Smash Scrap Morning Metals Report – February 26, 2026

Prices as of February 26, 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 — Gold gained $7.60 to $5,184/oz while silver dropped $2.45 to $86.88/oz. Silver's 2.7% decline erases some of last week's strong gains. Hold gold positions but consider selling silver inventory before further weakness.
• PGMs — Platinum down $13 to $2,268/oz and palladium fell $30 to $1,732/oz, reversing yesterday's rally. Rhodium bucked the trend, up $150 to $12,250/oz. Sell rhodium inventory while prices are elevated; hold platinum and palladium for potential rebound.
• Copper — Dropped about 2 cents to $6.03/lb despite recent strength. Minor pullback after solid gains earlier this week suggests consolidation rather than reversal. Hold existing inventory and list premium grades on SMASH.
• Aluminum — Down about 2 cents to $1.42/lb, giving back yesterday's modest gains. Prices remain range-bound with limited upside momentum. Sell current inventory rather than accumulating more material.
• Steel — HMS 1&2 surged $50 to $366/mt, building on this week's massive rally that started Monday. This 15.8% jump extends the strongest steel scrap move in months. Sell immediately while mills are paying premium rates.
• Big Picture — Mixed signals across metals suggest consolidation after recent volatility, with steel leading gains while most other commodities retreat.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $69.69/bbl, down $1.21 (-1.71%) day-over-day.

Oil dropped $1.21 today as markets weighed softer demand signals against ongoing geopolitical tensions. The weaker Canadian dollar at 1.3685 versus the greenback reflects broader commodity pressures, though this helps Canadian scrap exporters stay competitive in U.S. markets. Gold continues pushing higher on tariff and geopolitical risks, building on the recent rally that saw precious metals lead the charge over the past few sessions.

Energy costs directly impact scrap processing and transportation, so today's oil pullback could ease some pressure on yard operating expenses. However, the Fed's recent rate cut to 3.64% and rising inflation expectations above 2.2% suggest policymakers are balancing growth concerns with price stability. China's plans to tighten air quality standards may also create mixed signals for steel demand - stricter rules could slow near-term production but drive longer-term infrastructure upgrades that boost scrap consumption.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $5,184/oz, up +$7.60 (+0.15%) day-over-day. Previous close: $5,176/oz.
• 5-day trend: ↑ 3 of last 5 sessions.

Gold edged higher by $7.60 today, extending gains seen earlier this week after Tuesday's decline. The small uptick reflects gold's continued role as a safe-haven asset amid ongoing global uncertainties. For scrap sellers and recyclers handling old jewelry, dental gold, and electronic components, current levels remain attractive for selling, though the modest daily movement suggests waiting for clearer directional signals if not urgently needing to liquidate materials.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $86.88/oz, down $2.45 (-2.74%) day-over-day. Previous close: $89.32/oz.
• 5-day trend: → flat over last 5 sessions.
• Gold/Silver ratio: 59.7:1.

Silver pulled back today, giving up some of its recent gains after surging over 4% earlier this week to above $90 per ounce. For scrap sellers and electronics recyclers, silver's correction reflects normal profit-taking after strong momentum, but the metal remains well-positioned due to growing demand from solar panel manufacturing and industrial electronics. The gold-to-silver ratio of 59.7 to 1 suggests silver is still relatively undervalued compared to gold, potentially offering better opportunities for those holding silver jewelry, coins, or electronic scrap containing the white metal.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $2,268/oz, down $13.00 (-0.57%) day-over-day. Previous close: $2,281/oz.
• Platinum 5-day trend: → flat over last 5 sessions.
• Palladium (Pd): $1,732/oz, down $30.00 (-1.70%) day-over-day. Previous close: $1,762/oz.
• Palladium 5-day trend: ↓ 3 of last 5 sessions.
• Rhodium (Rh): $12,250/oz, up +$150.00 (+1.24%) day-over-day. Previous close: $12,100/oz.
• Rhodium 5-day trend: ↑ 4 of last 5 sessions.

PGM prices showed mixed action today, with rhodium gaining $150 to remain the strongest performer over recent sessions while platinum and palladium both retreated after last week's rally. Catalytic converter recyclers are seeing rhodium continue its upward momentum from earlier in the week, though the pullback in platinum and palladium suggests some profit-taking after those metals' recent gains. Auto recyclers should watch whether this divergence continues or if the PGM complex starts moving together again.

Copper — Current Indicators

• COMEX/Spot Copper: $6.03/lb, down $0.0155 (-0.26%) day-over-day. Previous close: $6.04/lb.
• 5-day trend: → flat over last 5 sessions.

Copper prices slipped about 2 cents today, settling at $6.03 per pound in a relatively quiet trading session that continues the flat trend seen over the past week. This modest decline means scrap sellers across Canada and the US can expect slightly lower payouts for #1 and #2 copper, bare bright wire, and insulated copper wire at their local yards. The stability in copper over recent sessions suggests the market is waiting for clearer economic signals, so sellers might want to monitor how industrial demand develops in the coming weeks.

Aluminum — Current Indicators

• LME Aluminum: $3,136/tonne ($1.42/lb), down $0.0180 (-1.25%) day-over-day. Previous close: $1.44/lb.
• 5-day trend: → flat over last 5 sessions.

Aluminum prices pulled back slightly today, dropping about two cents per pound after two days of modest gains that pushed the metal to $1.42. The decline reflects typical market volatility rather than any major supply disruption, keeping prices relatively stable for scrap sellers across both Canadian and American markets. Cast aluminum, sheet metal, and extrusion sellers should expect steady demand, though the flat five-day trend suggests prices may continue moving sideways in the near term.

Steel Scrap (HMS 1&2, Metals-API) — Current Indicators

• Steel Scrap HMS 1&2 (SCRAP-HM): $366.00/mt, up +$50.00 (+15.82%) day-over-day.
• 5-day trend: ↑ 3 of last 4 sessions.

Steel scrap prices surged $50 per metric ton, marking the third upward session in four days and building on the strong momentum that began earlier this week. This rally benefits sellers of HMS 1&2, shredded scrap, and plate material across North American yards, as electric arc furnace mills appear to be restocking after recent price weakness. Scrap dealers should watch for continued EAF buying interest and any shifts in export demand, particularly from Turkish mills, as this upward trend could signal stronger pricing power heading into spring construction season.

⚠️ Note: Steel Scrap (15.8%) 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 and let vetted buyers compete for your scrap.