SMASH Recycling Morning Metals Report – March 12, 2026

Prices as of March 12, 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 — $5,175/oz ▼
• Silver — $86.98/oz ▲
• PGMs — Rh ▸ $11,500 · Pt ▲ $2,169 · Pd ▲ $1,648
• Copper — $5.88/lb ▼
• Aluminum — $1.57/lb ▲
• Steel Scrap — $413.00/mt ▸
• Macro Backdrop
• CAD — USD/CAD 1.3587

SMASH Recycling Takeaways for Today

• Gold & Silver — Silver jumped $1.74 to $86.98 (+2.04%) while gold slipped $1.95 to $5,175 (-0.04%). Silver's strong rally continues from recent lows, but our models called silver down — they were wrong today. For Hamilton and Toronto yards, consider listing silver jewelry and electronics now while momentum builds.
• PGMs — Palladium surged $33 to $1,648 (+2.04%) and platinum gained $10 to $2,169 (+0.46%). Rhodium held flat at $11,500. Strong day for catalytic converter scrap across Montreal and Calgary markets. Our models predicted palladium weakness but got it wrong — the metal bounced instead.
• Copper — Copper dropped about 3 cents to $5.88/lb (-0.45%), continuing pressure on wire and pipe scrap values. Vancouver and Edmonton yards should expect softer pricing on clean copper grades. Hold off on major copper sales if possible.
• Aluminum — Aluminum gained about 1 cent to $1.57/lb (+0.72%), providing some relief for can and siding scrap. Ottawa and Winnipeg processors can list aluminum inventory as prices stabilize above recent lows.
• Big Picture — Mixed market with 4 of 8 metals higher today, showing selective strength in precious metals while base metals remain under pressure.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $94.82/bbl, up $3.31 (+3.62%) day-over-day.

Energy markets surged as Middle East tensions escalated, with Brent crude jumping $3.31 per barrel amid reports of U.S. strikes on Iranian mine-laying boats near the Strait of Hormuz. This geopolitical flare-up builds on the volatile oil picture we've seen over recent sessions, creating fresh uncertainty for global supply chains. Higher energy costs typically squeeze margins for scrap processors across Canada, from Vancouver's port operations to Toronto's industrial recyclers, as transportation and processing expenses climb.

The macro backdrop shows mixed signals for scrap demand ahead. While rising Treasury yields and steady Fed policy suggest economic resilience, elevated oil prices could dampen manufacturing activity that drives steel consumption. Canadian yards in Calgary and Edmonton may feel particular pressure given their energy sector exposure, while eastern markets like Montreal and Hamilton face higher logistics costs that could compress scrap values. Gold's continued strength near record levels reflects the market's unease, but industrial metals face headwinds if energy volatility persists and weighs on auto and construction demand.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $5,175/oz, down $1.95 (-0.04%) day-over-day. Previous close: $5,177/oz.
• 5-day trend: ↓ 3 of last 5 sessions.

Gold dipped slightly amid escalating Middle East tensions, as scrap sellers across Toronto, Montreal, and Vancouver continue to benefit from near-record pricing levels. Despite the modest decline, the precious metal remains well-supported as geopolitical risks in the Strait of Hormuz reinforce gold's safe-haven appeal for Canadian recyclers processing jewelry, electronics, and industrial scrap. With energy markets surging on conflict concerns, scrap yard operators should monitor whether sustained regional instability could drive renewed buying interest and push gold back toward recent highs.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $86.98/oz, up +$1.74 (+2.04%) day-over-day. Previous close: $85.25/oz.
• 5-day trend: ↑ 4 of last 5 sessions.
• Gold/Silver ratio: 59.5:1.

Silver gained ground as Middle East tensions escalated, pushing the metal higher alongside energy markets amid concerns over supply chain disruptions. The gold-to-silver ratio of 59.5-to-1 suggests silver remains relatively undervalued compared to gold, potentially offering better value for Canadian scrap sellers looking to time their sales across Toronto, Vancouver, and Montreal markets. With silver's strong industrial demand from solar panels and electronics manufacturing, scrap dealers handling electronic waste and industrial silver should benefit from both the safe-haven bid and underlying industrial consumption.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $2,169/oz, up +$10.00 (+0.46%) day-over-day. Previous close: $2,159/oz.
• Platinum 5-day trend: ↑ 4 of last 5 sessions.
• Palladium (Pd): $1,648/oz, up +$33.00 (+2.04%) day-over-day. Previous close: $1,615/oz.
• Palladium 5-day trend: ↓ 3 of last 5 sessions.
• Rhodium (Rh): $11,500/oz, flat day-over-day. Previous close: $11,500/oz.
• Rhodium 5-day trend: ↑ 2 of last 5 sessions.

Precious metals showed mixed signals for scrap sellers across Toronto and Vancouver markets, with escalating Middle East tensions providing underlying support. Platinum edged higher by ten dollars, continuing its recovery from early March's sharp decline, while palladium surged thirty-three dollars despite showing weakness in three of the past five sessions. Rhodium held steady at elevated levels, offering the strongest returns for catalytic converter recyclers, though automotive scrap dealers should monitor how sustained geopolitical tensions might affect industrial demand patterns going forward.

Copper — Current Indicators

• COMEX/Spot Copper: $5.88/lb, down $0.0265 (-0.45%) day-over-day. Previous close: $5.91/lb.
• 5-day trend: ↑ 3 of last 5 sessions.

Copper dipped slightly amid escalating Middle East tensions that drove energy markets higher, with scrap sellers across Toronto, Montreal, and Vancouver seeing modest pressure on their #1 and #2 copper prices. Despite the small daily decline, the red metal has shown resilience with gains in three of the past five sessions, suggesting underlying demand remains steady for bare bright and copper wire sellers from Calgary to Halifax. Canadian scrap yards should monitor how sustained geopolitical uncertainty affects industrial demand, as energy cost pressures could impact manufacturing activity that drives copper consumption.

Aluminum — Current Indicators

• LME Aluminum: $3,471/tonne ($1.57/lb), up +$0.0112 (+0.72%) day-over-day. Previous close: $1.56/lb.
• 5-day trend: ↑ 4 of last 5 sessions.

Aluminum prices edged higher amid escalating Middle East tensions that are driving energy costs up across commodity markets. The modest gain continues aluminum's positive momentum, with prices rising in four of the last five trading sessions as geopolitical uncertainty supports industrial metals. Canadian scrap sellers in Toronto, Vancouver, and other major centers should see steady demand for cast aluminum from auto parts and extrusion material from construction projects, though the small price increase means minimal immediate impact on scrapyard payouts.

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.