Reportedly pinch metal (5)
I believe the answer is:
steel
'metal' is the definition.
(steel is a kind of metal)
'reportedly pinch' is the wordplay.
'reportedly' shows a homophone (sound like).
'pinch' becomes 'steal' (I've seen this before).
'steal' sounds like 'STEEL'.
(Other definitions for steel that I've seen before include "Hard, strong, grey alloy" , "Iron/carbon alloy" , "Mixture of carbon and iron" , "May be cold" , "Make hard and unfeeling" .)