SMASH Recycling Morning Metals Report – March 26, 2026

Prices as of March 26, 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 — $4,440/oz ▼
• Silver — $67.84/oz ▼
• PGMs — Rh ▸ $10,800 · Pt ▼ $1,852 · Pd ▼ $1,347
• Copper — $5.51/lb ▼
• Aluminum — $1.49/lb ▲
• Steel Scrap — $413.00/mt ▸
• Macro Backdrop
• CAD — USD/CAD 1.3801

SMASH Recycling Takeaways for Today

• Gold & Silver — Hold off on major sales today with gold down $67 and silver down $3.45. Our models called both metals higher but missed today's weakness. Wait for stabilization before moving large jewelry or electronics inventories to Toronto or Vancouver buyers.
• PGMs — Platinum down $73 and palladium down $50 today, giving back some of yesterday's gains but not fully reversing them. Cat buyers in Calgary and Edmonton may lower offers temporarily. Hold automotive catalysts unless you need immediate cash flow.
• Copper — Minimal movement with copper down less than a cent to $5.51/lb. Montreal and Hamilton wire buyers should maintain steady pricing. Safe to continue normal industrial copper sales as the decline is negligible.
• Aluminum — Only bright spot today with aluminum up 2 cents to $1.49/lb, gaining 1.20%. Good day to move aluminum inventory to Ottawa and Winnipeg buyers who should reflect this modest uptick in their pricing.
• Big Picture — Broad weakness across scrap markets with only 1 of 8 metals higher today, suggesting cautious approach for large inventory moves.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $101.38/bbl, up $3.42 (+3.49%) day-over-day.

Oil markets surged today as Brent crude jumped $3.42 to over $101 per barrel, reflecting renewed concerns about Middle East supply disruptions after Iran tensions escalated. This sharp energy spike puts upward pressure on scrap transportation costs across Canada, but also signals stronger industrial activity that typically boosts demand for recycled metals. The 10-year Treasury yield climbing to 4.39% suggests markets expect continued economic growth, which supports the outlook for construction and manufacturing demand in major Canadian markets like Toronto, Vancouver, and Calgary.

Higher energy costs create a mixed picture for scrap yards from Montreal to Edmonton. While diesel-intensive collection and processing operations face margin pressure, the broader macro backdrop of rising yields and steady Fed policy points to sustained industrial demand. Energy companies ramping up activity in Alberta's oil patch should support regional steel scrap values, while automotive recyclers in Ontario may see improved demand as higher gas prices encourage more vehicle repairs over replacements. The combination of energy-driven inflation and solid economic fundamentals typically favors scrap pricing over the medium term, even as near-term logistics costs rise.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $4,440/oz, down $67.48 (-1.50%) day-over-day. Previous close: $4,508/oz.
• 5-day trend: ↓ 3 of last 5 sessions.

Gold retreated from recent highs despite surging oil prices and Middle East tensions, as the precious metal failed to capitalize on traditional safe-haven demand that typically emerges during geopolitical uncertainty. This pullback partially reverses gold's strong gains from earlier this week and reflects profit-taking after the metal approached multi-session peaks, though scrap gold sellers across Toronto, Vancouver, and Montreal still benefit from prices well above seasonal averages. While higher energy costs from today's oil spike will pressure transportation margins for Canadian recyclers, gold's resilience above key technical levels suggests underlying safe-haven premiums remain intact as investors monitor escalating Iran tensions.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $67.84/oz, down $3.45 (-4.83%) day-over-day. Previous close: $71.28/oz.
• 5-day trend: ↓ 3 of last 5 sessions.
• Gold/Silver ratio: 65.5:1.

Silver dropped sharply today as energy costs surged, creating a challenging environment for Canadian scrap sellers from Toronto to Vancouver who face higher transportation expenses. While the precious metal side of silver declined alongside other safe havens, the industrial demand story remains mixed as higher oil prices signal stronger economic activity that typically benefits electronics recyclers and solar panel scrap processors. The gold/silver ratio widening beyond 65:1 suggests silver is becoming relatively cheaper compared to gold, which could attract bargain hunters if transportation costs stabilize in the coming sessions.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $1,852/oz, down $73.00 (-3.79%) day-over-day. Previous close: $1,925/oz. MoM: -14.1%.
• Platinum 5-day trend: ↓ 4 of last 5 sessions.
• Palladium (Pd): $1,347/oz, down $50.00 (-3.58%) day-over-day. Previous close: $1,397/oz. MoM: -23.7%.
• Palladium 5-day trend: ↓ 3 of last 5 sessions.
• Rhodium (Rh): $10,800/oz, flat day-over-day. Previous close: $10,800/oz. MoM: -8.1%.
• Rhodium 5-day trend: ↓ 3 of last 5 sessions.

Precious metals faced heavy selling pressure with platinum and palladium both dropping nearly 4% as higher energy costs from rising oil prices squeezed margins across Canadian scrap operations from Vancouver to Halifax. While rhodium held steady at current levels, the broader weakness continues the downward trend seen over recent sessions, putting pressure on auto recyclers holding catalytic converter inventory in Toronto and Montreal. Rising transportation costs from $101 oil may temporarily weigh on scrap collection economics, though stronger industrial activity typically follows energy spikes and could support future demand for recycled PGMs.

Copper — Current Indicators

• COMEX/Spot Copper: $5.51/lb, down $0.0045 (-0.08%) day-over-day. Previous close: $5.52/lb.
• 5-day trend: ↓ 3 of last 5 sessions.

Copper prices edged down slightly today despite oil surging over $101 per barrel, as the industrial metal consolidated near $5.51 per pound after showing weakness in three of the last five sessions. While higher energy costs from Middle East tensions will pressure transportation expenses for Canadian scrap yards from Vancouver to Halifax, the spike in oil often signals stronger industrial activity that could boost demand for #1 and #2 copper, bare bright wire, and other premium grades in the coming weeks. Scrap sellers should monitor whether copper can stabilize above current levels, as my previous prediction expected clearer upward direction for moving large industrial stockpiles, though the metal has remained rangebound instead of building the momentum initially anticipated.

Aluminum — Current Indicators

• LME Aluminum: $3,284/tonne ($1.49/lb), up +$0.0177 (+1.20%) day-over-day. Previous close: $1.47/lb.
• 5-day trend: ↑ 4 of last 5 sessions.

Aluminum prices edged higher today, gaining about 2 cents per pound as energy costs surged with oil jumping over $101 per barrel amid escalating Middle East tensions. While the modest gain continues aluminum's recent positive momentum - up 4 of the last 5 sessions - scrap sellers across Toronto, Vancouver, and other Canadian markets should expect mixed impacts from today's developments. Higher transportation costs from the oil spike may squeeze margins initially, but the underlying industrial activity driving energy demand typically boosts consumption of recycled aluminum for cast, sheet, and extrusion applications.

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.