Smash Scrap Morning Metals Report – February 24, 2026

Prices as of February 24, 2026 at 11:31 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 Scrap Takeaways for Today

• Gold & Silver — Hold off on selling today as both metals dropped sharply (gold down $99 to $5,128, silver down $1.24 to $86.70). Wait for a bounce back toward yesterday's levels before moving inventory.
• PGMs — Strong buying opportunity for rhodium which surged $575 to $11,750, continuing its upward streak from recent sessions. Palladium also gained $44 to $1,766. List rhodium scrap immediately on SMASH while momentum is hot.
• Copper — Solid day with copper up about 11 cents to $5.90/lb, reversing yesterday's weakness. Good time to move clean copper wire and clean automotive radiators before any pullback.
• Aluminum — Modest gain of less than a cent to $1.41/lb shows steady demand. Move large aluminum loads now as prices have been consistently climbing over recent sessions.
• Big Picture — Mixed signals with precious metals weakening while industrial metals and PGMs show strength, suggesting selective demand across scrap categories.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $71.06/bbl, up $0.0200 (+0.03%) day-over-day.

Brent crude oil edged up 2 cents to $71.06 per barrel, holding steady as markets digest ongoing geopolitical tensions and Fed policy signals. With the 10-year Treasury yield pulling back to 4.03% and the Fed funds rate down to 3.64%, easier monetary conditions are supporting risk appetite across commodity markets. Gold analysts are projecting potential spikes to $5,800 if U.S.-Iran conflicts escalate, while Turkey announced plans for a new mining exchange to boost price transparency as $5,000 gold becomes the "new normal."

Stable energy costs and softer interest rates create a supportive backdrop for scrap metal values, as lower financing costs help recycling operations and steady fuel prices keep transportation expenses in check. The weaker dollar index at 90.82 makes U.S. scrap more attractive to international buyers, particularly benefiting cross-border flows between the United States and Canada with USD/CAD holding at 1.3689. Industrial metals continue building on yesterday's gains, with copper and rhodium leading the charge as investors position for potential supply disruptions and continued infrastructure spending.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $5,128/oz, down $98.80 (-1.89%) day-over-day. Previous close: $5,227/oz.
• 5-day trend: → flat over last 3 sessions.

Gold pulled back today, reversing some of Monday's strong gains as the precious metal continues its sideways trend over recent sessions. For scrap sellers and recyclers across North America, this consolidation around current high levels still represents excellent selling opportunities, especially for old jewelry, dental gold, and electronic components containing the metal. With gold maintaining its role as a safe-haven asset amid ongoing global uncertainties, recyclers should continue monitoring daily moves closely as even small shifts can significantly impact profit margins on scrap transactions.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $86.70/oz, down $1.24 (-1.41%) day-over-day. Previous close: $87.94/oz.
• 5-day trend: → flat over last 3 sessions.
• Gold/Silver ratio: 59.1:1.

Silver dropped $1.24 to $86.70 per ounce today, continuing the choppy trading pattern seen over recent sessions despite Monday's strong rally above $87. The gold-to-silver ratio of 59:1 suggests silver remains relatively expensive compared to its historical average, which could pressure scrap values for electronics recyclers and jewelry dealers. With silver serving both as a precious metal store of value and critical industrial input for solar panels and electronics, today's decline reflects broader uncertainty in both investment and manufacturing demand across North America.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $2,155/oz, up +$9.00 (+0.42%) day-over-day. Previous close: $2,146/oz.
• Platinum 5-day trend: → flat over last 5 sessions.
• Palladium (Pd): $1,766/oz, up +$44.00 (+2.56%) day-over-day. Previous close: $1,722/oz.
• Palladium 5-day trend: → flat over last 5 sessions.
• Rhodium (Rh): $11,750/oz, up +$575.00 (+5.15%) day-over-day. Previous close: $11,175/oz.
• Rhodium 5-day trend: ↑ 3 of last 5 sessions.

All three precious metals in catalytic converters posted gains today, continuing yesterday's upward momentum. Rhodium led the charge with a $575 jump, while palladium added $44 and platinum rose $9, signaling stronger demand for these metals that auto recyclers and cat converter processors rely on for revenue. With rhodium maintaining its multi-session rally and palladium bouncing back after recent weakness, scrap sellers should watch for sustained buying interest that could support higher payouts in the coming days.

Copper — Current Indicators

• COMEX/Spot Copper: $5.90/lb, up +$0.1065 (+1.84%) day-over-day. Previous close: $5.79/lb.
• 5-day trend: ↑ 2 of last 5 sessions.

Copper prices climbed higher today, gaining about 11 cents to reach $5.90 per pound, continuing the upward momentum seen earlier this week when prices jumped over 2% in a single session. This positive move is good news for scrap sellers across Canada and the US who deal in #1 and #2 copper, bare bright wire, and insulated copper wire, as yards typically adjust their buying prices based on these market moves. With copper showing strength in 2 of the last 5 trading sessions, sellers should watch for any follow-through in the coming days that could push scrap prices even higher at local yards.

Aluminum — Current Indicators

• LME Aluminum: $3,111/tonne ($1.41/lb), up +$0.0083 (+0.59%) day-over-day. Previous close: $1.40/lb.
• 5-day trend: → flat over last 5 sessions.

Aluminum prices held steady today with a tiny gain, continuing the sideways trend seen over the past two sessions. The minimal uptick reflects a quiet market with limited trading activity, keeping scrap values stable for sellers of cast aluminum from auto parts, sheet metal from construction projects, and aluminum extrusions from window frames. Both Canadian and American scrap yards are seeing consistent demand, though sellers shouldn't expect any major price jumps in the near term given aluminum's recent flat performance.

Steel Scrap (Shredded (SHS), scrapmonster) — Current Indicators

• Steel Scrap Shredded (SHS) (SCRAP-SHS): $413.00/mt, day-over-day change: N/A (first day tracked).
• HMS 1&2 (80:20) (SCRAP-HM): $366.00/mt (up +$50.00 (+15.82%) day-over-day).

Steel scrap prices are starting fresh today at $413 per metric ton for shredded material, as this marks the first day we're tracking this key grade. Looking at recent market memory, steel scrap has shown some volatility with a significant jump earlier this week, suggesting mills may be restocking after working through inventory. For sellers of HMS 1&2, shredded scrap, plate and structural steel, this baseline price provides a starting point to gauge future moves, especially with electric arc furnace mills typically ramping up buying activity as we head into spring construction season.

⚠️ Note: Rhodium (5.2%), Steel Scrap (15.8%) 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 and let vetted buyers compete for your scrap.