2026-11-11 — Scrap Metal Market Update: Nickel Surges While Copper & Silver Face Pressure

Scrap Metal Market Briefing — November 11, 2026

This week's metals market is telling two very different stories at once. Industrial metals like nickel are rallying on supply fears, while copper and precious metals continue to slide under the weight of a stronger U.S. dollar and rising interest rate expectations. For scrap yard operators and industrial sellers, the message is clear: know what you're holding, price it right, and don't sit on weak material hoping for a turnaround that may not come soon.

Market Snapshot: Where Prices Stand Today

Precious Metals

Precious metals are broadly under pressure, though there are a few bright spots worth watching.

• Gold: $4,035.40/oz — down 3.0% over the past 30 days. The market is flat but soft, and short-term momentum is still negative. No clear catalyst for a rebound yet.
• Silver: $51.53/oz — down a sharp 12.8%, making it the weakest major precious metal right now. Volatility remains high, so sellers should move silver-bearing scrap quickly rather than waiting for a recovery.
• Platinum: $1,537/oz — down 7.2% over 30 days, but five-day momentum has turned positive at 2.6%. A potential short-term bounce is forming.
• Palladium: $1,010/oz — down 9.0% over 30 days, but showing a short-term rebound of 2.1%. Buyers appear to be stepping back in after the selloff.
• Rhodium: $9,400/oz — up 1.1%, with the strongest short-term momentum of any precious metal. A relative standout in an otherwise soft precious metals sector.

Base & Industrial Metals

• Copper: $6.27/lb — down 6.9% and sitting near the bottom of its 30-day range. Momentum is negative. This is not the time to hold copper scrap speculatively.
• Aluminum: $1.36/lb — nearly flat over 30 days but showing weakness over the past five days. Watch this one closely heading into next week.
• Nickel: $7.34/lb — up 4.3% over 30 days, with strong five-day momentum of 6.5%. The clear outperformer of this cycle.
• Lead: Broadly stable over 30 days, but recent momentum has turned slightly negative.
• Zinc: Down 1.5% over 30 days, with negative short-term momentum as well.
• Steel & Shredded Scrap: Flat at $366/mt and $413/mt respectively. No major moves expected near-term.

What's Driving These Moves?

The biggest macro force right now is the combination of higher U.S. inflation data and growing expectations of a Federal Reserve rate hike. A stronger dollar and rising bond yields make non-yielding assets like gold and silver less attractive to institutional investors, which is why precious metals are getting hit hardest. Until rate expectations shift, gold and silver are likely to remain under pressure.

On the industrial side, the story is very different. Supply disruptions are the dominant theme, and they're giving nickel and aluminum a meaningful boost. Nickel recently touched an 11-year high near $27,470 per tonne as traders priced in potential disruptions to Russian supply. Meanwhile, aluminum reached a record high near $3,691.50 per tonne on similar concerns. The proposed $500 million acquisition of Anglo American's Brazilian nickel assets by MMG is also drawing European regulatory scrutiny — a sign of just how strategically critical nickel supply has become on the global stage.

For platinum-group metals, the mild rebounds in palladium, platinum, and rhodium suggest that value buyers are starting to emerge after the recent selloff. That said, the broader 30-day trend for all three remains negative, so any recovery should be treated with caution until confirmed by sustained momentum.

Key Takeaways

• Nickel is the standout performer — up 4.3% over 30 days and gaining momentum. If you have nickel-bearing scrap, now is a good time to engage buyers.
• Silver is the weakest link — down nearly 13% over 30 days. Move silver-bearing material promptly and avoid holding it for a speculative rebound.
• Copper is near its 30-day low — negative momentum means the bottom may not be in yet. Disciplined, timely selling is the right approach.
• Platinum, palladium, and rhodium show early signs of a bounce — worth watching, but not confirmed as a sustained trend.
• Steel and scrap remain stable — no major upside, but no sharp downside either. Consistent, volume-driven selling makes sense here.
• Macro headwinds from the dollar and Fed policy will continue to weigh on precious metals until rate expectations ease.

What This Means for Scrap Sellers

This is a market that rewards discipline over speculation. With copper and silver both trending down and macro pressures unlikely to ease quickly, holding weak materials in hopes of a price recovery carries real risk. Sellers who act on current pricing — especially for copper and silver-bearing scrap — are better positioned than those waiting on the sidelines.

The exception is nickel. If your operation generates nickel-bearing material, the current supply-driven rally presents a genuine opportunity to capture better-than-average pricing. Engage buyers now while momentum is in your favor.

For steel and shredded scrap, the flat market actually creates a stable selling window. Volume sellers can move material at predictable prices without worrying about dramatic short-term swings.

List Your Scrap on SmashScrap.com Today

Markets move fast, and timing matters. SmashScrap.com connects scrap yards and industrial sellers directly with verified B2B buyers through a transparent, competitive auction platform — so you always know you're getting the best available price for your material. Whether you're moving copper, nickel, aluminum, or catalytic converters, our platform gives you the reach and efficiency to sell smarter. List your scrap today at SmashScrap.com and let competitive bidding do the work for you.