Zinc Slips and Latin American Miners Nexa and Buenaventura Follow
Key Facts
- LME zinc cash settled around US$3,795 per tonne on Tuesday, August 18, 2026, according to Westmetall data, though alternative providers quoted the metal lower.
- Nexa Resources shares dropped 6.19% to US$13.49 in New York, the sharpest move among major LatAm zinc proxies for the session.
- Buenaventura closed down 2.24% at US$33.20, reflecting weaker appetite for Andean polymetallic exposure despite its diversified metals mix.
- LME zinc inventories fell 300 tonnes to 86,525 tonnes on Tuesday, reinforcing a narrative of tightening visible supply versus earlier in 2026.
- Trading Economics quoted zinc down 1.75% on the day to US$3,695.13 per tonne, a wider-than-average divergence among data providers.
- Galvanised steel and construction demand remained the key supports for zinc, even as rising US Treasury yields pressured the wider metals complex.
Today’s Focus
Zinc eased on Tuesday, August 18, 2026, with the cash settlement near US$3,795 per tonne while alternative feeds pointed to a fall of about 1.7% to roughly US$3,696 per tonne.
The slippage hit Latin American equity proxies hard: Nexa Resources fell 6.19% to US$13.49, and Buenaventura lost 2.24% to US$33.20.
LME stocks of 86,525 tonnes, down 300 on the day, kept the underlying supply story tight, but rising US Treasury yields and a softer risk tone dominated the session.
Construction-linked galvanised steel demand continued to provide a floor for zinc, even as short-term sellers pressed the market lower.
What matters today. Broad macro pressure outweighed zinc’s own tight-supply fundamentals for one session, but low LME inventories leave the market vulnerable to sudden bounces.
01 The session in one read
Zinc slipped on Tuesday, August 18, 2026, in a session dominated by rising US Treasury yields rather than any abrupt change in the metal’s own supply picture. The LME cash settlement registered around US$3,795 per tonne, while alternative data providers showed the metal down 1.75% to US$3,695.13 per tonne.
The divergence means the day’s direction matters more than the exact level: zinc eased as money moved away from riskier assets. Latin American equities that track the metal amplified the weakness, with Nexa Resources sliding 6.19% to US$13.49 and Buenaventura falling 2.24% to US$33.20.
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02 The board
Nexa Resources, the Brazil-headquartered integrated miner and smelter with zinc operations in Peru and Brazil, bore the brunt of the selling among the two main equity proxies. Its New York-traded shares dropped 6.19% to US$13.49, a move that far outpaced the underlying metal’s decline.
Buenaventura, the Peruvian polymetallic miner with zinc output and broader Andean metals exposure, fared somewhat better but still slid 2.24% to US$33.20. The difference between the two names reflects Nexa’s purer zinc leverage compared with Buenaventura’s more diversified metal mix.
| Asset | Level | Change |
|---|---|---|
| Nexa Resources | US$13.49 | -6.19% |
| Buenaventura | US$33.20 | -2.24% |
Source: RT close, 2026-08-18. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 166,334.86 | -0.27% | +21.85% | 166,783.57 | 168,310 | 167,142 | — |
| IPSA | 11,186.57 | +0.34% | — | 11,148.13 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 64,301.04 | +0.07% | +12.17% | 64,254.98 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,891,651 | -1.89% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,461.23 | +0.36% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 58,401.58 | -1.35% | — | — | — | — | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| EUR/BRL | 5.95 | +1.01% | -5.83% | 5.89 | 5.98 | 5.94 | — |
| USD/MXN | 17.06 | -0.24% | -8.58% | 17.10 | 17.08 | 17.01 | — |
| USD/CLP | 913.98 | +0.04% | -5.67% | 913.65 | 915.11 | 906.68 | — |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| USD/PEN | 3.36 | -0.66% | -4.82% | 3.38 | 3.38 | 3.35 | — |
| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
| USD/UYU | 40.27 | +1.24% | +1.80% | 39.77 | 40.27 | 40.23 | — |
| USD/PYG | 5,939 | +1.68% | -19.54% | 5,841 | 5,939 | 5,925 | — |
| USD/BOB | 11.64 | -0.76% | +72.04% | 11.73 | 11.72 | 11.64 | — |
| USD/DOP | 58.34 | +1.25% | -3.44% | 57.62 | 58.34 | 58.04 | — |
| USD/CRC | 445.92 | +0.89% | -9.71% | 441.97 | 448.50 | 445.92 | — |
03 What moved it
The main pressure came from the macro side. Rising US Treasury yields made non-yielding assets less attractive, and industrial metals lost ground even though LME zinc inventories fell 300 tonnes to 86,525 tonnes on the day.
That stock draw kept the underlying supply narrative tight even as prices eased. Visible inventories were far lower than earlier 2026 levels of around 97,075 or 120,900 tonnes, meaning traders were selling more because of broader market tone than any surplus signal.
04 The Latin American read
Peru, Bolivia and Mexico are major zinc-producing countries, and equities from the region act as liquid channels for foreign investors wanting exposure to the metal. Nexa, with its Brazilian head office and Peruvian mining footprint, is one of the closest proxy plays in New York.
The sharp drop in Nexa shares on Tuesday suggests that investors were quicker to take profits in LatAm names than in the metal itself. Buenaventura’s smaller loss highlights the benefit of its broader gold and silver exposure at times when zinc faces short-term headwinds.
05 The names to watch
Nexa Resources remains the clearest equity expression of zinc prices among Latin American producers. Its 6.19% slide to US$13.49 stands out precisely because the company’s revenue mix is more tied to zinc than most regional miners.
Buenaventura is the steadier, more diversified counterpart. At US$33.20, down 2.24%, it shows how zinc weakness can pull on even a polymetallic producer when risk appetite fades across the metals complex.
06 The outlook
Zinc’s fundamentals still lean toward scarcity, with LME inventories at 86,525 tonnes and construction-linked galvanised steel demand providing steady consumption. The risk is that macro pressure from US yields continues to weigh on prices before the supply tightness reasserts itself.
For foreign investors watching Latin America, the key is whether Nexa and Buenaventura can stabilise if zinc holds the area near US$3,700 to US$3,800 per tonne. A further fall in LME stocks would be the clearest signal that the metal’s own story is stronger than the current macro mood.
07 What to watch
- LME zinc inventories: Whether the 86,525-tonne level keeps falling, as a further draw would signal that tightness is deepening.
- US Treasury yields: A sustained rise could prolong pressure on industrial metals even if zinc’s own fundamentals stay constructive.
- Nexa Resources share reaction: A rebound above US$14 would suggest investors are ready to buy the zinc-tightness story again.
- Galvanised steel demand: Construction activity underpins zinc consumption and could provide the first sign of a demand-led recovery.
Frequently Asked Questions
How did zinc move on Tuesday, August 18, 2026?
The LME cash settlement was around US$3,795 per tonne, while Trading Economics quoted zinc down 1.75% to US$3,695.13 per tonne.
Why did Nexa Resources fall 6.19%?
Nexa shares dropped to US$13.49 despite tight zinc supply, hit by a broad risk-off mood driven by rising US Treasury yields.
Where did Buenaventura close?
Buenaventura finished at US$33.20, down 2.24%, reflecting its diversified Andean metals exposure.
What is the key supply number for zinc?
LME zinc inventories were 86,525 tonnes on August 18, 2026, down 300 tonnes on the day.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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