SMASH Recycling Morning Metals Report – April 2, 2026

Prices as of April 02, 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.

Jump to:

• Gold — $4,627/oz ▼
• Silver — $70.78/oz ▼
• PGMs — Rh ▸ $10,100 · Pt ▼ $1,917 · Pd ▼ $1,441
• Copper — $5.53/lb ▼
• Aluminum — $1.55/lb ▼
• Steel Scrap — $413.00/mt ▸
• Macro Backdrop
• CAD — USD/CAD 1.3888

SMASH Recycling Takeaways for Today

• Gold & Silver — Both metals dropped hard with gold down $148 and silver falling $4.29. Despite today's weakness, don't panic-sell major lots to Toronto or Vancouver buyers. Gold remains near multi-year highs and silver's $70+ level still represents strong pricing for Canadian sellers.
• PGMs — Platinum shed $41, palladium lost $22, while rhodium held flat at $10,100. The auto catalyst metals are consolidating after recent volatility. Montreal and Calgary recyclers should consider moving platinum inventory while prices stay above $1,900, but rhodium's stability suggests holding for now.
• Copper — Down 9 cents to $5.53/lb as industrial demand concerns persist. Our models called copper weakness correctly. Hamilton and Edmonton yards should clear copper inventory quickly — the recent bounce from oversold levels appears to be fading and further declines look likely.
• Aluminum — Fell 5 cents to $1.55/lb, giving back some recent gains but still holding above $1.50. Winnipeg and Ottawa sellers should move aluminum inventory while buyers remain active above this key level, as industrial metals face headwinds.
• Big Picture — Broad-based weakness with 6 of 8 metals declining today and none moving higher, signaling sellers should prioritize inventory movement over waiting for rebounds.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $109.39/bbl, up $8.89 (+8.85%) day-over-day.

Oil surged nearly $9 per barrel as tensions escalate in Iran, with the conflict generating massive commodity windfalls for Russia across energy, metals, and agricultural markets. This sharp energy spike creates a complex picture for Canadian scrap yards from Vancouver to Montreal - higher transportation costs squeeze margins, but industrial buyers often increase activity when oil rallies signal economic strength. The Iran situation also highlights supply chain vulnerabilities that could boost demand for recycled materials as manufacturers seek stable sourcing.

Mixed macro signals suggest caution ahead. While inflation expectations tick higher and consumer prices continue climbing, the dollar weakened and bond yields fell, creating uncertainty about Fed policy direction. Toronto and Calgary auto recyclers should watch for shifting buyer behavior as energy costs ripple through the supply chain. The prediction models suggest precious metals may continue their safe-haven rally while industrial metals face headwinds, aligning with the bifurcated commodity landscape we're seeing as geopolitical risks mount.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $4,627/oz, down $148.43 (-3.11%) day-over-day. Previous close: $4,776/oz.
• 5-day trend: ↑ 4 of last 5 sessions.

Gold gave back some of its recent gains today, pulling back from the strong rally that began Monday as profit-taking emerged across precious metals. Despite the retreat, safe-haven demand from escalating Middle East tensions continues supporting underlying gold prices, creating opportunities for Canadian scrap sellers from Vancouver electronics recyclers to Toronto jewelry dealers. With oil surging to $109.39 per barrel on Iranian conflict spillovers, the inflationary pressure should keep central banks active in gold markets, suggesting scrap yards should capitalize on current elevated pricing levels before any deeper correction unfolds.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $70.78/oz, down $4.29 (-5.71%) day-over-day. Previous close: $75.07/oz.
• 5-day trend: ↑ 3 of last 5 sessions.
• Gold/Silver ratio: 65.4:1.

Silver pulled back today as Iranian tensions drove oil to $109.39 per barrel, creating mixed signals for Canadian scrap sellers from Vancouver electronics recyclers to Montreal industrial yards. While higher energy costs squeeze transportation margins, the precious metals complex often benefits during geopolitical stress, and silver's 65:1 ratio to gold suggests it remains relatively cheap compared to its monetary cousin. Electronics recyclers should watch for industrial buyers potentially increasing activity as the energy spike signals broader commodity strength, though silver's recent volatility after my previous wrong calls on the metal warrants caution about timing major inventory moves.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $1,917/oz, down $41.00 (-2.09%) day-over-day. Previous close: $1,958/oz. MoM: -8.5%.
• Platinum 5-day trend: ↑ 4 of last 5 sessions.
• Palladium (Pd): $1,441/oz, down $22.00 (-1.50%) day-over-day. Previous close: $1,463/oz. MoM: -11.9%.
• Palladium 5-day trend: ↑ 3 of last 5 sessions.
• Rhodium (Rh): $10,100/oz, flat day-over-day. Previous close: $10,100/oz. MoM: -15.5%.
• Rhodium 5-day trend: ↓ 2 of last 5 sessions.

Platinum and palladium both retreated today after showing strength in recent sessions, with platinum dropping $41 and palladium falling $22 as higher transportation costs from the oil surge began weighing on scrap yard margins. This pullback partially reverses the upward momentum both metals had been building, though rhodium held steady at current levels despite its recent volatility. Canadian scrap sellers from Vancouver to Montreal should watch whether industrial buyers maintain their increased activity levels despite the squeeze from rising energy costs, as the broader commodity rally creates conflicting pressures for the PGM market.

Copper — Current Indicators

• COMEX/Spot Copper: $5.53/lb, down $0.0905 (-1.61%) day-over-day. Previous close: $5.62/lb.
• 5-day trend: ↓ 3 of last 5 sessions.

Copper dropped about 9 cents today despite oil surging to $109.39 per barrel, as the metal gave back some of recent gains amid mixed industrial signals across Canadian markets. While higher energy costs from Iran tensions squeeze transportation margins for scrap yards from Vancouver to Montreal, the complex dynamics haven't yet translated to sustained copper strength, with the metal showing weakness in 3 of the last 5 sessions. For sellers of #1 and #2 copper, bare bright, and copper wire in Toronto, Calgary, and other major centers, this pullback creates a challenging environment where buyers may use the decline to negotiate lower prices even as their own operational costs rise with expensive oil.

Aluminum — Current Indicators

• LME Aluminum: $3,424/tonne ($1.55/lb), down $0.0452 (-2.83%) day-over-day. Previous close: $1.60/lb.
• 5-day trend: ↑ 3 of last 5 sessions.

Aluminum pulled back today despite strong industrial activity from Toronto to Vancouver buyers, as transportation costs from higher oil prices create margin pressure for scrap yards. The decline partially reverses recent gains, though my market memory shows aluminum has been building momentum with buyers staying active across cast, sheet, and extrusion grades. Canadian sellers should watch whether industrial demand can offset the energy cost headwinds, as refineries from Hamilton to Calgary adjust their pricing models around the oil surge dynamics.

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: Silver (5.7%) 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 Recycling and let vetted Canadian buyers compete for your scrap.