SMASH Recycling Morning Metals Report – May 18, 2026

Prices as of May 18, 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 — $4,548/oz ▲
• Silver — $76.89/oz ▲
• PGMs — Rh ▼ $9,900 · Pt ▼ $1,966 · Pd ▸ $1,394
• Copper — $6.26/lb ▼
• Aluminum — $1.62/lb ▼
• Steel Scrap — $413.00/mt ▸
• Macro Backdrop
• CAD — USD/CAD 1.3752

SMASH Recycling Takeaways for Today

• Gold & Silver — Use today’s small gold uptick to move low-margin gold, but keep your best, high-karat and clean silver back for the stronger bounce I called and still expect.
• PGMs — With platinum down and palladium flat, hold clean converter loads if you can; only sell if you need cash or yard space, as I’ve been expecting a PGM bounce.
• Copper — I was wrong calling for a quick copper recovery; with prices still sliding, slow large sales and ship only what you must to manage cash flow.
• Aluminum — Market is basically flat, just under recent levels, so keep shipping steady volumes of clean extrusion and sheet while trimming off any heavy downgrade or contamination.
• Big Picture — Only 2 of 8 metals are higher today, so treat this as a soft market and tighten your buy prices while being picky on quality.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $109.86/bbl, up $0.6200 (+0.57%) day-over-day.

## Macro Backdrop — Energy and Risk

Brent crude is at $109.86, up about 62 cents. Oil stays rich, so diesel and power remain costly for scrap hauling and processing. This keeps pressure on yard margins, even if it helps support finished steel and metal prices over time.

The U.S. 10‑year yield has ticked up to 4.47% and inflation expectations are holding near 2.5%. The Fed rate is still 3.64%, so money is not cheap. USD/CAD near 1.38 keeps the U.S. dollar strong against the loonie, which can pinch Canadian exporters but helps U.S. buyers of Canadian scrap. Overall, the macro backdrop is firm but not friendly: high energy, steady inflation, and tighter credit keep risk in the system for scrap flows and demand.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $4,548/oz, up +$5.70 (+0.13%) day-over-day. Previous close: $4,542/oz.
• 5-day trend: ↓ 4 of last 5 sessions.

Gold is still very high at about $4,548 an ounce, up a bit today even after slipping on 4 of the last 5 days. At these levels, scrap flows should stay strong as sellers lock in rich prices, but high diesel and power costs mean haulers and refiners need to watch margins on lower-grade material.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $76.89/oz, up +$0.9085 (+1.20%) day-over-day. Previous close: $75.98/oz.
• 5-day trend: ↓ 3 of last 5 sessions.
• Gold/Silver ratio: 59.2:1.

Silver is up to $76.89 an ounce, so scrap sellers may see better offers today. But the market is still choppy, with prices down in 3 of the last 5 sessions, so recyclers may want to watch for more swings before locking in big loads.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $1,966/oz, down $13.00 (-0.66%) day-over-day. Previous close: $1,979/oz. MoM: -6.4%.
• Platinum 5-day trend: ↓ 4 of last 5 sessions.
• Palladium (Pd): $1,394/oz, flat day-over-day. Previous close: $1,394/oz. MoM: -9.6%.
• Palladium 5-day trend: ↓ 3 of last 5 sessions.
• Rhodium (Rh): $9,900/oz, down $25.00 (-0.25%) day-over-day. Previous close: $9,925/oz. MoM: -2.0%.
• Rhodium 5-day trend: ↓ 2 of last 5 sessions.

Platinum and rhodium are slipping, and palladium is flat, so converter values are a bit softer this week. With rhodium still just under $10,000 and oil costs high for hauling, many yards may choose to move decent volumes now but stay picky on low-grade cans.

Copper — Current Indicators

• COMEX/Spot Copper: $6.26/lb, down $0.0320 (-0.51%) day-over-day. Previous close: $6.29/lb.
• 5-day trend: ↓ 4 of last 5 sessions.

Copper is at about $6.26 per pound, down around 3 cents and lower in 4 of the last 5 sessions. Scrap sellers should expect weaker offers this week, but strong energy costs still support good yards that can move clean, high-grade copper fast.

Aluminum — Current Indicators

• LME Aluminum: $3,563/tonne ($1.62/lb), down $0.0005 (-0.03%) day-over-day. Previous close: $1.62/lb.
• 5-day trend: ↓ 4 of last 5 sessions.

Aluminum is at $1.62 per pound, down just a hair today (off 0.03%, less than a cent). Still, prices have slipped in 4 of the last 5 sessions, so sellers may want to move steady volumes now, but avoid cutting offers too fast unless local yards start to weaken.

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.