SMASH Recycling Morning Metals Report – March 23, 2026

Prices as of March 23, 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 — $4,399/oz ▼
• Silver — $68.19/oz ▲
• PGMs — Rh ▼ $10,900 · Pt ▼ $1,892 · Pd ▲ $1,433
• Copper — $5.43/lb ▲
• Aluminum — $1.44/lb ▼
• Steel Scrap — $413.00/mt ▸
• Macro Backdrop
• CAD — USD/CAD 1.3718

SMASH Recycling Takeaways for Today

• Gold & Silver — Gold down $98 to $4,399/oz while silver gained 28 cents to $68.19/oz; with gold showing heavy selling pressure, holders should wait for stabilization before selling while silver's modest gain suggests potential for further recovery from recent lows
• PGMs — Palladium surged $41 (+2.95%) to $1,433/oz while platinum dropped $32 to $1,892/oz and rhodium fell $250 to $10,900/oz; palladium sellers should consider listing immediately on current strength while platinum and rhodium holders should wait for bounce from oversold levels
• Copper — Strong 13-cent gain to $5.43/lb (+2.48%) signals potential recovery from recent weakness; Toronto and Vancouver scrap yards should list copper inventory today to capture this upward momentum
• Aluminum — Minor decline of less than a cent to $1.44/lb (-0.66%); Montreal and Calgary operators can hold current inventory as the small drop doesn't justify immediate selling pressure
• Big Picture — Mixed session with 3 of 7 metals higher shows market uncertainty; base metals outperforming precious metals suggests industrial demand recovery may be emerging across Canadian scrap markets

Macro Backdrop — Energy and Risk

Brent Crude Oil: $99.83/bbl, down $6.94 (-6.50%) day-over-day.

Oil markets took a sharp turn lower, with crude dropping nearly $7 per barrel as supply concerns eased and global demand worries resurfaced. This marks a significant reversal from the recent uptrend that saw Brent climb above $107 just days ago. The selloff reflects growing skepticism about whether current energy prices can hold amid mixed economic signals and potential demand destruction.

For Canadian scrap yards from Vancouver to Montreal, lower energy costs provide a double benefit – reduced transportation expenses and improved steel mill economics. When oil prices retreat this sharply, it typically signals broader commodity weakness ahead, which our AI models suggest may be overdone given severely oversold conditions across base metals. However, the macro backdrop remains challenging with the dollar showing modest weakness and treasury yields edging lower, indicating markets are pricing in economic uncertainty. Scrap processors should watch for potential bounce opportunities as oversold metals often stabilize after sharp energy-led selloffs.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $4,399/oz, down $98.01 (-2.18%) day-over-day. Previous close: $4,497/oz.
• 5-day trend: ↓ 4 of last 5 sessions.

Gold pulled back sharply as easing supply concerns in oil markets reduced safe-haven demand, with the precious metal continuing its recent weakness that has persisted over most trading sessions this month. For Canadian scrap sellers from Vancouver to Halifax, today's decline means lower payouts at local yards, though gold remains well above historical levels and continues to offer strong returns for those recycling jewelry, electronics, and industrial materials. The pullback aligns with reduced geopolitical tensions that had previously supported precious metals, suggesting scrap dealers should monitor whether this marks a deeper correction or just a temporary pause in gold's longer-term uptrend.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $68.19/oz, up +$0.2845 (+0.42%) day-over-day. Previous close: $67.90/oz.
• 5-day trend: ↓ 4 of last 5 sessions.
• Gold/Silver ratio: 64.5:1.

Silver managed a modest recovery today as oil markets pulled back sharply, with the metal finding support despite losing ground in four of the last five sessions. The gold-to-silver ratio of 64.5:1 suggests silver remains relatively affordable compared to gold, potentially drawing interest from Canadian scrap sellers in Toronto and Vancouver looking to diversify their precious metals holdings. Electronics recyclers and industrial scrap dealers should watch whether this bounce holds, as silver's dual role in both investment demand and industrial applications like solar panels makes it sensitive to both safe-haven flows and manufacturing trends.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $1,892/oz, down $32.00 (-1.66%) day-over-day. Previous close: $1,924/oz. MoM: -12.3%.
• Platinum 5-day trend: ↓ 4 of last 5 sessions.
• Palladium (Pd): $1,433/oz, up +$41.00 (+2.95%) day-over-day. Previous close: $1,392/oz. MoM: -17.8%.
• Palladium 5-day trend: ↓ 4 of last 5 sessions.
• Rhodium (Rh): $10,900/oz, down $250.00 (-2.24%) day-over-day. Previous close: $11,150/oz. MoM: -0.7%.
• Rhodium 5-day trend: ↓ 4 of last 5 sessions.

Precious metals markets showed mixed signals as easing oil supply concerns weighed on the sector, with platinum and rhodium retreating while palladium bucked the trend with solid gains. The weakness in platinum and rhodium aligns with the broader commodity selloff as geopolitical tensions cool, but all three metals remain in technically weak positions after declining in four of the past five sessions. Scrap sellers across Toronto, Vancouver, and other Canadian markets should note that despite today's mixed action, the underlying trend remains pressured, suggesting patience may be rewarded for those not facing immediate liquidity needs.

Copper — Current Indicators

• COMEX/Spot Copper: $5.43/lb, up +$0.1315 (+2.48%) day-over-day. Previous close: $5.30/lb.
• 5-day trend: ↓ 3 of last 5 sessions.

Copper bounced back today, gaining about 13 cents per pound as easing supply concerns helped the metal recover from its recent weakness. The modest uptick offers some relief for Canadian scrap sellers in Toronto, Vancouver, and Calgary who've watched copper drift lower in three of the past five sessions, though the metal remains volatile amid shifting market conditions. Sellers of #1 and #2 copper, bare bright wire, and industrial copper scrap should expect steady demand at yards, but keep watching oil markets and global economic signals for direction clues.

Aluminum — Current Indicators

• LME Aluminum: $3,174/tonne ($1.44/lb), down $0.0095 (-0.66%) day-over-day. Previous close: $1.45/lb.
• 5-day trend: ↓ 4 of last 5 sessions.

Aluminum prices slipped back below $1.45 as the broader commodity selloff continued, with the metal giving back some of its gains from earlier this month when it briefly touched $1.52. The weakness aligns with falling oil prices and easing supply concerns, creating headwinds for industrial metals across Canadian yards from Vancouver to Montreal. Cast aluminum sellers may find slightly softer demand at recycling centers, while sheet and extrusion grades should hold relatively steady given ongoing construction activity in major centers like Toronto and Calgary.

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.