SMASH Recycling Morning Metals Report – March 27, 2026

Prices as of March 27, 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 — $4,424/oz ▲
• Silver — $67.81/oz ▼
• PGMs — Rh ▸ $10,800 · Pt ▼ $1,834 · Pd ▲ $1,363
• Copper — $5.46/lb ▼
• Aluminum — $1.47/lb ▼
• Steel Scrap — $413.00/mt ▸
• Macro Backdrop
• CAD — USD/CAD 1.3844

SMASH Recycling Takeaways for Today

• Gold & Silver — Gold up $21.60 to $4,424/oz shows strength after recent weakness — Toronto and Montreal yards should list premium gold scrap today while momentum holds, but silver down 74 cents to $67.81/oz suggests waiting on major silver lots until stabilization returns.
• PGMs — Mixed signals with palladium gaining $3.00 to $1,363/oz while platinum slipped $2.00 to $1,834/oz — Vancouver and Calgary auto recyclers should move palladium-heavy catalytic converters now but hold platinum-rich units for better pricing next week.
• Copper — Down about 2 cents to $5.46/lb on minimal volume — Hamilton and Edmonton industrial sellers should maintain steady pricing as this small move doesn't signal major direction change.
• Aluminum — Dropped less than a cent to $1.47/lb continuing recent softness — Winnipeg and Ottawa yards should clear aluminum inventory quickly as the downward pressure persists across base metals.
• Big Picture — Defensive market with only 2 of 8 metals higher today, suggesting patience over aggressive selling until clearer trends emerge across Canadian scrap markets.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $104.38/bbl, up $3.32 (+3.29%) day-over-day.

Oil's $3.32 jump reflects growing concerns about Middle East supply disruptions as tensions between the U.S., Israel, and Iran continue escalating global trade risks. The energy spike puts pressure on Canadian scrap yards from higher transportation costs, but also signals stronger industrial activity that could boost demand for recycled metals. With the Fed holding rates steady at 3.64% and inflation expectations ticking up slightly to 2.34%, the combination of higher energy costs and accommodative monetary policy creates a mixed backdrop for scrap values.

The geopolitical premium in oil markets suggests continued volatility ahead, which typically benefits base metals like copper and aluminum as investors seek inflation hedges. Canadian operators in Toronto, Calgary, and Vancouver should watch for improved buyer interest if this energy rally sustains, as higher oil often correlates with increased infrastructure spending and manufacturing activity. However, the stronger Canadian dollar at 1.3844 versus the U.S. dollar may limit export competitiveness for scrap shipments to American buyers.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $4,424/oz, up +$21.60 (+0.49%) day-over-day. Previous close: $4,402/oz.
• 5-day trend: ↑ 3 of last 5 sessions.

Gold's modest gain reflects continued safe-haven demand as Middle East tensions keep investors cautious, despite higher energy costs pressuring some industrial activity. Canadian scrap gold sellers from Toronto to Vancouver should find steady buying interest from refiners, as central banks maintain their appetite for the precious metal amid ongoing geopolitical uncertainty. With gold showing strength in 3 of the last 5 sessions, e-waste recyclers and jewelers should consider this a favorable environment for moving accumulated inventory, though transportation costs remain elevated due to oil's recent surge.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $67.81/oz, down $0.7390 (-1.08%) day-over-day. Previous close: $68.54/oz.
• 5-day trend: ↓ 3 of last 5 sessions.
• Gold/Silver ratio: 65.2:1.

Silver dropped 74 cents today as Middle East tensions that boosted oil to $104 continue creating mixed pressures across commodity markets. While higher energy costs squeeze Canadian scrap yards from Vancouver to Montreal with increased transportation expenses, the underlying industrial activity driving oil demand could eventually support silver's dual role in both precious metals and electronics recycling. The gold-silver ratio at 65:1 suggests silver remains relatively cheap compared to gold, potentially offering better value for electronics recyclers and industrial sellers holding larger silver inventories once geopolitical volatility settles.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $1,834/oz, down $2.00 (-0.11%) day-over-day. Previous close: $1,836/oz. MoM: -19.6%.
• Platinum 5-day trend: ↓ 4 of last 5 sessions.
• Palladium (Pd): $1,363/oz, up +$3.00 (+0.22%) day-over-day. Previous close: $1,360/oz. MoM: -22.6%.
• Palladium 5-day trend: ↑ 3 of last 5 sessions.
• Rhodium (Rh): $10,800/oz, flat day-over-day. Previous close: $10,800/oz. MoM: -10.7%.
• Rhodium 5-day trend: ↓ 2 of last 5 sessions.

Platinum's slight decline continues the downward pressure from recent sessions, while palladium managed a small gain as automotive scrap processors in Toronto and Montreal may see modest improvements in catalytic converter offers. Rhodium held steady at elevated levels, providing stability for Canadian recyclers with high-grade cat inventory. Rising oil costs from Middle East tensions are squeezing transportation margins for scrap yards across Vancouver and Calgary, but the underlying industrial demand signals suggest processors remain active buyers for quality PGM-bearing materials.

Copper — Current Indicators

• COMEX/Spot Copper: $5.46/lb, down $0.0230 (-0.42%) day-over-day. Previous close: $5.49/lb.
• 5-day trend: ↓ 3 of last 5 sessions.

Copper dipped about 2 cents today as Middle East tensions continue pressuring transportation costs across Canadian scrap markets, though the small decline suggests underlying industrial demand remains steady. Scrap yards in Toronto and Vancouver should expect buyers to adjust offers slightly lower for #1 and #2 copper, bare bright wire, and copper tubing, but the modest move indicates stable fundamentals despite energy cost headwinds. With copper showing weakness in three of the last five sessions, sellers in Calgary and Montreal may want to watch for clearer direction before moving large industrial stockpiles.

Aluminum — Current Indicators

• LME Aluminum: $3,232/tonne ($1.47/lb), down $0.0078 (-0.53%) day-over-day. Previous close: $1.47/lb.
• 5-day trend: ↑ 4 of last 5 sessions.

Aluminum dipped slightly as Middle East tensions continue pressuring transportation costs through higher oil prices, though the metal has shown strength in 4 of the last 5 trading sessions. Cast aluminum sellers in Toronto and Vancouver should expect steady demand from buyers despite the minor pullback, as industrial activity remains supported by the same geopolitical factors driving energy costs higher. Sheet and extrusion aluminum recyclers across Montreal and Calgary markets can take advantage of the recent upward momentum, with scrap yards likely maintaining competitive offers given aluminum's resilient trend amid broader market volatility.

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.