Smash Scrap Morning Metals Report – March 2, 2026

Prices as of March 02, 2026 at 01:00 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.

Smash Scrap Takeaways for Today

• Gold & Silver — Strong momentum continues with gold up $111 to $5,382/oz and silver gaining $1.37 to $95.13/oz. Sell now or list on SMASH - both metals are hitting fresh highs and scrap premiums should be strong across North America.
• PGMs — Mixed signals with platinum down $8 to $2,353/oz while palladium gained $6 to $1,777/oz and rhodium held flat at $11,950/oz. Hold platinum scrap for a bounce, but consider selling palladium catalytic converters on this modest uptick.
• Copper — Declined 3 cents to $6.03/lb, breaking last week's upward trend that I highlighted. Industrial copper scrap sellers should wait for a recovery before moving large volumes.
• Aluminum — Solid 4-cent gain to $1.47/lb makes it today's best base metal performer. Auto recyclers should move aluminum scrap quickly while this 2.7% rally holds momentum.
• Big Picture — Precious metals are driving the market higher while industrial metals show weakness, creating a two-tier scrap environment.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $79.38/bbl, up $6.19 (+8.46%) day-over-day.

Oil surged over the weekend amid fresh geopolitical tensions, with the $6.19 jump reflecting supply concerns that typically boost industrial commodity demand. The Fed's recent rate cut to 3.64% and declining Treasury yields are creating a more supportive environment for metals, as lower borrowing costs encourage construction and manufacturing activity that drives scrap consumption.

Energy-intensive scrap processing becomes more expensive when oil spikes this sharply, but the underlying economic conditions remain constructive for metals demand. With the Canadian dollar weakening to 1.3642 against the USD, Canadian scrap exports become more competitive for U.S. buyers. The combination of looser monetary policy and energy volatility suggests continued price swings ahead, particularly for steel scrap which showed strong momentum in recent sessions.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $5,382/oz, up +$111.14 (+2.11%) day-over-day. Previous close: $5,271/oz.
• 5-day trend: ↑ 4 of last 5 sessions.

Gold jumped over $111 per ounce today, extending its strong rally from recent sessions as the precious metal continues attracting safe-haven buying. This surge above $5,380 per ounce creates excellent selling opportunities for scrap gold dealers, jewelers looking to liquidate old inventory, and e-waste recyclers processing gold-bearing electronics across North America. With gold showing strength in four of the past five trading sessions, sellers should consider taking advantage of these elevated price levels, though they should also monitor any shifts in global economic conditions that could affect the metal's safe-haven appeal.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $95.13/oz, up +$1.37 (+1.46%) day-over-day. Previous close: $93.76/oz.
• 5-day trend: ↑ 3 of last 5 sessions.
• Gold/Silver ratio: 56.6:1.

Silver pushed higher today, gaining $1.37 to close above $95 per ounce, building on the upward momentum seen in recent sessions after pulling back from $89 levels last week. The gold-to-silver ratio of 56.6:1 suggests silver remains relatively affordable compared to gold, which could attract more industrial buyers seeking the metal for electronics manufacturing and solar panel production. Scrap sellers across North America should find decent demand for silver-bearing materials like old electronics, jewelry, and photographic equipment, as both precious metal investors and industrial users compete for supply in this strengthening market.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $2,353/oz, down $8.00 (-0.34%) day-over-day. Previous close: $2,361/oz.
• Platinum 5-day trend: ↑ 3 of last 5 sessions.
• Palladium (Pd): $1,777/oz, up +$6.00 (+0.34%) day-over-day. Previous close: $1,771/oz.
• Palladium 5-day trend: ↑ 3 of last 5 sessions.
• Rhodium (Rh): $11,950/oz, flat day-over-day. Previous close: $11,950/oz.
• Rhodium 5-day trend: ↑ 3 of last 5 sessions.

PGM markets showed mixed signals as platinum slipped $8 while palladium gained $6, with rhodium holding steady at $11,950 per ounce. The modest moves continue the generally upward momentum from recent sessions, though platinum's decline represents a pullback from Friday's strong gains. Catalytic converter recyclers should note that all three metals maintain positive trends over the past week, suggesting steady demand conditions for automotive scrap containing these precious metals.

Copper — Current Indicators

• COMEX/Spot Copper: $6.03/lb, down $0.0290 (-0.48%) day-over-day. Previous close: $6.06/lb.
• 5-day trend: ↑ 3 of last 5 sessions.

Copper slipped about 3 cents in today's session, giving back some of last week's gains when it rallied over 1.5% on Friday. Despite the small pullback, copper has still moved higher in 3 of the last 5 trading days, suggesting underlying demand remains solid across North American scrap yards. This minor dip shouldn't worry sellers of #1 and #2 copper, bare bright, or copper wire, as prices remain well-supported above the $6 level that has become a key floor for the market.

Aluminum — Current Indicators

• LME Aluminum: $3,231/tonne ($1.47/lb), up +$0.0382 (+2.68%) day-over-day. Previous close: $1.43/lb.
• 5-day trend: ↑ 3 of last 5 sessions.

Aluminum prices climbed about 4 cents higher, showing steady momentum with gains in three of the last five trading sessions. This uptick benefits scrap sellers across North America, especially those with clean cast aluminum and sheet metal, as yards typically offer better rates when underlying commodity prices strengthen. The positive trend suggests continued demand for recycled aluminum from manufacturers, though sellers should monitor whether this momentum holds through the week.

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 4 sessions.
• HMS 1&2 (80:20) (SCRAP-HM): $320.00/mt (down $46.00 (-12.57%) day-over-day).

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