SMASH Recycling Morning Metals Report – April 10, 2026

Prices as of April 10, 2026 at 12:30 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 — $4,761/oz ▼
• Silver — $75.85/oz ▲
• PGMs — Rh ▸ $10,200 · Pt ▼ $2,070 · Pd ▼ $1,511
• Copper — $5.88/lb ▲
• Aluminum — $1.58/lb ▲
• Steel Scrap — $413.00/mt ▸
• Macro Backdrop
• CAD — USD/CAD 1.3821

SMASH Recycling Takeaways for Today

• Gold & Silver — Gold slipped $3.70 to $4,761/oz while silver gained 49 cents to $75.85/oz. Toronto and Montreal dealers should hold gold inventory as the minor 0.08% decline suggests consolidation rather than breakdown. Silver's 0.65% gain continues recent momentum — list higher-grade silver scrap on SMASH Recycling to capture the upward trend.
• PGMs — Platinum dropped $19 to $2,070/oz and palladium fell $19 to $1,511/oz, both down roughly 1%. Rhodium held steady at $10,200/oz. Vancouver and Calgary auto recyclers should delay cat converter sales until PGM volatility settles. Our models predicted palladium weakness correctly based on automotive sector uncertainty.
• Copper — Strong move up 13 cents to $5.88/lb, gaining 2.20% today. Edmonton and Winnipeg industrial sellers should accelerate copper wire and tubing sales immediately. This marks copper's continued breakout from recent consolidation — our earlier sideways prediction proved too conservative as Chinese demand signals strengthened.
• Aluminum — Gained 2 cents to $1.58/lb, up 1.32% as industrial demand remains solid. Hamilton and Ottawa scrap yards should maintain normal aluminum pricing schedules. Supply-side tightening continues supporting prices despite earlier energy cost concerns that failed to materialize.
• Big Picture — Mixed session with 3 of 8 metals higher today, led by base metals copper and aluminum while precious metals diverged and PGMs weakened on automotive sector headwinds.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $95.09/bbl, down $1.38 (-1.43%) day-over-day.

Oil fell $1.38 to below $95 per barrel as ceasefire hopes between major powers eased geopolitical tensions that had driven energy prices higher earlier this week. The pullback in crude provides some relief for Canadian scrap operations from Toronto to Vancouver, where transportation and processing costs had been climbing. Lower energy prices make recycled metals more competitive against primary production, particularly benefiting aluminum and steel scrap yards across Ontario and Quebec markets.

The broader macro picture shows mixed signals with inflation expectations ticking up slightly to 2.34% while Treasury yields declined. This combination suggests underlying price pressures remain even as growth concerns mount. For scrap dealers in Calgary and Edmonton, the energy cost relief should help margins over the coming weeks, though the dollar's continued weakness against the Canadian dollar may pressure cross-border pricing for exporters serving U.S. steel mills and foundries.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $4,761/oz, down $3.70 (-0.08%) day-over-day. Previous close: $4,765/oz.
• 5-day trend: ↓ 3 of last 5 sessions.

Gold slipped modestly as easing geopolitical tensions reduced safe-haven demand, continuing its recent downward drift that has now affected three of the last five trading sessions. The pullback reflects diminished fear-driven buying as ceasefire hopes emerge, though the decline remains minimal compared to gold's elevated levels above $4,700 per ounce. Scrap gold sellers from Vancouver to Halifax should monitor whether this cooling in geopolitical premium creates buying opportunities among refiners and jewelry manufacturers, as lower input costs could boost their purchasing appetite for estate jewelry, dental scrap, and electronic components containing precious metals.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $75.85/oz, up +$0.4935 (+0.65%) day-over-day. Previous close: $75.36/oz.
• 5-day trend: ↑ 4 of last 5 sessions.
• Gold/Silver ratio: 62.8:1.

Silver gained ground as geopolitical tensions cooled alongside falling oil prices, with scrap sellers across Toronto and Vancouver benefiting from both precious metal safe-haven demand and industrial applications in electronics recycling. The gold-to-silver ratio at 62.8:1 suggests silver remains relatively undervalued compared to gold, making it attractive for industrial buyers seeking cost-effective alternatives for manufacturing. Electronics recyclers and solar panel processors should watch for continued strength, as silver's dual role as both a precious and industrial metal often creates pricing opportunities when energy costs stabilize.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $2,070/oz, down $19.00 (-0.91%) day-over-day. Previous close: $2,089/oz. MoM: -4.1%.
• Platinum 5-day trend: ↑ 3 of last 5 sessions.
• Palladium (Pd): $1,511/oz, down $19.00 (-1.24%) day-over-day. Previous close: $1,530/oz. MoM: -6.4%.
• Palladium 5-day trend: ↓ 4 of last 5 sessions.
• Rhodium (Rh): $10,200/oz, flat day-over-day. Previous close: $10,200/oz. MoM: -11.3%.
• Rhodium 5-day trend: ↑ 1 of last 5 sessions.

Platinum and palladium both dropped $19, continuing palladium's weakness from recent sessions while interrupting platinum's modest recovery trend. The pullback in both metals reflects softer automotive demand as ceasefire hopes ease the geopolitical tensions that had supported industrial metals earlier this week. Rhodium held steady at its elevated level, showing more resilience than its platinum group peers as scrap sellers from Hamilton to Calgary assess whether this pause represents temporary profit-taking or a deeper shift in automotive sector buying patterns.

Copper — Current Indicators

• COMEX/Spot Copper: $5.88/lb, up +$0.1265 (+2.20%) day-over-day. Previous close: $5.76/lb.
• 5-day trend: ↑ 4 of last 5 sessions.

Copper gained about 13 cents to reach $5.88 per pound as easing tensions helped reduce operational pressures on Canadian scrap yards from Hamilton to Calgary. The metal has shown strength in 4 of the last 5 sessions, building positive momentum that benefits sellers of #1 and #2 copper, bare bright wire, and copper tubing across Toronto and Vancouver markets. With oil prices pulling back below $95 per barrel, transportation costs for copper deliveries should stabilize, making this a favorable time for scrap operators to move inventory while prices hold above recent levels.

Aluminum — Current Indicators

• LME Aluminum: $3,491/tonne ($1.58/lb), up +$0.0206 (+1.32%) day-over-day. Previous close: $1.56/lb.
• 5-day trend: → flat over last 5 sessions.

Aluminum prices edged higher with modest gains as easing geopolitical tensions helped stabilize energy costs for Canadian recycling operations from Vancouver to Halifax. The small uptick benefits cast aluminum sellers in Toronto and Montreal markets, while sheet and extrusion processors in Calgary can expect steady demand from construction and automotive sectors. With oil pulling back below $95 per barrel, transportation costs for aluminum scrap should remain manageable for dealers moving material between Edmonton and Winnipeg, though processors will monitor whether this week's sideways trading pattern continues into next 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 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 Recycling and let vetted Canadian buyers compete for your scrap.