Smash Scrap Morning Metals Report – March 3, 2026

Prices as of March 03, 2026 at 03:15 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 — Both metals took heavy hits today with gold down $297 to $5,045/oz and silver falling $9.38 to $80.63/oz. Hold off on selling precious metals scrap until this selloff stabilizes — Detroit and Chicago yards are likely lowering buy prices as we speak.
• PGMs — Platinum got crushed, dropping $270 to $2,035/oz while palladium fell $153 to $1,608/oz. Only rhodium held steady at $12,050/oz. Wait on catalytic converter sales unless you need immediate cash flow — this broad PGM weakness should reverse soon.
• Copper — Red metal slipped 18 cents to $5.79/lb, continuing the downtrend we've seen building. Atlanta and Houston yards may cut #1 bare bright prices further, so move quality copper inventory quickly before deeper cuts hit.
• Aluminum — Bright spot today with prices up 3 cents to $1.47/lb, extending recent gains. List clean aluminum scrap aggressively — this upward momentum in major markets from LA to Philadelphia creates selling opportunities.
• Big Picture — Broad-based metals selloff signals risk-off sentiment, with only aluminum bucking the downtrend.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $83.30/bbl, up $5.58 (+7.18%) day-over-day.

Oil's surge of $5.58 to over $83 reflects growing concerns about Middle East supply disruptions, building on the geopolitical tensions we've tracked this week. Headlines about hostility in the region affecting bullion deliveries suggest broader commodity market stress that typically spills over into industrial metals. The 10-year Treasury yield dropping to 3.97% signals some flight-to-quality demand, which often coincides with stronger scrap values as investors seek hard assets.

For American scrap yards from Detroit to Houston, higher energy costs will likely squeeze transportation margins while potentially boosting demand from steel mills looking to substitute cheaper scrap for iron ore. The weaker dollar index should help export competitiveness for U.S. scrap heading to overseas buyers. However, watch for any Fed policy shifts given inflation expectations ticked up to 2.29% - sustained energy price increases could complicate the central bank's approach and create volatility in the industrial metals that drive scrap demand across major markets like Chicago, Philadelphia, and Los Angeles.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $5,045/oz, down $296.84 (-5.56%) day-over-day. Previous close: $5,341/oz.
• 5-day trend: ↑ 4 of last 5 sessions.

Gold pulled back sharply today, giving up recent gains as markets moved away from safe-haven assets despite ongoing geopolitical tensions and oil prices climbing above $80 per barrel. This retreat creates opportunities for scrap sellers in Detroit, Chicago, and other major markets who have been waiting for better selling windows, though the metal's strong performance over recent sessions suggests underlying demand from central banks and industrial users remains solid. E-waste recyclers and jewelers should watch for any further weakness as a potential entry point, while keeping an eye on crude oil trends and Fed policy signals that could drive gold's next major move.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $80.63/oz, down $9.38 (-10.42%) day-over-day. Previous close: $90.01/oz.
• 5-day trend: ↓ 3 of last 5 sessions.
• Gold/Silver ratio: 62.6:1.

Silver dropped sharply today, losing over $9 per ounce as precious metals faced broad selling pressure alongside rising oil prices. For scrap sellers in Detroit, Chicago, and other major markets, this pullback creates a challenging environment for electronics recyclers and industrial silver scrap, though the gold-to-silver ratio of 62.6 to 1 suggests silver may be undervalued relative to gold. With silver's dual role as both a precious metal investment and critical industrial input for solar panels and electronics, scrap yards should monitor whether this decline reflects temporary investor sentiment or concerns about industrial demand.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $2,035/oz, down $270.00 (-11.71%) day-over-day. Previous close: $2,305/oz.
• Platinum 5-day trend: ↓ 3 of last 5 sessions.
• Palladium (Pd): $1,608/oz, down $153.00 (-8.69%) day-over-day. Previous close: $1,761/oz.
• Palladium 5-day trend: ↓ 4 of last 5 sessions.
• Rhodium (Rh): $12,050/oz, flat day-over-day. Previous close: $12,050/oz.
• Rhodium 5-day trend: ↑ 3 of last 5 sessions.

PGM markets took a heavy hit today, with platinum and palladium both posting sharp declines after yesterday's volatility continued to pressure precious metals across American scrap yards from Detroit to Los Angeles. Platinum's drop extends its recent weakness, falling in three of the last five sessions, while palladium has been even more consistently under pressure with declines in four of the past five days - a concerning trend for auto recyclers sitting on catalytic converter inventory. Rhodium bucked the trend by holding steady and has actually gained ground three times in the last five sessions, offering some bright spots for scrap sellers dealing with high-grade industrial catalysts, though the broader PGM weakness suggests caution for those considering timing their sales in major markets like Chicago and Houston.

Copper — Current Indicators

• COMEX/Spot Copper: $5.79/lb, down $0.1755 (-2.94%) day-over-day. Previous close: $5.97/lb.
• 5-day trend: ↓ 3 of last 5 sessions.

Copper dropped about 18 cents today, continuing its recent downward trend with declines in three of the last five trading sessions. This pullback means scrap sellers in Detroit, Chicago, and other major markets will see lower payouts for #1 and #2 copper, bare bright wire, and copper tubing compared to recent weeks. With oil prices spiking above $80 and mixed signals across metals markets, copper buyers may remain cautious in the near term, so sellers should consider timing their deliveries carefully.

Aluminum — Current Indicators

• LME Aluminum: $3,250/tonne ($1.47/lb), up +$0.0254 (+1.75%) day-over-day. Previous close: $1.45/lb.
• 5-day trend: ↑ 3 of last 5 sessions.

Aluminum prices edged higher, gaining about 3 cents per pound as the metal continues its recent upward momentum with gains in three of the last five sessions. Scrap yards from Detroit to Houston are seeing steady demand for all grades, with cast aluminum from auto recyclers and sheet material from construction projects commanding solid prices at regional yards. With oil prices spiking toward $80 and supply chains still adjusting to global trade patterns, aluminum sellers should watch for continued strength, especially as extrusion material from industrial sources remains in good demand across major markets like Chicago and Los Angeles.

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: Gold (5.6%), Silver (10.4%), Platinum (11.7%), Palladium (8.7%) 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.