Smash Scrap Morning Metals Report – March 4, 2026

Prices as of March 04, 2026 at 01:01 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 are climbing with gold up $33 to $5,159/oz and silver jumping $2.71 to $85.30/oz. Silver's 3.3% gain shows strong momentum after yesterday's recovery from Tuesday's selloff. List your jewelry scrap and dental gold today while prices are rising.
• PGMs — Platinum surged $55 to $2,151/oz and palladium gained $31 to $1,667/oz, both bouncing back from Tuesday's sharp declines. Only rhodium fell $100 to $11,850/oz. Sell your catalytic converters now while platinum and palladium are recovering strength.
• Copper — Up 7 cents to $5.91/lb, recovering from Tuesday's weakness. Detroit and Chicago yards should see steady demand for copper wire and tubing. Hold quality #1 copper for another day or two to see if this bounce continues.
• Aluminum — Strong day with prices up 5 cents to $1.53/lb, continuing the upward trend from recent sessions. Atlanta and Houston processors should move aluminum cans and siding quickly while momentum stays positive.
• Big Picture — Nearly all metals are rising today, suggesting the Tuesday selloff was overdone and buyers are stepping back in.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $82.30/bbl, up $0.1700 (+0.21%) day-over-day.

Oil continues to climb higher on escalating Middle East tensions, with Iran targeting energy infrastructure across the region according to today's headlines. This geopolitical risk is pushing energy costs up for scrap yards from Detroit to Houston, raising concerns about operating margins. The 17-cent jump in Brent reflects growing supply disruption fears that could ripple through transportation and processing costs.

Higher energy prices typically squeeze scrap margins in the near term, but they also support base metal prices by increasing mining and refining costs. With aluminum already showing strength this week and shipping costs rising due to regional conflicts, American scrap dealers should expect mixed signals. Yards in energy-intensive markets like Cleveland and Pittsburgh may feel the pinch first, while those handling aluminum-heavy auto scrap could benefit from the underlying commodity support.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $5,159/oz, up +$33.07 (+0.65%) day-over-day. Previous close: $5,126/oz.
• 5-day trend: ↑ 4 of last 5 sessions.

Gold continues its strong run, adding over thirty dollars as geopolitical tensions in the Middle East drive safe-haven demand, with scrap yards from Detroit to Houston seeing increased seller interest at these elevated levels. The precious metal has now climbed in four of the last five trading sessions, recovering sharply from earlier this week's decline and benefiting from concerns over oil infrastructure targeting that's also pushing energy and shipping costs higher. Scrap gold sellers, jewelers, and e-waste recyclers should monitor how sustained Middle East tensions could keep supporting prices, though any de-escalation might prompt profit-taking at these premium levels.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $85.30/oz, up +$2.71 (+3.28%) day-over-day. Previous close: $82.59/oz.
• 5-day trend: ↓ 3 of last 5 sessions.
• Gold/Silver ratio: 60.5:1.

Silver bounced back strongly after yesterday's sharp selloff, gaining over $2.70 per ounce as Middle East tensions pushed energy and metals prices higher. The recovery shows silver's dual nature as both a safe-haven precious metal and critical industrial commodity used in solar panels and electronics manufacturing. With the gold-silver ratio at 60.5:1, silver remains historically undervalued compared to gold, making it attractive for scrap sellers in markets like Detroit, Chicago, and Houston who can capitalize on this relative value gap—though the recent volatility suggests waiting for more stable pricing may benefit those holding electronics scrap or industrial silver materials.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $2,151/oz, up +$55.00 (+2.62%) day-over-day. Previous close: $2,096/oz.
• Platinum 5-day trend: ↓ 3 of last 5 sessions.
• Palladium (Pd): $1,667/oz, up +$31.00 (+1.89%) day-over-day. Previous close: $1,636/oz.
• Palladium 5-day trend: ↓ 3 of last 5 sessions.
• Rhodium (Rh): $11,850/oz, down $100.00 (-0.84%) day-over-day. Previous close: $11,950/oz.
• Rhodium 5-day trend: ↓ 3 of last 5 sessions.

Platinum and palladium both gained ground today, continuing their recovery from last week's sharp selloff when platinum dropped over $100 and palladium fell nearly 9%. Rhodium bucked the trend with a modest decline, though all three metals have struggled over the past five sessions. For scrap sellers in Detroit, Chicago, and other major markets, this rebound in platinum and palladium offers some relief after the recent volatility, but the inconsistent direction suggests caution when timing larger catalytic converter and industrial scrap sales.

Copper — Current Indicators

• COMEX/Spot Copper: $5.91/lb, up +$0.0690 (+1.18%) day-over-day. Previous close: $5.84/lb.
• 5-day trend: ↓ 3 of last 5 sessions.

Copper bounced back today, gaining about 7 cents after falling in 3 of the last 5 trading sessions. The recovery comes as Middle East tensions push up oil and aluminum prices, which often signals broader industrial demand concerns that can support copper. Scrap sellers in Detroit, Chicago, and other major markets should see slightly better payouts for #1 and #2 copper, bare bright wire, and copper tubing, though the recent downtrend suggests prices remain choppy.

Aluminum — Current Indicators

• LME Aluminum: $3,380/tonne ($1.53/lb), up +$0.0464 (+3.12%) day-over-day. Previous close: $1.49/lb.
• 5-day trend: ↑ 3 of last 5 sessions.

Aluminum prices gained momentum today, continuing the upward trend seen over recent sessions, as Middle East tensions push up commodity prices across the board. Scrap yards from Detroit to Houston are seeing stronger demand for all aluminum grades, with cast aluminum from auto recyclers and sheet metal from industrial sources both benefiting from the rally. This price strength should encourage sellers in major markets like Chicago, Los Angeles, and Atlanta to move inventory while momentum remains positive.

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.