choppy global environment are arguably better than the alternative.

Lead is holding stable at $0.84 per lb with a slight 30-day gain, while zinc is softening a bit, down 1.4% over the month and losing nearly 3% in the past week. Nothing alarming, but worth monitoring if zinc-bearing scrap is a significant part of your mix.

Then there's copper. At $6.33 per lb, copper is down nearly 6% over the past month and has continued to slip in the past week, making it the weakest performer among base metals right now. The market is range-bound and lacking any clear near-term catalyst. If you're sitting on a large copper inventory, this isn't the moment the market is rewarding patience — but conditions can shift quickly.

Key Takeaways

• Gold near record highs at $4,119.50/oz, supported by a soft dollar and central bank demand.
• Silver, platinum, and palladium rebounding sharply after steep monthly declines — short-term momentum has turned positive.
• Nickel is the top-performing industrial metal, up 3.8% over the month and gaining further this week.
• Aluminum and steel scrap are stable — flat prices provide predictability for ferrous and non-ferrous sellers alike.
• Copper remains weak and range-bound, down nearly 6% over the past 30 days with no clear recovery signal yet.
• Zinc is softening — monitor closely if it's a meaningful part of your scrap mix.

What This Means for Scrap Sellers

The rebound in silver, platinum, and palladium is a potential window of opportunity for sellers holding catalytic converter scrap or other precious-metal-bearing materials. After a painful month of price declines, short-term momentum has turned in your favor — but rebounds like this can be fleeting. If you've been waiting for a better entry point, this week's movement is worth acting on.

For ferrous sellers, flat steel scrap prices mean the market isn't moving against you, but it also isn't pulling you forward. Focus on volume, efficiency, and finding the right buyers rather than trying to time a price spike that isn't on the immediate horizon.

Copper sellers face the toughest read right now. With the metal down nearly 6% over the past month and still losing ground, the near-term outlook calls for caution. That said, connecting with a broad network of active buyers remains your best hedge against a soft market — more competition for your material means better realized prices regardless of where spot sits.

Ready to put today's market conditions to work? List your scrap materials on SmashScrap.com and let competitive bidding from verified buyers across the country determine your true market price. Whether you're moving copper, catalytic converters, aluminum, or steel scrap, our auction platform connects you with serious buyers in real time. Create your listing today and see what the market will pay.