Smash Scrap Morning Metals Report – February 23, 2026

Prices as of February 24, 2026 at 12:46 AM 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 — Ride the momentum with gold up $121 to $5,227 and silver gaining $3.30 to $87.94 — both precious metals are hot, so list your jewelry, dental scrap, and electronic gold immediately on SMASH while prices stay elevated.
• PGMs — Mixed signals across platinum group metals with rhodium surging $200 to $11,175 while palladium dropped $21 to $1,722 and platinum fell $11 to $2,146 — prioritize selling catalytic converters with rhodium content but hold off on straight platinum and palladium scrap.
• Copper — Copper slipped 8 cents to $5.79/lb, continuing the downward pressure we saw last session — delay selling bare bright and #1 copper until we see a bounce back above $5.85.
• Aluminum — Aluminum barely moved, down less than a cent to $1.40/lb — steady pricing means it's a good time to clear out your aluminum inventory without rushing, as prices remain stable across North American scrap yards.
• Big Picture — Precious metals are driving gains while industrial metals show weakness, creating a two-speed market that favors electronic scrap over structural materials.

Macro Backdrop — Energy and Risk

Brent crude oil holds steady at $71.04 per barrel as energy markets pause after recent volatility. The dollar weakened slightly with the DXY falling 0.24 points, while inflation expectations dropped to 2.26%, giving metals some breathing room. Gold surged above $5,200 on tariff uncertainty and Iran tensions, with precious metals benefiting from geopolitical risk premiums.

Energy costs directly impact scrap metal processing and transportation expenses, making stable oil prices supportive for dealer margins. The weaker dollar makes U.S. scrap more attractive to international buyers, particularly as trade policy uncertainty keeps investors favoring hard assets over paper. With the Fed rate at 3.64% and inflation expectations cooling, the macro backdrop remains constructive for industrial metals demand, though copper's $250 billion funding gap highlights ongoing supply chain challenges that could benefit scrap substitution.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $5,227/oz, up +$120.80 (+2.37%) day-over-day. Previous close: $5,106/oz.
• 5-day trend: ↑ 1 of last 2 sessions.

Gold extended its strong performance with another solid gain, building on last session's 2.5% surge that pushed prices above $5,200 per ounce. This continued upward momentum is excellent news for scrap sellers and recyclers across North America, as higher gold prices mean better payouts for old jewelry, dental gold, and electronic components containing the precious metal. Gold's role as a safe-haven asset continues to attract investors during uncertain times, with central bank buying and geopolitical tensions often driving demand higher.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $87.94/oz, up +$3.30 (+3.90%) day-over-day. Previous close: $84.64/oz.
• 5-day trend: ↑ 1 of last 2 sessions.
• Gold/Silver ratio: 59.4:1.

Silver jumped strongly today, gaining $3.30 to reach $87.94 per ounce, which means better payouts for scrap sellers bringing in old jewelry, silverware, and electronics containing silver components. With the gold-to-silver ratio at 59.4 to 1, silver remains relatively affordable compared to gold, making it attractive for both industrial users in solar panels and electronics as well as investors. Scrap recyclers across North America should see increased interest from both buyers and sellers as silver continues its upward momentum from recent sessions.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $2,146/oz, down $11.00 (-0.51%) day-over-day. Previous close: $2,157/oz.
• Platinum 5-day trend: ↓ 2 of last 4 sessions.
• Palladium (Pd): $1,722/oz, down $21.00 (-1.20%) day-over-day. Previous close: $1,743/oz.
• Palladium 5-day trend: ↓ 2 of last 4 sessions.
• Rhodium (Rh): $11,175/oz, up +$200.00 (+1.82%) day-over-day. Previous close: $10,975/oz.
• Rhodium 5-day trend: ↑ 2 of last 4 sessions.

Precious metal prices showed mixed results for scrap sellers, with rhodium gaining ground while platinum and palladium both declined. Rhodium jumped $200 higher, continuing its upward momentum from the prior session, which is great news for catalytic converter recyclers since rhodium-heavy cats from certain vehicles command top dollar. However, platinum and palladium both lost ground, with palladium extending its recent downward trend that has now persisted for several sessions.

Copper — Current Indicators

• COMEX/Spot Copper: $5.79/lb, down $0.0800 (-1.36%) day-over-day. Previous close: $5.87/lb.
• 5-day trend: → flat over last 4 sessions.

Copper dropped about 8 cents to $5.79 per pound, continuing the slight downward pressure we've seen recently after trading mostly flat over the past week. This small dip means scrap yards across Canada and the US may offer slightly less for #1 and #2 copper, bare bright wire, and other copper materials compared to last week. With copper holding relatively steady around the $5.80 level, sellers should still find decent prices, but it's worth shopping around different yards since this modest decline could vary in how quickly it gets passed down to scrap buyers.

Aluminum — Current Indicators

• LME Aluminum: $3,093/tonne ($1.40/lb), down $0.0042 (-0.30%) day-over-day. Previous close: $1.41/lb.
• 5-day trend: ↓ 2 of last 4 sessions.

Aluminum prices slipped slightly today, dropping less than half a cent per pound as the market took a breather after recent volatility in other metals like steel scrap and copper. The small decline means scrap sellers across North America will see nearly unchanged payouts for cast aluminum, sheet metal, and aluminum extrusions at recycling yards. With aluminum holding relatively steady compared to the bigger swings in other commodities, sellers can expect consistent pricing for clean aluminum materials this week.

Want to move PGM-bearing material, copper, or aluminum through competitive bidding? List your lots on SMASH and let vetted buyers compete for your scrap.