SMASH Recycling Morning Metals Report – March 4, 2026

Prices as of March 04, 2026 at 01:00 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 — Silver jumped $2.71 to $85.30/oz (+3.28%) while gold gained $33 to $5,159/oz — both metals are recovering strong after last week's selloff, so sell your jewelry and dental scrap today before any pullback.
• PGMs — Platinum surged $55 to $2,151/oz and palladium up $31 to $1,667/oz, but rhodium slipped $100 to $11,850/oz — catalytic converter scrap prices should be solid across Toronto and Vancouver yards given the platinum/palladium strength.
• Copper — Up 7 cents to $5.91/lb (+1.18%) after weeks of choppy trading — good time for electrical contractors and demo crews to move wire and pipe inventory while momentum is positive.
• Aluminum — Strong 5-cent jump to $1.53/lb (+3.12%) continues the uptrend we've been tracking — auto recyclers in Calgary and Edmonton should push aluminum engine blocks and wheels today.
• Big Picture — Six of seven metals posted gains today, signaling broad commodity strength that favors immediate selling across most scrap categories.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $82.27/bbl, up $0.1400 (+0.17%) day-over-day.

Oil's steady climb continues as Middle East tensions keep energy markets on edge. Iran's ongoing targeting of oil infrastructure across the Gulf region is driving risk premiums higher, with Brent adding another 14 cents today. This follows the sharp jumps we've seen over recent sessions, pushing crude from the low $70s just days ago to over $82 now.

Higher energy costs are a double-edged sword for Canadian scrap yards from Vancouver to Montreal. While transportation and processing expenses climb, the inflationary pressure typically supports base metal prices and makes scrap more attractive to mills looking to cut input costs. The 10-year Treasury yield rising to 4.05% signals markets expect this energy-driven inflation to persist. For auto recyclers in Toronto and Calgary, watch how aluminum prices respond — the energy-intensive smelting process makes aluminum particularly sensitive to both oil spikes and geopolitical supply concerns.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $5,159/oz, up +$33.07 (+0.65%) day-over-day. Previous close: $5,126/oz.
• 5-day trend: ↑ 4 of last 5 sessions.

Gold climbed higher as Middle East tensions continue to support safe-haven demand, with oil and shipping costs rising due to concerns about Iranian attacks on regional energy infrastructure. The precious metal's steady upward momentum benefits Canadian scrap sellers from Vancouver to Halifax, as recyclers can now command stronger prices for gold jewelry, electronics components, and dental scrap. Scrap yard operators should watch geopolitical developments closely, as any escalation in the Middle East conflict could drive gold even higher in the coming days.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $85.30/oz, up +$2.71 (+3.28%) day-over-day. Previous close: $82.59/oz.
• 5-day trend: ↓ 3 of last 5 sessions.
• Gold/Silver ratio: 60.5:1.

Silver jumped higher by over $2.70 per ounce as geopolitical tensions continue to support precious metals, with the rise in oil and aluminum prices suggesting broader commodity strength. The gold-to-silver ratio of 60.5 to 1 shows silver remains relatively affordable compared to gold, making it attractive for Canadian scrap sellers in Toronto, Vancouver, and Montreal who deal in electronics recycling, old jewelry, and industrial silver waste. Despite today's strong gain, silver has declined in three of the past five sessions, so scrap yard operators and auto recyclers should watch whether this bounce holds or if the recent downtrend resumes.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $2,151/oz, up +$55.00 (+2.62%) day-over-day. Previous close: $2,096/oz.
• Platinum 5-day trend: ↓ 3 of last 5 sessions.
• Palladium (Pd): $1,667/oz, up +$31.00 (+1.89%) day-over-day. Previous close: $1,636/oz.
• Palladium 5-day trend: ↓ 3 of last 5 sessions.
• Rhodium (Rh): $11,850/oz, down $100.00 (-0.84%) day-over-day. Previous close: $11,950/oz.
• Rhodium 5-day trend: ↓ 3 of last 5 sessions.

Platinum group metals bounced back today after recent weakness, with platinum and palladium both gaining ground while rhodium slipped slightly. This recovery comes after PGMs faced selling pressure in recent sessions, offering some relief for Canadian scrap sellers holding catalytic converters and industrial platinum-bearing materials. However, the broader five-day trend remains choppy for all three metals, suggesting continued volatility ahead as Middle East tensions drive up energy costs and create uncertainty in automotive and industrial demand.

Copper — Current Indicators

• COMEX/Spot Copper: $5.91/lb, up +$0.0690 (+1.18%) day-over-day. Previous close: $5.84/lb.
• 5-day trend: ↓ 3 of last 5 sessions.

Copper bounced back today, gaining about 7 cents after several days of declines that brought prices down from over $6 per pound earlier this week. The recent volatility comes as Middle East tensions push up oil and shipping costs, which could affect transportation expenses for scrap dealers across Toronto, Vancouver, and other Canadian markets. Sellers of #1 copper, bare bright wire, and transformers should watch whether this recovery holds, as copper has been struggling to find direction amid mixed economic signals.

Aluminum — Current Indicators

• LME Aluminum: $3,380/tonne ($1.53/lb), up +$0.0464 (+3.12%) day-over-day. Previous close: $1.49/lb.
• 5-day trend: ↑ 3 of last 5 sessions.

Aluminum prices gained about 5 cents today, continuing the upward momentum seen over the past week as Middle East tensions drive commodity markets higher. Canadian scrap sellers from Vancouver to Halifax should benefit from this strength, particularly those with clean cast aluminum and automotive extrusions that command premium pricing. With aluminum showing gains in 3 of the last 5 trading sessions and geopolitical supply concerns supporting industrial metals, sellers may want to move material soon rather than wait for potentially volatile swings ahead.

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.