SMASH Recycling Morning Metals Report – March 3, 2026

Prices as of March 03, 2026 at 03:14 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.

SMASH Recycling Takeaways for Today

• Gold & Silver — Both metals took a major hit today with gold down $297 to $5,045/oz and silver falling $9.38 to $80.63/oz. Hold off on selling gold and silver scrap until this selloff stabilizes — these are significant drops that could bounce back quickly.
• PGMs — Platinum crashed $270 to $2,035/oz while palladium dropped $153 to $1,608/oz, but rhodium held steady at $12,050/oz. Focus on moving rhodium inventory immediately while holding platinum and palladium until the volatility settles.
• Copper — Copper fell 18 cents today to $5.79/lb, continuing its slide from the $6.03 level we saw earlier this week. List copper scrap on SMASH Recycling now before prices drop further — this downtrend looks persistent.
• Aluminum — The only bright spot today with aluminum gaining 3 cents to $1.47/lb, maintaining momentum from recent sessions. Sell aluminum scrap immediately across Toronto, Montreal, and Vancouver yards while this upward move continues.
• Big Picture — Nearly every major scrap metal is in the red today, signaling a broad market correction that could create buying opportunities for patient sellers tomorrow.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $83.39/bbl, up $5.67 (+7.30%) day-over-day.

Oil surged $5.67 per barrel on growing Middle East tensions, with headlines pointing to hostility in the region affecting precious metals delivery and adding uncertainty to global supply chains. This energy spike follows last week's climb from around $69 to nearly $80, showing sustained upward pressure that directly impacts scrap operations across Toronto, Montreal, and Vancouver through higher transportation and processing costs.

The macro environment remains supportive for industrial metals despite some recent volatility in steel scrap, which dropped sharply after strong gains last week. With inflation expectations ticking up slightly and the Fed holding rates steady, Canadian scrap yards should expect continued demand from infrastructure projects, while higher energy costs may squeeze margins. The weaker dollar index should help commodity prices overall, benefiting scrap values for yards in Calgary, Edmonton, and other western markets that compete globally.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $5,045/oz, down $296.84 (-5.56%) day-over-day. Previous close: $5,341/oz.
• 5-day trend: ↑ 4 of last 5 sessions.

Gold pulled back sharply today after reaching new highs earlier this week, as profit-taking weighed on the precious metal despite its recent strong uptrend. For Canadian scrap sellers from Vancouver to Halifax, this dip creates a buying opportunity for refineries and dealers who may offer better rates before gold potentially resumes its climb. Scrap yard operators handling everything from old jewelry to electronic components should monitor whether this pullback attracts fresh investment demand, as gold's role as a safe-haven asset remains intact amid ongoing global economic uncertainties.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $80.63/oz, down $9.38 (-10.42%) day-over-day. Previous close: $90.01/oz.
• 5-day trend: ↓ 3 of last 5 sessions.
• Gold/Silver ratio: 62.6:1.

Silver took a significant hit today, dropping over $9 per ounce as the precious metals complex pulled back from recent highs – a sharp reversal from the steady gains we saw through late February when silver was climbing toward $95. The gold-to-silver ratio of 62.6 suggests silver remains relatively affordable compared to gold, which could attract bargain hunters among scrap sellers and electronics recyclers across Toronto, Vancouver, and other Canadian markets. With silver's dual role as both a precious metal and key industrial component in solar panels and electronics, scrap yard operators dealing with old circuit boards, medical equipment, and solar installations should monitor whether this pullback creates buying opportunities or signals broader economic concerns affecting industrial demand.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $2,035/oz, down $270.00 (-11.71%) day-over-day. Previous close: $2,305/oz.
• Platinum 5-day trend: ↓ 3 of last 5 sessions.
• Palladium (Pd): $1,608/oz, down $153.00 (-8.69%) day-over-day. Previous close: $1,761/oz.
• Palladium 5-day trend: ↓ 4 of last 5 sessions.
• Rhodium (Rh): $12,050/oz, flat day-over-day. Previous close: $12,050/oz.
• Rhodium 5-day trend: ↑ 3 of last 5 sessions.

PGM markets took a sharp hit today, with platinum and palladium both falling heavily after showing strength through February. This reverses the upward momentum we saw just days ago when platinum was rallying above $2,350 per ounce. For Canadian scrap sellers in Toronto, Vancouver, and other major centers, catalytic converter and industrial PGM scrap values are now significantly lower, making timing crucial for anyone holding material - though rhodium's stability above $12,000 provides some bright spot for diesel catalyst recyclers.

Copper — Current Indicators

• COMEX/Spot Copper: $5.79/lb, down $0.1755 (-2.94%) day-over-day. Previous close: $5.97/lb.
• 5-day trend: ↓ 3 of last 5 sessions.

Copper prices dropped about 18 cents today, continuing a recent downward trend with declines in three of the last five trading sessions. This pullback from last week's stronger levels around $6.12 means scrap sellers across Canadian markets from Toronto to Vancouver should expect lower payouts for #1 and #2 copper, bare bright wire, and copper tubing. With oil prices spiking but copper weakening, industrial recyclers and auto scrappers may want to move inventory soon if prices continue this softer pattern.

Aluminum — Current Indicators

• LME Aluminum: $3,250/tonne ($1.47/lb), up +$0.0254 (+1.75%) day-over-day. Previous close: $1.45/lb.
• 5-day trend: ↑ 3 of last 5 sessions.

Aluminum prices gained momentum today, adding about 3 cents per pound as the metal continues its recent upward trend with gains in three of the last five trading sessions. This steady climb benefits scrap sellers across Canadian markets from Vancouver to Halifax, especially those dealing with cast aluminum from auto parts, sheet metal from construction, and extrusion scrap from manufacturing. The consistent price strength suggests solid demand fundamentals, making it a good time for scrap yards and industrial recyclers to move inventory while the market momentum remains positive.

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).

⚠️ Note: Gold (5.6%), Silver (10.4%), Platinum (11.7%), Palladium (8.7%) show unusually large day-over-day moves. Illiquid markets (e.g. rhodium) can have wide bid-ask spreads; verify with multiple sources before acting.

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.