Smash Scrap Morning Metals Report – March 12, 2026

Prices as of March 12, 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 — $5,175/oz ▼
• Silver — $87.00/oz ▲
• PGMs — Rh ▸ $11,500 · Pt ▲ $2,172 · Pd ▲ $1,650
• Copper — $5.88/lb ▼
• Aluminum — $1.57/lb ▲
• Steel Scrap — $413.00/mt ▸
• Macro Backdrop
• CAD — USD/CAD 1.3587

Smash Scrap Takeaways for Today

• Gold & Silver — Gold flat at $5,175 (down $2) while silver surged 2% to $87. Silver sellers should lock in profits after this strong run — our models missed silver's momentum recently, but at these levels profit-taking risk is real. Gold holders can wait for better levels.
• PGMs — Palladium leads with +2.2% gain to $1,650, while platinum added $13 to reach $2,172. Rhodium holds steady at $11,500. Auto recyclers should sell palladium scrap now — this bounce may not last given ongoing EV headwinds. Platinum sellers can hold for potential further gains.
• Copper — Down 3 cents to $5.88 per pound, giving back yesterday's small gains. Industrial copper sellers in Detroit and Chicago should list heavy material now before further weakness. Supply concerns aren't supporting prices as expected.
• Aluminum — Up 1 cent to $1.57 per pound, continuing its steady climb. Aluminum scrap yards from Houston to Philadelphia should hold current inventory — this modest uptrend has room to run with consistent industrial demand.
• Big Picture — Mixed signals with 4 of 8 metals higher today, showing no clear directional momentum across the complex.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $94.84/bbl, up $3.33 (+3.64%) day-over-day.

Oil surged $3.33 per barrel as Iranian conflict tensions escalated around the critical Strait of Hormuz shipping lane. The U.S. military struck Iranian mine-laying boats threatening commercial vessels, raising fears about energy supply disruptions from the region that handles roughly 20% of global oil flows. This geopolitical premium adds cost pressure across transportation and energy-intensive scrap operations from Detroit's auto shredders to Houston's steel processors.

Higher energy costs squeeze margins for scrap yards that rely heavily on diesel for mobile shears, truck fleets, and processing equipment. However, the oil spike also supports industrial metals demand as refineries and petrochemical plants accelerate maintenance schedules before potential supply shortages. Our prediction models suggest this energy volatility creates mixed signals for copper and other industrial metals, while precious metals face competing forces between safe-haven demand and dollar strength from the geopolitical tensions.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $5,175/oz, down $1.95 (-0.04%) day-over-day. Previous close: $5,177/oz.
• 5-day trend: ↓ 3 of last 5 sessions.

Gold slipped slightly as Iranian conflict tensions around the Strait of Hormuz continue to support safe-haven demand, though the modest decline suggests some profit-taking after recent gains. The minor pullback offers scrap gold sellers in markets like Detroit and Houston a reminder that geopolitical premiums can be volatile, even as underlying safe-haven flows keep prices near elevated levels. With gold showing weakness in three of the past five sessions despite ongoing Middle East tensions, recyclers should monitor whether the metal can hold current levels or if further consolidation lies ahead.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $87.00/oz, up +$1.75 (+2.05%) day-over-day. Previous close: $85.25/oz.
• 5-day trend: ↑ 4 of last 5 sessions.
• Gold/Silver ratio: 59.5:1.

Silver's strong rally reflects escalating tensions around Iran's Strait of Hormuz shipping lane, as precious metals often gain when geopolitical risks threaten global trade routes. For scrap dealers across Detroit, Chicago, and Houston, the move higher means better payouts on electronics recycling, old jewelry, and industrial silver waste from solar panel manufacturers. The gold-silver ratio at 59.5-to-1 suggests silver remains relatively affordable compared to gold, potentially attracting more industrial buyers who need the metal for electronics and renewable energy applications.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $2,172/oz, up +$13.00 (+0.60%) day-over-day. Previous close: $2,159/oz.
• Platinum 5-day trend: ↑ 4 of last 5 sessions.
• Palladium (Pd): $1,650/oz, up +$35.00 (+2.17%) day-over-day. Previous close: $1,615/oz.
• Palladium 5-day trend: ↓ 3 of last 5 sessions.
• Rhodium (Rh): $11,500/oz, flat day-over-day. Previous close: $11,500/oz.
• Rhodium 5-day trend: ↑ 2 of last 5 sessions.

Precious metals showed mixed action as escalating tensions in the Strait of Hormuz drove energy prices higher and supported safe-haven demand. Platinum and palladium both gained ground, continuing their recent recovery from early March's sharp selloff, while rhodium held steady at current levels. For scrap sellers across Detroit, Chicago, and Houston markets, the geopolitical premium is providing decent pricing support, especially for platinum which has been climbing in four of the last five sessions. However, palladium's shorter-term momentum remains choppy despite today's gains, suggesting sellers should stay alert to daily volatility as automotive demand patterns continue evolving.

Copper — Current Indicators

• COMEX/Spot Copper: $5.88/lb, down $0.0285 (-0.48%) day-over-day. Previous close: $5.91/lb.
• 5-day trend: ↑ 3 of last 5 sessions.

Copper pulled back slightly in Thursday trading despite escalating tensions in the Strait of Hormuz that sent oil prices surging, as industrial metals faced mixed pressures from geopolitical uncertainty. The modest decline affects scrap sellers across Detroit, Chicago, and Houston yards, with #1 and #2 copper grades, bare bright wire, and insulated copper wire all seeing marginally lower payouts today. However, copper has shown resilience with gains in three of the past five sessions, and the ongoing Middle East conflict could support industrial metal demand if supply chain disruptions emerge, giving scrap sellers reason for cautious optimism heading into next week.

Aluminum — Current Indicators

• LME Aluminum: $3,471/tonne ($1.57/lb), up +$0.0112 (+0.72%) day-over-day. Previous close: $1.56/lb.
• 5-day trend: ↑ 4 of last 5 sessions.

Aluminum prices edged higher as Iranian conflict tensions in the Strait of Hormuz boosted industrial metals alongside oil's surge. The modest gain benefits scrap sellers across Detroit, Chicago, and Houston yards, with cast aluminum commanding stronger premiums than sheet and extrusion grades. Rising tensions could support aluminum prices if supply chains face disruption, though sellers should watch for any cooling in geopolitical risks that might pressure the recent upward momentum.

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).

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.