Smash Scrap Morning Metals Report – March 24, 2026

Prices as of March 24, 2026 at 12:31 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.

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• Gold — $4,403/oz ▲
• Silver — $69.39/oz ▼
• PGMs — Rh ▼ $10,600 · Pt ▲ $1,912 · Pd ▼ $1,396
• Copper — $5.41/lb ▼
• Aluminum — $1.46/lb ▼
• Steel Scrap — $413.00/mt ▸
• Macro Backdrop
• CAD — USD/CAD 1.3717

Smash Scrap Takeaways for Today

• Gold & Silver — Hold gold with $4,403/oz flat and silver down 6 cents to $69.39/oz; both metals showing consolidation after recent declines, wait for clearer direction before major transactions
• PGMs — Sell platinum catalytic converters immediately as our previous platinum surge call proved correct with today's $36 gain to $1,912/oz; avoid palladium and rhodium as both dropped significantly (palladium down $16, rhodium down $300)
• Copper — List copper wire and tubing selectively as prices dropped 8 cents to $5.41/lb, falling below our recommended $5.30 threshold; wait for stabilization before major inventory moves
• Aluminum — Hold aluminum scrap as prices remain stable at $1.46/lb with minimal change; Detroit and Chicago yards should maintain current inventory levels
• Big Picture — Challenging market with 6 of 7 metals declining today, suggesting continued selling pressure across most scrap categories

Macro Backdrop — Energy and Risk

Brent Crude Oil: $102.81/bbl, up $2.35 (+2.34%) day-over-day.

Oil surged by $2.35 per barrel as geopolitical tensions flared again, with Trump's decision to postpone strikes on Iranian energy infrastructure creating a relief rally after earlier supply disruption fears. This energy volatility directly impacts scrap operations across Detroit, Chicago, and Houston, where higher diesel costs squeeze transportation margins while stronger crude prices often signal improved industrial demand ahead. The macro backdrop shows mixed signals with 10-year yields climbing to 4.39% and inflation expectations cooling to 2.33%, suggesting the Fed may maintain its current stance while economic growth concerns persist.

Yesterday's broad industrial metals recovery - with copper gaining 2.4% and nickel up 2.1% - supports the view that manufacturing demand may be stabilizing after weeks of selling pressure. For scrap dealers in Pittsburgh and Cleveland's rust belt markets, this industrial metal strength typically precedes improved steel scrap pricing by several weeks. However, the continued weakness in precious metals like gold and platinum reflects ongoing institutional liquidation that could spill over into industrial sectors if global growth concerns resurface.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $4,403/oz, up +$0.8000 (+0.02%) day-over-day. Previous close: $4,402/oz.
• 5-day trend: ↓ 4 of last 5 sessions.

Gold edged higher as crude oil's relief rally following Trump's decision to postpone Iranian energy strikes helped ease some geopolitical pressure, though the precious metal remains in a choppy sideways pattern after declining in four of the last five sessions. For scrap gold sellers across Detroit, Chicago, and Houston, current levels near $4,400 per ounce continue to offer solid returns on jewelry, dental gold, and electronic components, though the recent volatility suggests waiting for clearer direction before making major inventory decisions. With central banks still accumulating gold reserves and safe-haven demand persisting despite the temporary easing in Middle East tensions, recyclers should monitor whether this modest uptick signals a bottom or just another pause in the recent downtrend.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $69.39/oz, down $0.0575 (-0.08%) day-over-day. Previous close: $69.45/oz.
• 5-day trend: ↓ 4 of last 5 sessions.
• Gold/Silver ratio: 63.5:1.

Silver dipped modestly as geopolitical tensions eased with Trump's decision to postpone strikes on Iranian energy infrastructure, reducing safe-haven demand for precious metals. The gold-to-silver ratio at 63.5-to-1 suggests silver remains relatively affordable compared to gold, which could attract industrial buyers seeking the metal for solar panels and electronics manufacturing across Detroit and Chicago's recycling hubs. Scrap sellers holding silver jewelry, electronics components, or industrial waste should monitor whether this recent softness continues, as silver's dual role as both a precious and industrial metal makes it sensitive to both safe-haven flows and manufacturing demand.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $1,912/oz, up +$36.00 (+1.92%) day-over-day. Previous close: $1,876/oz. MoM: -11.4%.
• Platinum 5-day trend: ↓ 4 of last 5 sessions.
• Palladium (Pd): $1,396/oz, down $16.00 (-1.13%) day-over-day. Previous close: $1,412/oz. MoM: -19.9%.
• Palladium 5-day trend: ↓ 4 of last 5 sessions.
• Rhodium (Rh): $10,600/oz, down $300.00 (-2.75%) day-over-day. Previous close: $10,900/oz. MoM: -3.4%.
• Rhodium 5-day trend: ↓ 4 of last 5 sessions.

PGM markets showed mixed action as Trump's decision to delay Iranian energy strikes created a relief rally in oil, reducing some pressure on scrap transportation costs across Detroit and Houston operations. Platinum managed a solid gain continuing yesterday's momentum, while palladium and rhodium both retreated after their recent weakness, with all three metals showing declining trends over the past week. Scrap sellers should note that despite today's platinum strength, the broader PGM complex remains under pressure, suggesting any rallies may face resistance as automotive and industrial demand patterns continue to weigh on the sector.

Copper — Current Indicators

• COMEX/Spot Copper: $5.41/lb, down $0.0830 (-1.51%) day-over-day. Previous close: $5.50/lb.
• 5-day trend: ↓ 3 of last 5 sessions.

Copper dipped about 8 cents today as Trump's decision to postpone strikes on Iranian energy infrastructure eased some of the geopolitical tensions that had been supporting metals prices. The pullback brings copper just above the $5.30 level where Detroit and Chicago scrap operators have been finding decent demand for #1 and #2 copper grades. With oil's relief rally reducing some supply disruption fears, sellers of bare bright copper wire and industrial copper should watch whether this softer tone continues or if the recent volatility creates buying opportunities at Houston and Philadelphia yards.

Aluminum — Current Indicators

• LME Aluminum: $3,226/tonne ($1.46/lb), down $0.0009 (-0.06%) day-over-day. Previous close: $1.46/lb.
• 5-day trend: ↓ 3 of last 5 sessions.

Aluminum held steady at current levels as Trump's decision to postpone strikes on Iranian energy infrastructure brought relief to commodity markets, though scrap sellers barely felt the impact with prices essentially flat. The stability comes after recent weakness, giving cast aluminum and extrusion dealers in Detroit and Chicago a chance to clear inventory without further erosion. With diesel costs potentially easing from the geopolitical relief rally, transportation margins for aluminum scrap operations across Houston and Atlanta could improve if oil prices hold these levels.

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 Scrap and let vetted buyers compete for your scrap.