Smash Scrap Morning Metals Report – March 31, 2026

Prices as of March 31, 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 — $4,581/oz ▼
• Silver — $73.05/oz ▲
• PGMs — Rh ▸ $10,400 · Pt ▼ $1,916 · Pd ▲ $1,435
• Copper — $5.53/lb ▲
• Aluminum — $1.60/lb ▲
• Steel Scrap — $413.00/mt ▸
• Macro Backdrop
• CAD — USD/CAD 1.3926

Smash Scrap Takeaways for Today

• Gold & Silver — Gold slipped $8.35 to $4,581/oz while silver gained 41 cents to $73.05/oz. Detroit and Chicago refiners should focus on silver inventory now - the metal's upward momentum continues despite our models missing the move. Hold gold positions briefly as the $8 decline is modest relative to recent volatility.
• PGMs — Platinum dropped $10 to $1,916/oz but palladium surged $10 higher to $1,435/oz. Cleveland and Pittsburgh auto recyclers should prioritize palladium sales immediately - the $10 gain shows unexpected strength in automotive demand. Rhodium held flat at $10,400/oz, confirming our stability call.
• Copper — Minimal uptick of less than a penny brought copper to $5.53/lb. Houston and Los Angeles industrial buyers should maintain steady pricing on this fractional move. The tiny gain suggests continued sideways action until clearer economic signals emerge.
• Aluminum — Strong 4-cent jump to $1.60/lb represents a solid 2.66% gain. Philadelphia and Atlanta scrap yards should capitalize on this momentum immediately - aluminum's consistent upward trend over recent sessions makes it the day's clear winner for industrial sellers.
• Big Picture — Mixed signals dominate with 3 of 8 metals higher today, reflecting uncertainty as energy costs and industrial demand compete for market direction.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $107.17/bbl, up $1.55 (+1.47%) day-over-day.

Oil surged $1.55 higher as Middle East tensions escalate, with reports of renewed conflicts driving safe-haven demand for energy assets. The 10-year Treasury yield climbed to 4.44%, signaling persistent inflation concerns that could keep Fed policy restrictive longer than markets hoped. Higher energy costs are already boosting scrap metal values across Detroit and Houston yards, as recycled materials become more attractive than energy-intensive primary production.

Rising oil prices should continue supporting scrap demand from industrial buyers in Chicago and Philadelphia, who face mounting pressure from elevated production costs. The combination of geopolitical uncertainty and stubborn inflation creates a favorable backdrop for both ferrous and non-ferrous recycling volumes. Auto recyclers in Cleveland and Pittsburgh are seeing renewed interest as automotive manufacturers seek cost-effective alternatives to virgin metals amid supply chain disruptions.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $4,581/oz, down $8.35 (-0.18%) day-over-day. Previous close: $4,590/oz.
• 5-day trend: ↑ 3 of last 5 sessions.

Gold dipped modestly as Middle East tensions continue driving energy markets higher, with the precious metal giving back some of yesterday's gains while maintaining its recent upward momentum. Scrap gold sellers in Detroit and Chicago should expect steady refiner interest as central banks maintain purchasing programs amid regional instability, while jewelers and e-waste recyclers can continue offering competitive rates given gold's resilient performance near current levels. The metal's safe-haven appeal remains intact despite today's pullback, with rising oil costs potentially supporting longer-term demand for recycled materials as energy-intensive primary production becomes more expensive.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $73.05/oz, up +$0.4120 (+0.57%) day-over-day. Previous close: $72.64/oz.
• 5-day trend: ↑ 3 of last 5 sessions.
• Gold/Silver ratio: 62.7:1.

Silver climbed higher as escalating Middle East tensions boosted safe-haven demand alongside oil's surge, with the precious metal benefiting from both its store-of-value appeal and industrial usage in energy infrastructure. The gold-to-silver ratio at 62.7 to 1 suggests silver remains relatively attractive compared to gold, giving electronics recyclers and industrial scrap dealers good pricing leverage with buyers from Detroit to Los Angeles. With silver showing strength in three of the last five sessions, scrap yards processing everything from solar panel components to jewelry should find steady demand from refiners capitalizing on both geopolitical uncertainty and industrial applications.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $1,916/oz, down $10.00 (-0.52%) day-over-day. Previous close: $1,926/oz. MoM: -18.9%.
• Platinum 5-day trend: ↓ 3 of last 5 sessions.
• Palladium (Pd): $1,435/oz, up +$10.00 (+0.70%) day-over-day. Previous close: $1,425/oz. MoM: -19.0%.
• Palladium 5-day trend: ↑ 3 of last 5 sessions.
• Rhodium (Rh): $10,400/oz, flat day-over-day. Previous close: $10,400/oz. MoM: -13.0%.
• Rhodium 5-day trend: → flat over last 5 sessions.

Platinum dropped $10 while palladium climbed by the same amount, creating a mixed picture for catalytic converter recyclers across Detroit and Chicago yards. Rhodium held steady at its elevated level, continuing yesterday's flat pattern as automotive scrap processors weigh inventory decisions. With oil surging on Middle East tensions and inflationary pressures mounting, scrap dealers should expect energy costs to keep boosting the appeal of recycled metals over virgin production in major markets like Houston and Los Angeles.

Copper — Current Indicators

• COMEX/Spot Copper: $5.53/lb, up +$0.0025 (+0.05%) day-over-day. Previous close: $5.53/lb.
• 5-day trend: ↓ 3 of last 5 sessions.

Copper barely budged today, adding less than a cent per pound despite oil surging on Middle East tensions. While my recent prediction that copper would remain sideways until clearer economic signals emerge continues to play out, the minimal movement suggests Detroit and Houston industrial buyers are maintaining steady pricing for #1 and #2 copper, bare bright, and wire grades. With copper declining in 3 of the last 5 sessions, scrap sellers should watch whether rising energy costs from oil's jump eventually boost recycled metal demand over energy-intensive primary production.

Aluminum — Current Indicators

• LME Aluminum: $3,523/tonne ($1.60/lb), up +$0.0414 (+2.66%) day-over-day. Previous close: $1.56/lb.
• 5-day trend: ↑ 5 of last 5 sessions.

Aluminum prices jumped today as Middle East tensions drove oil higher, making energy-intensive primary aluminum production more expensive and boosting demand for recycled materials. My market memory shows aluminum has now gained in all five of the last five sessions, confirming the momentum I predicted would continue from recent levels. Scrap dealers in Detroit, Chicago, and Houston should expect buyers to offer higher prices for cast, sheet, and extrusion aluminum as recyclers become increasingly attractive alternatives to costly virgin production.

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.