SMASH Recycling Morning Metals Report – March 9, 2026

Prices as of March 09, 2026 at 02:21 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 — $5,077/oz ▼
• Silver — $83.65/oz ▼
• PGMs — Rh ▲ $11,650 · Pt ▸ $2,145 · Pd ▲ $1,634
• Copper — $5.77/lb ▼
• Aluminum — $1.53/lb ▼
• Steel Scrap — $413.00/mt ▸
• Macro Backdrop
• CAD — USD/CAD 1.3613

SMASH Recycling Takeaways for Today

• Gold & Silver — Both metals dropped hard with gold losing $100 and silver down 79 cents. Hold off selling today in Toronto and Vancouver yards—wait for a bounce back above $5,100 for gold before liquidating larger lots.
• PGMs — Palladium jumped $23 to $1,634 while rhodium added $50 to $11,650, reversing last week's declines. Sell palladium-rich catalytic converters now in Calgary and Edmonton before this rally stalls.
• Copper — Down 7 cents to $5.77/lb, continuing the slide from $5.80 levels. Montreal and Hamilton yards should list copper inventory on SMASH Recycling quickly before it tests $5.70 support.
• Aluminum — Fell 2 cents to $1.53/lb, giving back Friday's strong 2% gain. Winnipeg and Ottawa sellers should hold smaller volumes but move larger industrial loads today before further weakness.
• Big Picture — Most metals are down today with only PGMs showing strength, signaling mixed demand across Canadian scrap markets.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $105.28/bbl, up $12.41 (+13.36%) day-over-day.

Oil's sharp $12.41 jump reflects escalating tensions in the Gulf region, with maritime insurance concerns weighing heavily on energy markets. The 10-year Treasury yield climbing to 4.13% and rising inflation expectations are creating a challenging backdrop for industrial metals, as higher borrowing costs could slow construction and manufacturing activity across Canada.

Higher energy costs will squeeze margins for scrap processors from Vancouver to Halifax, as transportation and sorting operations become more expensive. However, the weaker dollar index and geopolitical uncertainty often drive buyers toward physical commodities, which could support demand for copper and aluminum scrap in major markets like Toronto and Montreal. Steel scrap yards in Hamilton and Calgary should monitor how rising input costs affect their customers' willingness to pay premium prices for quality material.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $5,077/oz, down $100.10 (-1.93%) day-over-day. Previous close: $5,177/oz.
• 5-day trend: ↓ 3 of last 5 sessions.

Gold extended its recent weakness as scrap sellers across Toronto, Montreal, and Vancouver face continued pressure on their material values. The precious metal's decline reflects ongoing market uncertainty, though gold remains an important safe-haven asset for investors watching global economic conditions. Canadian scrap yard operators and e-waste recyclers processing old electronics should monitor whether this downward trend continues, as it directly impacts the value of gold-bearing components from computers, smartphones, and jewelry.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $83.65/oz, down $0.7930 (-0.94%) day-over-day. Previous close: $84.44/oz.
• 5-day trend: ↓ 3 of last 5 sessions.
• Gold/Silver ratio: 60.7:1.

Silver slipped 79 cents lower, continuing its recent downtrend that's hit three of the last five sessions across Canadian scrap markets from Vancouver to Toronto. The gold-to-silver ratio of 60.7-to-1 suggests silver remains relatively affordable compared to gold, which could attract buyers looking for value in precious metals scrap. Electronics recyclers and solar panel scrappers should watch whether this weakness holds, as silver's dual role as both a precious metal and key industrial input makes it sensitive to both investment flows and manufacturing demand.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $2,145/oz, flat day-over-day. Previous close: $2,145/oz.
• Platinum 5-day trend: → flat over last 5 sessions.
• Palladium (Pd): $1,634/oz, up +$23.00 (+1.43%) day-over-day. Previous close: $1,611/oz.
• Palladium 5-day trend: ↓ 3 of last 5 sessions.
• Rhodium (Rh): $11,650/oz, up +$50.00 (+0.43%) day-over-day. Previous close: $11,600/oz.
• Rhodium 5-day trend: ↓ 3 of last 5 sessions.

PGM markets showed mixed action today, with palladium gaining twenty-three dollars while platinum held steady and rhodium added fifty dollars. The moves partially reversed some of last week's weakness in palladium and rhodium, though both metals have still declined in three of their last five sessions. Scrap sellers across Toronto, Vancouver, and other Canadian markets should note that all three PGMs remain at strong levels, making it a favorable time to move catalytic converters and other platinum group metal-bearing materials.

Copper — Current Indicators

• COMEX/Spot Copper: $5.77/lb, down $0.0690 (-1.18%) day-over-day. Previous close: $5.84/lb.
• 5-day trend: ↓ 3 of last 5 sessions.

Copper pulled back about 7 cents as the metal continues its recent downward trend, falling in three of the last five trading sessions. The weakness reflects ongoing concerns about global demand conditions, putting pressure on scrap prices across Canadian markets from Vancouver to Montreal. Sellers of bare bright copper, #1 and #2 grades, and copper wire should expect yards in Toronto, Calgary, and other major centers to adjust their buying prices accordingly, though copper's fundamental value remains supported above key technical levels.

Aluminum — Current Indicators

• LME Aluminum: $3,382/tonne ($1.53/lb), down $0.0201 (-1.29%) day-over-day. Previous close: $1.55/lb.
• 5-day trend: ↑ 3 of last 5 sessions.

Aluminum prices pulled back about two cents after strong gains earlier this week, though the metal has still been trending upward in recent sessions. The slight dip means Toronto and Vancouver scrap yards may see marginally lower payouts for cast aluminum from auto parts and sheet aluminum from construction projects, while extrusion sellers across Calgary and Montreal should expect similar modest adjustments. Despite today's softness, aluminum's recent strength suggests steady demand for recycled material, keeping conditions favorable for Canadian scrap sellers heading into the rest of the week.

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.