Smash Scrap Morning Metals Report – February 19, 2026

Market screen levels only - not yard pay prices. Actual buy prices at the scale will differ based on grade, moisture, contamination, and freight.

Precious Metals (PGM) - Screen Indicators

• Platinum (Pt): USD $2,068-$2,078/oz, down approximately $37 from yesterday's close of $2,105. Platinum hit a two-month low this week amid a broader pullback in precious metals, thin holiday trading, and easing geopolitical risks. It remains up over 115% year-over-year.
• Palladium (Pd): USD $1,651-$1,691/oz, down $41 (-2.42%) on the session. Pd rebounded to over a week high yesterday at $1,752 but is giving back those gains this morning. Still up roughly 78% year-over-year.
• Rhodium (Rh): USD $10,900/oz as of yesterday's close. Rh has gained approximately 8% over the past month and is up over 134% versus a year ago.

PGM screens remain volatile. Even 1-2% intraday swings can meaningfully move converter and catalyst bids. At these levels, a few grams of rhodium one way or the other is the difference between a good deal and a bad one.

Copper - Current Indicators

• COMEX/Spot Copper: USD ~$5.70-$5.79/lb, down approximately 1.7% on the session after yesterday's bounce to $5.77.
• Copper is still up roughly 24-27% year-over-year, keeping the metal near historically elevated levels. Earlier this year it briefly tested above $6.50/lb.
• On February 17, COMEX spot closed at $5.633/lb with futures at $5.673.

No. 1 and No. 2 copper scrap in Western Canada and the northern USA continues to benefit from this strong base. When new copper is expensive, clean copper scrap becomes even more attractive to mills and refineries.

Aluminum - Current Indicators

• LME Aluminum: USD $3,042/tonne, down $42.50 (-1.38%) on the day. That translates to roughly USD $1.38/lb in raw metal terms.
• Aluminum futures fell to $3,050/tonne, maintaining the pullback since the three-year high of $3,270 on January 28. Reports that the US may scale back aluminum tariffs have prompted traders to sell from LME warehouses.
• Still, aluminum remains up approximately 15% year-over-year amid risks to supply including China's 45 million ton output cap and smelter issues in Indonesia, Iceland, Mozambique, and Australia.

Scrap aluminum grades (sheet, cast, extrusion) in Western Canada price at a meaningful discount to benchmarks, with cleaner, better-sorted material capturing the tightest spreads.

Canadian Dollar Note

USD/CAD is trading around 1.369 today. For quick Canadian dollar conversions:

• Copper at ~USD $5.70/lb = ~CAD $7.80/lb
• Aluminum at ~USD $1.38/lb = ~CAD $1.89/lb

Macro Backdrop - Energy and Risk

Brent crude rose to $71.37/barrel today, up 1.45% on the session, keeping a floor under the broader commodity complex. Progress in US-Iran nuclear talks and scheduled Russia-Ukraine negotiations have eased some geopolitical risk premium from precious metals, contributing to platinum's pullback to a two-month low this week. Markets remain focused on upcoming Federal Reserve minutes for clues on interest rates, which could influence risk sentiment across metals.

Smash Scrap Takeaways for Today

• PGMs: Screens are pulling back from yesterday's bounce. Platinum is off $37 and palladium is off $41 from yesterday's closes. Price converters and PGM-bearing scrap off today's numbers, not yesterday's memory - these swings can quickly eat into thin margins.
• Copper: Still in a historically expensive band despite the recent pullback from January highs above $6.50. Turn inventory regularly and lock in strong margins instead of gambling on further upside.
• Aluminum: Benchmarks are easing on tariff rollback talk but remain firm year-on-year. Upgrading from dirty to clean aluminum (removing steel, plastic, and attachments) can materially improve realized returns at these levels.

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.