SMASH Recycling Morning Metals Report – March 16, 2026

Prices as of March 16, 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 — $5,021/oz ▼
• Silver — $79.70/oz ▼
• PGMs — Rh ▸ $11,500 · Pt ▲ $2,077 · Pd ▲ $1,542
• Copper — $5.79/lb ▲
• Aluminum — $1.54/lb ▼
• Steel Scrap — $413.00/mt ▸
• Macro Backdrop
• CAD — USD/CAD 1.3716

SMASH Recycling Takeaways for Today

• Gold & Silver — Gold essentially flat (down 15 cents to $5,021/oz) while silver dropped 90 cents to $79.70/oz. Our models called silver down — confirmed. Hold gold positions but consider selling silver scrap today, especially in Toronto and Vancouver markets where demand remains soft.
• PGMs — Platinum surged $50 to $2,077/oz (+2.47%) while palladium gained $6 to $1,542/oz. Rhodium holds steady at $11,500/oz. Our models missed platinum's bounce — it's recovering from recent weakness. Sell platinum scrap today in Calgary and Edmonton markets to capture this rally.
• Copper — Strong move up 12 cents to $5.79/lb (+2.04%). Our models called copper down but were wrong. Industrial demand showing signs of life across Montreal and Hamilton scrap yards. List copper inventory on SMASH Recycling to capitalize on today's strength.
• Aluminum — Minor decline of less than a penny to $1.54/lb (-0.50%). Small move suggests consolidation. Hold aluminum scrap for now, especially in Winnipeg and Ottawa markets where pricing remains stable.
• Big Picture — Mixed session with 3 of 8 metals higher today, showing selective strength in platinum group metals and copper while precious metals remain under pressure.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $98.54/bbl, down $5.32 (-5.12%) day-over-day.

Oil's sharp pullback of more than $5 per barrel reflects easing geopolitical tensions in the Middle East, with traders scaling back risk premiums after last week's supply disruption fears proved overblown. The decline also comes as the stronger U.S. dollar (though down slightly today) continues to weigh on commodity prices, while rising Treasury yields suggest the Federal Reserve may maintain its hawkish stance longer than expected. This energy retreat creates a mixed picture for Canadian scrap yards from Toronto to Vancouver - lower fuel costs will help transportation margins, but the broader commodity selloff signals weakening industrial demand that could pressure ferrous and non-ferrous scrap values.

The macro backdrop shows classic risk-off behavior, with both energy and metals under pressure as investors reassess inflation expectations and Fed policy. Industrial metals like copper and aluminum are particularly vulnerable in this environment, which typically filters down to scrap pricing within days. Canadian auto recyclers and steel processors should watch for continued weakness in base metals, as the combination of dollar strength and demand concerns often creates a challenging pricing environment for secondary materials across major markets like Calgary, Montreal, and Hamilton.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $5,021/oz, down $0.1500 (-0.00%) day-over-day. Previous close: $5,021/oz.
• 5-day trend: ↓ 4 of last 5 sessions.

Gold dipped slightly as broader commodity markets retreat from recent highs, with easing Middle East tensions reducing safe-haven demand that had supported precious metals in recent sessions. For Canadian scrap sellers from Toronto to Vancouver, the modest pullback offers a reminder that gold's role as crisis insurance can work both ways—while geopolitical flare-ups boost prices, resolution of tensions can quickly reverse those gains. Recyclers should note that gold has declined in four of the past five trading sessions, suggesting the metal may be consolidating after earlier risk-premium spikes, though central bank buying continues to provide underlying support for longer-term holders.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $79.70/oz, down $0.9045 (-1.12%) day-over-day. Previous close: $80.61/oz.
• 5-day trend: ↓ 4 of last 5 sessions.
• Gold/Silver ratio: 63.0:1.

Silver pulled back as easing Middle East tensions reduced safe-haven demand, giving back some of the gains from last week's geopolitical rally. The decline pressures margins for scrap sellers across Toronto, Vancouver, and other Canadian markets, particularly affecting electronics recyclers processing circuit boards and solar panel components where silver's industrial value matters most. With the gold-to-silver ratio at 63:1, silver remains relatively affordable compared to gold, though the recent downtrend suggests scrap yards may see continued price pressure in the near term.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $2,077/oz, up +$50.00 (+2.47%) day-over-day. Previous close: $2,027/oz.
• Platinum 5-day trend: ↓ 3 of last 5 sessions.
• Palladium (Pd): $1,542/oz, up +$6.00 (+0.39%) day-over-day. Previous close: $1,536/oz.
• Palladium 5-day trend: ↓ 4 of last 5 sessions.
• Rhodium (Rh): $11,500/oz, flat day-over-day. Previous close: $11,500/oz.
• Rhodium 5-day trend: ↓ 1 of last 5 sessions.

Platinum gained ground today as easing Middle East tensions helped stabilize broader commodity markets, though the metal has still declined in three of the last five sessions. Palladium posted a modest advance but continues to face headwinds from the recent downturn, falling in four of the past five trading days. For Canadian scrap sellers from Vancouver to Montreal, rhodium remains the standout performer at current levels, holding steady while platinum and palladium work through their recent volatility—though sellers should monitor whether this stability in PGMs can hold as oil markets continue to pull back from recent geopolitical premiums.

Copper — Current Indicators

• COMEX/Spot Copper: $5.79/lb, up +$0.1160 (+2.04%) day-over-day. Previous close: $5.67/lb.
• 5-day trend: ↓ 3 of last 5 sessions.

Copper bounced back today with a solid gain of about 12 cents, helping scrap sellers across Toronto, Montreal, and Vancouver after recent weakness that saw the metal drop in three of the last five sessions. The recovery aligns with easing geopolitical tensions that have reduced risk premiums in commodity markets, creating a more stable environment for industrial metals. Sellers of #1 and #2 copper, bare bright wire, and copper tubing should find slightly better pricing at yards in Calgary, Edmonton, and other major Canadian markets, though the metal's recent choppy performance suggests staying alert to daily price swings for timing larger loads.

Aluminum — Current Indicators

• LME Aluminum: $3,403/tonne ($1.54/lb), down $0.0078 (-0.50%) day-over-day. Previous close: $1.55/lb.
• 5-day trend: ↑ 3 of last 5 sessions.

Aluminum gave back a fraction of its recent gains with a modest decline, as easing Middle East tensions reduced risk premiums across commodity markets. The pullback comes despite aluminum showing strength in 3 of the past 5 sessions, suggesting the underlying demand picture remains supportive for Canadian scrap sellers from Vancouver to Montreal. Cast aluminum and automotive scrap should continue finding steady buyers as industrial activity holds firm, though sellers might see slightly softer quotes at yards in Toronto and Calgary until the market stabilizes.

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.