Smash Scrap Morning Metals Report – April 2, 2026

Prices as of April 02, 2026 at 12:31 PM UTC.

Market screen levels only — not yard pay prices. Actual buy prices at the scale will differ based on grade, moisture, contamination, and freight. The scrolling ticker at the top of this page shows live prices and may differ from the snapshot below.

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• Gold — $4,627/oz ▼
• Silver — $70.74/oz ▼
• PGMs — Rh ▸ $10,100 · Pt ▼ $1,918 · Pd ▼ $1,442
• Copper — $5.53/lb ▼
• Aluminum — $1.55/lb ▼
• Steel Scrap — $413.00/mt ▸
• Macro Backdrop
• CAD — USD/CAD 1.3888

Smash Scrap Takeaways for Today

• Gold & Silver — Hold off on selling today with gold down $148 to $4,627 and silver dropping $4.33 to $70.74. Our models called gold higher yesterday but today's sharp reversal suggests waiting for stabilization before listing inventory.
• PGMs — Clear platinum inventory immediately while still above $1,900 (currently $1,918, down $40). Palladium at $1,442 should be sold quickly as automotive demand weakness continues. Hold rhodium steady at $10,100 until volatility settles.
• Copper — Move copper inventory fast at $5.53/lb (down 9 cents today). Detroit and Chicago buyers are pulling back as our prediction of further declines from yesterday's oversold bounce is playing out exactly as expected.
• Aluminum — Sell aluminum immediately at $1.55/lb (down 5 cents) before further industrial weakness hits. Houston and Atlanta scrap yards should clear inventory while buyers are still active at current levels.
• Big Picture — Broad market weakness with 0 of 8 metals higher today as industrial and precious metals both retreat from recent gains.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $109.03/bbl, up $8.53 (+8.49%) day-over-day.

Oil's sharp $8.53 surge reflects escalating tensions from the Iran conflict, with commodity windfalls now flowing to Russia as the war disrupts global energy supplies. This energy spike creates mixed signals for American scrap yards — higher transportation costs squeeze margins, but stronger steel mill activity from energy sector demand should support pricing in industrial hubs like Houston and Pittsburgh.

The macro backdrop shows inflation expectations ticking higher while Treasury yields declined, suggesting markets are pricing in both growth risks and persistent price pressures. Scrap dealers from Detroit to Los Angeles should expect continued volatility as energy-driven inflation battles against economic uncertainty. The sharp oil rally supports our view that industrial metals face headwinds despite recent bounces, while precious metals may continue attracting safe-haven flows amid geopolitical tensions.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $4,627/oz, down $148.28 (-3.10%) day-over-day. Previous close: $4,776/oz.
• 5-day trend: ↑ 4 of last 5 sessions.

Gold pulled back after four strong sessions, giving back some of its recent safe-haven gains as the Iran conflict's commodity windfall flows to Russia while oil surges create mixed signals for American markets. The decline interrupts what had been a solid upward trend, though scrap gold sellers from Detroit auto recyclers to Los Angeles e-waste processors should note that prices remain elevated compared to recent weeks. With transportation costs rising due to higher energy prices but industrial activity strengthening in energy hubs like Houston, gold's safe-haven appeal may continue attracting buyers if geopolitical tensions persist.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $70.74/oz, down $4.33 (-5.76%) day-over-day. Previous close: $75.07/oz.
• 5-day trend: ↑ 3 of last 5 sessions.
• Gold/Silver ratio: 65.4:1.

Silver fell back today as the metal's recent rally hit resistance, though its gold ratio of 65:1 still suggests relative value compared to its yellow counterpart. The pullback affects electronics recyclers and industrial scrap sellers who've been benefiting from silver's dual role as both a precious metal safe haven and key industrial input for solar panels and circuit boards. With energy costs rising from the Iran conflict creating mixed signals for scrap yards, sellers in Detroit and Chicago should watch whether silver can hold above key support levels, as the metal has shown strength in three of the past five sessions despite today's retreat.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $1,918/oz, down $40.00 (-2.04%) day-over-day. Previous close: $1,958/oz. MoM: -8.5%.
• Platinum 5-day trend: ↑ 4 of last 5 sessions.
• Palladium (Pd): $1,442/oz, down $21.00 (-1.44%) day-over-day. Previous close: $1,463/oz. MoM: -11.9%.
• Palladium 5-day trend: ↑ 3 of last 5 sessions.
• Rhodium (Rh): $10,100/oz, flat day-over-day. Previous close: $10,100/oz. MoM: -15.5%.
• Rhodium 5-day trend: ↓ 2 of last 5 sessions.

PGM markets pulled back today as platinum and palladium both declined, continuing the choppy action seen over recent sessions despite their generally positive five-day trends. With energy costs spiking from Middle East tensions, scrap yards in Houston and other industrial hubs face higher transportation expenses that squeeze margins, though the energy sector's increased activity could eventually support demand from steel mills and auto plants. Rhodium held steady at elevated levels, suggesting industrial buyers remain selective but committed at current pricing, while the mixed signals from higher oil costs versus stronger manufacturing demand leave Detroit and Cleveland recyclers watching for clearer direction signals.

Copper — Current Indicators

• COMEX/Spot Copper: $5.53/lb, down $0.0930 (-1.65%) day-over-day. Previous close: $5.62/lb.
• 5-day trend: ↓ 3 of last 5 sessions.

Copper dropped about 9 cents today as the bearish momentum I've been tracking continues, with prices falling in 3 of the last 5 sessions despite the energy surge boosting steel mill activity. While higher transportation costs from oil's jump to $109.03 are squeezing margins for scrap yards in Detroit and Chicago, the increased industrial demand from energy sector operations should provide some support for #1 and #2 copper pricing in Houston and other energy hubs. Sellers of bare bright and copper wire may want to move inventory quickly, as my prediction of further declines appears to be playing out with copper struggling to find a floor after recent oversold bounces faded.

Aluminum — Current Indicators

• LME Aluminum: $3,424/tonne ($1.55/lb), down $0.0452 (-2.83%) day-over-day. Previous close: $1.60/lb.
• 5-day trend: ↑ 3 of last 5 sessions.

Aluminum prices pulled back today as energy-driven manufacturing demand couldn't offset broader industrial caution, leaving scrap sellers in Detroit and Pittsburgh facing softer bids despite the recent upward momentum. While the Iran conflict continues pushing oil higher and supporting steel mill activity in energy hubs like Houston, aluminum's retreat suggests buyers are becoming more selective after the recent rally from oversold levels. Cast aluminum sellers should still find decent interest from automotive recyclers, but sheet and extrusion dealers may want to move material quickly before this pullback gains more steam.

Steel Scrap (Shredded (SHS), scrapmonster) — Current Indicators

• Steel Scrap Shredded (SHS) (SCRAP-SHS): $413.00/mt, flat day-over-day. Previous close: $413.00/mt.
• 5-day trend: → flat over last 5 sessions.
• HMS 1&2 (80:20) (SCRAP-HM): $366.00/mt (flat day-over-day).

⚠️ Note: Silver (5.8%) show unusually large day-over-day moves. Illiquid markets (e.g. rhodium) can have wide bid-ask spreads; verify with multiple sources before acting.

Want to move PGM-bearing material, copper, aluminum, or steel scrap through competitive bidding? List your lots on Smash Scrap and let vetted buyers compete for your scrap.