Smash Scrap Morning Metals Report – February 27, 2026

Prices as of February 27, 2026 at 01:00 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 — Silver outperformed with a $1.49 gain to $89.79/oz while gold barely budged at +$1.35; sellers should prioritize silver jewelry and sterling today as demand is clearly stronger.
• PGMs — Platinum surged $99 to $2,364/oz (+4.37%) leading the precious metals rally, but rhodium dropped $400 to $11,850/oz; automotive recyclers should fast-track platinum catalyst sales while rhodium sellers may want to wait for a rebound.
• Copper — Copper climbed about 10 cents to $6.12/lb continuing its steady uptrend from earlier this week; industrial scrap sellers should list clean copper immediately as momentum remains positive.
• Aluminum — Aluminum edged up less than a cent to $1.43/lb showing minimal movement; sellers can proceed with normal operations as pricing remains stable with slight upward bias.
• Steel — Shredded steel held flat at $413/mt after last week's volatile swings; HMS and structural steel sellers should move material today as prices appear to have found solid footing above $400.
• Big Picture — Five of six major metals posted gains today, signaling broad-based strength across North American scrap markets.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $72.56/bbl, up $1.75 (+2.47%) day-over-day.

Oil prices jumped $1.75 today as U.S.-Iran nuclear talks in Geneva create uncertainty about future supply. Despite the diplomatic efforts, energy markets are pricing in potential disruptions, which typically supports industrial metals demand. Higher energy costs increase production expenses for steel mills and aluminum smelters, often leading to tighter scrap supplies as recyclers face margin pressure.

The stronger oil move comes as the Fed maintains its dovish stance with rates at 3.64%, keeping borrowing costs manageable for scrap dealers and metal processors. Canadian operations benefit from the stable USD/CAD rate near 1.37, while rising inflation expectations at 2.28% suggest continued input cost pressures across the metals supply chain. Energy-intensive scrap processing becomes more expensive when crude rallies, but robust industrial demand from infrastructure spending should support underlying metal values.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $5,183/oz, up +$1.35 (+0.03%) day-over-day. Previous close: $5,182/oz.
• 5-day trend: ↑ 4 of last 5 sessions.

Gold edged higher by $1.35 to stay above $5,180 per ounce, extending its recent upward momentum as the precious metal continues attracting safe-haven buying. For scrap sellers and recyclers across North America, these elevated gold levels mean strong payouts for old jewelry, dental gold, and electronic components containing the metal. With gold showing strength in four of the past five trading sessions, both individual sellers and commercial recyclers should find favorable conditions for liquidating gold-bearing materials.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $89.79/oz, up +$1.49 (+1.69%) day-over-day. Previous close: $88.30/oz.
• 5-day trend: ↑ 3 of last 5 sessions.
• Gold/Silver ratio: 57.7:1.

Silver bounced back strongly, gaining $1.49 to reach $89.79 per ounce after last week's sharp decline from over $90. The recovery signals renewed buying interest from both industrial users and precious metals investors, which is good news for scrap sellers looking to cash in silver jewelry, coins, or electronic components. With the gold-to-silver ratio at 57.7-to-1, silver remains historically undervalued compared to gold, suggesting potential upside for recyclers holding silver-containing materials from solar panels, circuit boards, and photography equipment.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $2,364/oz, up +$99.00 (+4.37%) day-over-day. Previous close: $2,265/oz.
• Platinum 5-day trend: ↑ 3 of last 5 sessions.
• Palladium (Pd): $1,799/oz, up +$26.00 (+1.47%) day-over-day. Previous close: $1,773/oz.
• Palladium 5-day trend: ↑ 3 of last 5 sessions.
• Rhodium (Rh): $11,850/oz, down $400.00 (-3.27%) day-over-day. Previous close: $12,250/oz.
• Rhodium 5-day trend: ↑ 4 of last 5 sessions.

Platinum and palladium both moved higher, continuing the strong momentum seen earlier this week, which is good news for catalytic converter recyclers across North America. Rhodium pulled back after several days of gains, though it remains well above recent lows. With platinum showing particular strength and both metals trending upward over the past five sessions, auto recyclers should find decent demand for their precious metal-bearing scrap right now.

Copper — Current Indicators

• COMEX/Spot Copper: $6.12/lb, up +$0.0965 (+1.60%) day-over-day. Previous close: $6.02/lb.
• 5-day trend: ↑ 3 of last 5 sessions.

Copper prices climbed about 10 cents higher today, continuing the upward momentum seen over recent trading sessions with gains in three of the last five days. This steady rise from around $5.90 earlier this week to over $6.00 means scrap sellers across Canada and the US are getting better payouts for #1 and #2 copper, bare bright wire, and copper tubing. With copper showing consistent strength, sellers should consider bringing their material to yards soon while prices remain elevated.

Aluminum — Current Indicators

• LME Aluminum: $3,157/tonne ($1.43/lb), up +$0.0042 (+0.29%) day-over-day. Previous close: $1.43/lb.
• 5-day trend: ↑ 3 of last 5 sessions.

Aluminum prices edged up slightly today, gaining less than half a cent per pound as the metal continues its recent upward momentum with gains in three of the last five trading sessions. Scrap sellers across North America should see steady demand for cast aluminum, sheet metal, and extrusion materials as the market builds on gains seen earlier this week when aluminum climbed consistently from Tuesday through Wednesday. The small but positive move suggests underlying stability in the aluminum market, though sellers should monitor broader economic signals as budget concerns in key regions like Alberta could influence industrial demand going forward.

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 3 sessions.
• HMS 1&2 (80:20) (SCRAP-HM): $366.00/mt (up +$46.00 (+14.37%) day-over-day).

Steel scrap prices held steady at current levels after recent volatile sessions, giving scrap sellers across North America a breather to assess market conditions. With prices flat over the last few trading days following earlier sharp moves, dealers collecting HMS 1&2, shredded material, and industrial scrap can expect consistent pricing from local yards and processors. Watch for any shifts in electric arc furnace mill buying patterns or changes in export demand, as these factors could quickly move steel scrap prices in either direction next week.

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.