SMASH Recycling Morning Metals Report – April 9, 2026

Prices as of April 09, 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 — $4,739/oz ▲
• Silver — $74.22/oz ▲
• PGMs — Rh ▸ $10,200 · Pt ▲ $2,043 · Pd ▲ $1,562
• Copper — $5.72/lb ▼
• Aluminum — $1.57/lb ▼
• Steel Scrap — $413.00/mt ▸
• Macro Backdrop
• CAD — USD/CAD 1.3851

SMASH Recycling Takeaways for Today

• Gold & Silver — Both precious metals gained modestly with gold up $26 to $4,739/oz and silver up 41 cents to $74.22/oz. Toronto and Montreal refiners are paying steady premiums, so sell current inventory while momentum holds.
• PGMs — Palladium led with an 18-dollar gain to $1,562/oz, while platinum added $14 to $2,043/oz. Rhodium stayed flat at $10,200/oz. Vancouver and Calgary auto recyclers should move catalytic converter inventory now as our models correctly called the PGM strength.
• Copper — Dropped 3 cents to $5.72/lb, giving back some of recent gains. Hamilton and Winnipeg yards should hold red brass and wire inventory as this modest decline may be temporary profit-taking.
• Aluminum — Fell about 1 cent to $1.57/lb, continuing recent weakness. Edmonton and Ottawa processors should clear aluminum scrap quickly as our models predicted further pressure on energy-intensive metals.
• Big Picture — Mixed session with 4 of 8 metals higher, but precious metals and PGMs outperformed industrial metals as market sentiment favors safe-haven assets.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $98.02/bbl, up $0.8700 (+0.90%) day-over-day.

Oil climbed 87 cents as European natural gas futures tumbled 20% on ceasefire relief between the U.S. and Iran, creating mixed energy signals for Canadian scrap operations. The two-week ceasefire announcement initially drove down gas prices but oil held firm, suggesting markets are pricing in continued regional tensions that could disrupt broader energy supplies. This energy backdrop supports scrap values across Toronto, Montreal, and Vancouver yards, as higher oil costs make energy-intensive primary metal production less attractive compared to recycling operations.

Federal Reserve policy remains steady with rates unchanged at 3.64%, while inflation expectations have cooled slightly to 2.33%. The weaker U.S. dollar and stable Canadian exchange rate at 1.3851 create favorable conditions for Canadian scrap exports, particularly benefiting operations in Hamilton, Calgary, and Winnipeg that serve cross-border industrial buyers. Recent headlines about criminal copper networks shipping millions to Peru and China highlight ongoing global demand pressures, while steel scrap forecasts have been revised downward through 2050, suggesting current pricing may face headwinds despite energy cost support.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $4,739/oz, up +$26.13 (+0.55%) day-over-day. Previous close: $4,713/oz.
• 5-day trend: ↓ 3 of last 5 sessions.

Gold moved higher today as tensions between the U.S. and Iran appear to be cooling, creating mixed signals for precious metals markets. The modest gain reflects gold's complex role as both an inflation hedge and safe-haven asset, as Toronto and Vancouver scrap dealers continue processing jewelry and electronic waste at elevated price levels. Canadian recyclers should monitor how the ceasefire developments affect broader commodity volatility, though gold's recent choppy trading pattern suggests sellers may want to wait for clearer directional signals before making major inventory decisions.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $74.22/oz, up +$0.4080 (+0.55%) day-over-day. Previous close: $73.81/oz.
• 5-day trend: ↑ 3 of last 5 sessions.
• Gold/Silver ratio: 63.9:1.

Silver added 41 cents to reach $74.22 an ounce as energy tensions ease between the U.S. and Iran, creating more stable conditions for industrial metal demand. The gold-to-silver ratio of 63.9-to-1 suggests silver remains relatively affordable compared to gold, which could attract scrap sellers in Toronto and Vancouver looking to time their sales. Electronics recyclers and solar panel processors should benefit from silver's dual role as both a precious metal safe haven and an industrial commodity needed for manufacturing recovery.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $2,043/oz, up +$14.00 (+0.69%) day-over-day. Previous close: $2,029/oz. MoM: -7.1%.
• Platinum 5-day trend: ↑ 4 of last 5 sessions.
• Palladium (Pd): $1,562/oz, up +$18.00 (+1.17%) day-over-day. Previous close: $1,544/oz. MoM: -5.1%.
• Palladium 5-day trend: ↑ 3 of last 5 sessions.
• Rhodium (Rh): $10,200/oz, flat day-over-day. Previous close: $10,200/oz. MoM: -12.4%.
• Rhodium 5-day trend: ↑ 1 of last 5 sessions.

Platinum and palladium both gained ground as buyers in Toronto and Vancouver adjusted their offers higher, with the metals building on recent upward momentum despite ongoing automotive sector challenges. Rhodium held steady at elevated levels as scrap processors across Canada maintained cautious pricing amid the metal's historically volatile nature. The easing tensions that drove natural gas down are creating mixed signals for Canadian operations, as lower energy costs may eventually reduce processing expenses but immediate transportation savings remain limited.

Copper — Current Indicators

• COMEX/Spot Copper: $5.72/lb, down $0.0330 (-0.57%) day-over-day. Previous close: $5.75/lb.
• 5-day trend: ↑ 3 of last 5 sessions.

Copper dipped about 3 cents to $5.72 per pound as mixed energy signals created uncertainty for Canadian scrap operations. While oil's climb typically pressures processing costs, the ceasefire relief that sent natural gas tumbling 20% offers hope for lower energy expenses in the coming weeks. Sellers of #1 and #2 copper, bare bright wire, and copper tubing in Toronto, Montreal, and Vancouver should watch how buyers in Hamilton and Calgary adjust their offers as energy cost dynamics settle over the next few sessions.

Aluminum — Current Indicators

• LME Aluminum: $3,452/tonne ($1.57/lb), down $0.0120 (-0.76%) day-over-day. Previous close: $1.58/lb.
• 5-day trend: ↓ 3 of last 5 sessions.

Aluminum dipped slightly with prices retreating from recent gains as energy costs showed mixed signals across Canadian markets. The modest pullback affects cast aluminum sellers in Toronto and Montreal most directly, while sheet and extrusion dealers in Vancouver and Calgary should expect buyers to adjust offers accordingly. With aluminum showing weakness in 3 of the last 5 trading sessions, scrap yard operators from Hamilton to Edmonton may want to prioritize moving inventory before further softness develops.

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.