2026-11-12 — Scrap Metal Market Update: Precious Metals Slide While Aluminum Tightens (Nov 2026)

Scrap Metal Market Update: Precious Metals Under Pressure as Aluminum Bucks the Trend

If you've been watching your scrap prices this month, you already know it hasn't been pretty — at least for most metals. As of November 12, 2026, scrap markets are broadly defensive, with precious metals and copper feeling the weight of a stronger U.S. dollar and rising interest rate expectations. The bright spots are few, but they're real: aluminum is flashing a physical supply squeeze, and nickel is quietly putting together its best run among the base metals. Here's what's moving, what it means, and what you should be doing about it right now.

Precious Metals: A Market on the Back Foot

The precious metals complex is taking the hardest hits across the board this month, and the momentum hasn't turned yet.

• Gold ($3,889.30/oz): Down 6.5% over the past 30 days and dropping 4.96% in just the last five days alone. Momentum is clearly bearish, and there's little in the macro picture suggesting a quick reversal while rate expectations stay elevated.
• Silver ($50.26/oz): The sharpest decline in the group — down a steep 15.0% over 30 days. Silver is also showing the highest volatility of the major precious metals, which makes timing sales especially tricky right now.
• Platinum ($1,515/oz): Down 8.5% over 30 days, but notably, the five-day trend has nearly flatlined. That could be an early sign of stabilization, though it's too soon to call a floor.
• Palladium ($991/oz): Down 10.7% over 30 days and still trending lower. No meaningful support has emerged yet.
• Rhodium ($9,175/oz): The standout among precious metals — down just 1.3% over 30 days. If you're holding rhodium-bearing material, you're in a relatively better position than holders of other PGMs.

The common thread across precious metals is macro pressure. A stronger dollar makes dollar-priced commodities more expensive for foreign buyers, which dampens demand and pushes prices lower. Until rate expectations shift, this headwind isn't going away.

Base Metals: A Mixed Picture with One Clear Winner

Copper

Copper is sitting at $6.19/lb, down 8.0% over 30 days. Demand concerns are currently outweighing the supply-side support that's been in the background for much of this year. For yards holding significant copper inventory, the trend is not your friend right now.

Aluminum — The Exception to the Rule

At $1.37/lb, aluminum's headline price looks nearly flat — down less than 1% over 30 days. But that number tells only half the story. LME warehouse inventories have dropped sharply, and the spot-to-three-month premium has reached an extreme level, signaling a genuine physical supply squeeze in the market. In plain terms: the metal is harder to get hold of than the spot price suggests. For sellers with clean, well-sorted aluminum, this is a favorable environment. Quality material is in demand, and buyers know it.

Nickel

Nickel at $7.23/lb is the strongest base-metal performer right now, up 2.7% over 30 days and gaining another 3.01% in the last five days. It's one of the few metals where sellers have price momentum working in their favor.

Steel, Shredded Scrap, Lead, and Zinc

Steel ($366/mt) and shredded scrap ($413/mt) are flat — stable, but showing no meaningful upward momentum. Lead is essentially unchanged, and zinc is off slightly. These markets are in a holding pattern and unlikely to move significantly in the near term.

Key Takeaways

• Precious metals and copper are in a downtrend driven by dollar strength and rate expectations — this is not the moment to sit on large inventories.
• Silver has the most urgent case for near-term action — a 15% drop in 30 days with high volatility means the risk of waiting is real.
• Aluminum's physical market is tighter than the price implies — well-sorted, clean aluminum is well-positioned relative to other materials right now.
• Nickel is the one base metal with positive momentum — sellers can afford a little more patience here, though locking in gains is never a bad idea.
• Steel and shredded scrap are stable — flat markets don't hurt you, but they don't help you either.
• Grading and sorting quality matter more in falling markets — buyers get more selective when prices drop, and clean, accurately graded material commands a better premium.

What This Means for Scrap Sellers

In a falling market, the worst thing you can do is wait and hope for a rebound that the data doesn't yet support. Here's the practical playbook for right now:

• Stage your sales on gold, silver, palladium, and copper rather than moving everything at once or holding it all. Selling in tranches reduces your exposure if prices drop another leg.
• Move silver-bearing material sooner rather than later. With a 15% decline already on the books and volatility elevated, the risk-reward of holding is unfavorable.
• Invest time in clean separation and accurate grading. When buyers have options in a soft market, quality wins. Getting your grades right means better recovery rates and stronger bids — especially for copper and precious-metal-bearing material.
• Don't overlook your aluminum inventory. The physical squeeze is real, and clean aluminum is one of the better stories in an otherwise defensive market.

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