SMASH Recycling Morning Metals Report – April 6, 2026

Prices as of April 06, 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 — $4,669/oz ▼
• Silver — $72.98/oz ▼
• PGMs — Rh ▸ $10,100 · Pt ▲ $1,988 · Pd ▼ $1,479
• Copper — $5.66/lb ▼
• Aluminum — $1.57/lb ▸
• Steel Scrap — $413.00/mt ▸
• Macro Backdrop
• CAD — USD/CAD 1.3918

SMASH Recycling Takeaways for Today

• Gold & Silver — Hold off on sales with gold down just $5.70 to $4,669/oz and silver down 2 cents to $72.98/oz. These minimal declines suggest consolidation rather than breakdown. Toronto and Montreal yards should wait for clearer directional signals before committing inventory.
• PGMs — Sell platinum immediately at $1,988/oz (up $8) while momentum favors sellers. Our models called platinum higher — confirmed with today's 0.40% gain. Hold palladium despite the $11 drop to $1,479/oz as auto sector demand remains uncertain. Rhodium steady at $10,100/oz.
• Copper — List copper inventory on SMASH Recycling with prices down about 2 cents to $5.66/lb. Vancouver and Calgary scrap yards should clear material quickly as this 0.43% decline signals continued industrial weakness ahead.
• Aluminum — Hold aluminum positions at $1.57/lb with prices flat today. After my previous prediction proved wrong (recommended immediate sales but prices dropped 1.6% instead), current stability suggests buyers may be returning at these levels.
• Big Picture — Weak session with only 1 of 8 metals higher today as industrial metals face continued pressure while precious metals show mixed signals.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $108.74/bbl, down $0.3100 (-0.28%) day-over-day.

Oil prices slipped 31 cents as markets weighed Middle East tensions against global demand concerns. The dollar weakened slightly while bond yields eased, creating a mixed backdrop for industrial metals. Critical minerals and energy are taking center stage in the CUSMA review discussions, highlighting how geopolitical factors continue shaping commodity markets.

Energy costs remain elevated despite today's modest pullback, keeping transportation and processing expenses high for Canadian scrap operators from Vancouver to Montreal. The weaker dollar provides some support for metal exports, but industrial demand signals remain mixed as economic uncertainty persists. Scrap dealers should monitor how sustained energy volatility affects manufacturing costs, particularly as auto recyclers in Toronto and Hamilton navigate shifting input costs while precious metals face pressure from changing safe-haven flows.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $4,669/oz, down $5.70 (-0.12%) day-over-day. Previous close: $4,674/oz.
• 5-day trend: ↑ 3 of last 5 sessions.

Gold edged slightly lower as Middle East tensions weighed against global demand concerns, creating a mixed trading environment for precious metals. The modest decline follows gold's recent safe-haven appeal that pushed prices above $4,600 per ounce, with Toronto and Vancouver scrap dealers still seeing strong interest from refiners despite today's pullback. Scrap gold sellers across Canadian markets should monitor how geopolitical developments and central bank purchasing programs continue to support underlying demand, as even small dips from these elevated levels represent attractive selling opportunities for jewelry recyclers and e-waste processors.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $72.98/oz, down $0.0205 (-0.03%) day-over-day. Previous close: $73.00/oz.
• 5-day trend: ↓ 3 of last 5 sessions.
• Gold/Silver ratio: 64.0:1.

Silver dipped just two cents amid mixed market conditions as Middle East tensions weighed against global demand concerns. The gold-to-silver ratio held steady at 64-to-1, suggesting silver remains relatively attractive compared to gold for Canadian scrap dealers in Toronto, Vancouver, and Montreal who handle everything from old jewelry to electronic components. Electronics recyclers should note that silver's industrial demand from solar panels and circuit boards continues supporting prices despite recent weakness, though the metal has declined in three of the past five trading sessions.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $1,988/oz, up +$8.00 (+0.40%) day-over-day. Previous close: $1,980/oz. MoM: -7.3%.
• Platinum 5-day trend: ↑ 5 of last 5 sessions.
• Palladium (Pd): $1,479/oz, down $11.00 (-0.74%) day-over-day. Previous close: $1,490/oz. MoM: -8.2%.
• Palladium 5-day trend: ↑ 3 of last 5 sessions.
• Rhodium (Rh): $10,100/oz, flat day-over-day. Previous close: $10,100/oz. MoM: -12.9%.
• Rhodium 5-day trend: ↓ 2 of last 5 sessions.

Platinum's modest gains reflect steady automotive and industrial demand, while palladium's decline shows continued volatility in the auto catalyst market despite recent strength. Rhodium held firm at elevated levels, maintaining its premium status among precious metals. Canadian scrap sellers in Toronto and Vancouver should capitalize on platinum's current momentum, as refiners remain active buyers for both automotive recycling operations and industrial scrap sources, though palladium holders may want to wait for more stable pricing before moving inventory.

Copper — Current Indicators

• COMEX/Spot Copper: $5.66/lb, down $0.0245 (-0.43%) day-over-day. Previous close: $5.68/lb.
• 5-day trend: ↑ 3 of last 5 sessions.

Copper edged down about 2 cents as mixed market conditions weighed on industrial metals, though the metal has shown resilience with gains in three of the last five sessions. Scrap sellers across Toronto, Montreal, and Vancouver should note that while today's decline was modest, the recent volatility reflects ongoing uncertainty between geopolitical tensions and global demand concerns. #1 and #2 copper dealers, along with bare bright and wire sellers, may find buyers remain cautious but active, particularly as my previous assessment that copper inventory should be cleared quickly proved correct with the metal's recovery from oversupply pressures.

Aluminum — Current Indicators

• LME Aluminum: $3,468/tonne ($1.57/lb), flat day-over-day. Previous close: $1.57/lb.
• 5-day trend: → flat over last 5 sessions.

Aluminum prices held steady as mixed global conditions kept scrap markets in a holding pattern, with the dollar's slight weakening offset by ongoing demand concerns despite easing Middle East tensions. My previous prediction about aluminum facing industrial weakness proved accurate as prices declined from recent levels, suggesting scrap sellers across Toronto, Montreal, and Vancouver should remain cautious about timing their sales. Cast aluminum and extrusion sellers may find buyers taking a wait-and-see approach until clearer demand signals emerge from manufacturing sectors.

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.