SMASH Recycling Morning Metals Report – March 31, 2026

Prices as of March 31, 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 — $4,573/oz ▼
• Silver — $72.92/oz ▲
• PGMs — Rh ▸ $10,400 · Pt ▼ $1,906 · Pd ▲ $1,433
• Copper — $5.53/lb ▸
• Aluminum — $1.60/lb ▲
• Steel Scrap — $413.00/mt ▸
• Macro Backdrop
• CAD — USD/CAD 1.3926

SMASH Recycling Takeaways for Today

• Gold & Silver — Gold dropped $17 to $4,573/oz while silver gained 28 cents to $72.92/oz. Our models predicted both metals would stay flat but missed the divergence — gold's safe-haven demand weakened while silver's industrial uses drove buying. Toronto and Vancouver dealers should price gold conservatively but can be more aggressive on silver offers.
• PGMs — Platinum fell $20 to $1,906/oz (down 1.04%) while palladium rose $8 to $1,433/oz (up 0.56%). Rhodium held steady at $10,400/oz. Our analysis completely missed the PGM moves today — all predictions were wrong. Montreal and Calgary auto recyclers should sell palladium inventory quickly on this bounce but wait on platinum until it finds a floor.
• Copper — Copper stayed flat at $5.53/lb with no movement today. Hamilton and Edmonton industrial sellers should hold steady — this sideways action suggests buyers are waiting for clearer economic signals before making major moves.
• Aluminum — Aluminum jumped 4 cents to $1.60/lb, up a strong 2.66% today. Winnipeg and Ottawa aluminum processors should capitalize on this momentum and push for higher offers from buyers — this is the strongest percentage move across all metals today.
• Big Picture — Mixed signals with 3 of 8 metals higher today, showing markets are still searching for direction after recent volatility.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $107.29/bbl, up $1.67 (+1.58%) day-over-day.

Oil markets pushed higher today, gaining $1.67 per barrel as geopolitical tensions and supply concerns outweighed demand worries. The energy rally supports scrap metal fundamentals across Canada, as higher fuel costs make recycled materials more attractive than energy-intensive primary production. This dynamic particularly benefits industrial scrap dealers in Toronto and Vancouver who serve manufacturers looking to cut input costs.

Rising crude prices also signal potential inflation pressures, which historically drive safe-haven demand for precious metals scrap. Gold refiners in Montreal and Calgary may see increased buying interest as investors hedge against currency weakness and rising commodity costs. The weaker dollar index and climbing 10-year yields create a mixed backdrop, but energy-driven inflation typically supports both industrial and precious metals recycling volumes across Canadian markets.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $4,573/oz, down $17.27 (-0.38%) day-over-day. Previous close: $4,590/oz.
• 5-day trend: ↑ 3 of last 5 sessions.

Gold pulled back modestly as traders took profits following its recent gains, though the metal remains well-supported above key levels that matter for Canadian scrap sellers. The decline comes as oil markets rally on geopolitical tensions, creating a complex backdrop where energy costs boost recycling economics even as safe-haven demand fluctuates. Scrap gold dealers across Toronto, Vancouver, and Montreal should expect continued solid interest from refiners, as central banks maintain their purchasing programs and jewelry buyers adapt to these elevated price ranges.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $72.92/oz, up +$0.2810 (+0.39%) day-over-day. Previous close: $72.64/oz.
• 5-day trend: ↑ 3 of last 5 sessions.
• Gold/Silver ratio: 62.7:1.

Silver gained about 28 cents today as higher energy costs continue to make recycled metals more attractive than energy-intensive primary production. The gold-silver ratio of 62.7 to 1 suggests silver remains relatively affordable compared to gold, which could draw more industrial buyers to electronics recyclers and solar panel scrap in Toronto, Vancouver, and Montreal. This modest uptick validates my earlier prediction error when I advised waiting for stabilization around $68 - the metal has shown surprising strength as both precious metal safe-haven demand and industrial applications support prices across Canadian scrap markets.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $1,906/oz, down $20.00 (-1.04%) day-over-day. Previous close: $1,926/oz. MoM: -19.3%.
• Platinum 5-day trend: ↓ 3 of last 5 sessions.
• Palladium (Pd): $1,433/oz, up +$8.00 (+0.56%) day-over-day. Previous close: $1,425/oz. MoM: -19.1%.
• Palladium 5-day trend: ↑ 3 of last 5 sessions.
• Rhodium (Rh): $10,400/oz, flat day-over-day. Previous close: $10,400/oz. MoM: -13.0%.
• Rhodium 5-day trend: → flat over last 5 sessions.

Precious metals markets showed mixed signals for Canadian scrap sellers, with palladium gaining ground while platinum pulled back and rhodium held steady. The divergent moves reflect varied industrial demand patterns, as palladium's automotive catalyst applications continue supporting prices while platinum faces headwinds despite both metals maintaining recent momentum over the past week. Rising energy costs are making recycled PGMs increasingly attractive to Toronto and Vancouver refiners compared to energy-intensive primary production, creating favorable conditions for scrap yard operators holding catalytic converter inventory.

Copper — Current Indicators

• COMEX/Spot Copper: $5.53/lb, flat day-over-day. Previous close: $5.53/lb.
• 5-day trend: ↓ 3 of last 5 sessions.

Copper held steady at current levels today despite declining in three of the past five sessions, as higher oil costs continue supporting scrap fundamentals across Canadian yards from Vancouver to Halifax. The energy rally makes recycled copper more attractive than primary production, which should benefit sellers of #1 and #2 copper, bare bright wire, and industrial copper scrap in Toronto, Montreal, and Calgary markets. With my earlier prediction of steady pricing proving accurate as copper consolidated near these levels, scrap dealers should expect consistent buyer interest from industrial processors who are increasingly focused on cost-effective recycled materials.

Aluminum — Current Indicators

• LME Aluminum: $3,523/tonne ($1.60/lb), up +$0.0414 (+2.66%) day-over-day. Previous close: $1.56/lb.
• 5-day trend: ↑ 5 of last 5 sessions.

Aluminum pushed higher for the fifth straight session, building on recent momentum as energy-driven demand supports recycled materials. The ongoing oil rally that lifted crude to $107.29 per barrel makes aluminum recycling increasingly attractive compared to energy-intensive primary production, benefiting scrap yards across Toronto, Montreal, and Vancouver. Cast aluminum sellers should capitalize on this sustained upward trend, while sheet and extrusion dealers in Calgary and Edmonton can expect steadier buyer interest as industrial demand remains supported by favorable recycling economics.

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.