Zinc Miner Nexa Gains 0.80% as Dollar Climbs | Zinc Wrap, Nov 6
Key Facts
- Nexa is still deep in the red: its New York shares closed Friday, November 6, 2026 at US$11.40, up +0.80% on the day, yet 31.8% below the 12-month high set on 2026-05-06.
- Buenaventura slipped: the Peruvian miner’s New York shares ended at US$27.99, a move of -1.20%, its second straight daily fall.
- The main cause was the dollar: the US dollar index rose 0.72% in one session, which makes metals priced in dollars dearer for buyers using other currencies.
- Both stocks are far below spring and winter peaks: Nexa is down 20.4% over 60 sessions, while Buenaventura is 35.9% below its 12-month high of 2026-02-27.
- Nexa has company news that matters: Swedish miner Boliden’s purchase of Brazilian conglomerate Votorantim’s controlling stake is expected to close in the first quarter of 2027, subject to approvals.
- History offers no clear signal: after earlier falls this large, Nexa was higher 20 sessions later in 17 of 37 cases.
Today’s Focus
Zinc is the metal that stops steel from rusting, and the shares of two Latin American miners gave opposite signals about it on Friday, November 6, 2026. Nexa Resources, which mines and smelts zinc in Peru and Brazil, rose +0.80%, while Buenaventura, a Peruvian miner better known for gold and silver, fell -1.20%.
The backdrop was a stronger dollar and higher US bond yields after firm American jobs data. That combination tends to pull money out of metals and out of the companies that dig them up.
Both stocks remain far from their best levels of the past year, so Friday looks like a pause in a slide rather than a recovery.
What matters today. A strong dollar is the main brake on zinc miners, and Nexa’s bounce after a long fall is too small to call a turn.
01 The session in one read
Zinc is a plain, unglamorous metal, but it is in the roof of the warehouse, the guardrail on the motorway and the car body. When its miners wobble, it tells you something about building and manufacturing.
On Friday, November 6, 2026 the two stocks we use as stand-ins for zinc went different ways. Nexa gained +0.80% to US$11.40, and Buenaventura lost -1.20% to US$27.99.
These are shares of mining companies, not the metal itself, so they reflect company news and investor mood as well as zinc.
The evidence points to a dollar-driven pause for metal miners, with Nexa helped by company-specific support from its strong third-quarter operating earnings and the pending Boliden takeover. We have no zinc settlement for the day, so the proxies are our guide, and the variable to watch is whether the dollar index keeps climbing.
02 The board
Nexa’s gain was its first in a run, since it had no earlier up sessions in a row. It leaves the stock up 2.89% over five sessions, which is a modest rebound.
Buenaventura fell for a second day running, but it is still up 5.94% over five sessions. Its drop looks like a dip after a quick rally rather than a new low.
| Asset | Level | Change |
|---|---|---|
| Nexa Resources | US$11.40 | +0.80% |
| Buenaventura | US$27.99 | -1.20% |
Source: RT close, 2026-11-06. 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 | 168,498.45 | +1.39% | +9.89% | 166,191.45 | 169,073 | 165,910 | — |
| IPSA | 10,536.40 | +0.68% | — | 10,465.25 | 10,617 | 10,511 | — |
| IPC MEX | 70,968.43 | -0.17% | +13.16% | 71,087.56 | 71,469 | 70,635 | 145,640,378 |
| MERVAL | 2,848,945 | — | -4.19% | 2,859,051 | — | — | — |
| COLCAP | 2,485.26 | +0.03% | — | — | — | — | — |
| USD/BRL | 5.50 | -0.17% | +2.56% | 5.51 | 5.53 | 5.48 | — |
| EUR/BRL | 6.13 | +0.07% | -0.35% | 6.13 | 6.17 | 6.12 | — |
| USD/MXN | 18.60 | -0.84% | +0.04% | 18.76 | 18.81 | 18.57 | — |
| USD/CLP | 975.74 | -0.29% | +3.43% | 978.59 | 983.51 | 973.55 | — |
| USD/COP | 3,240 | +0.38% | -15.48% | 3,227 | 3,252 | 3,219 | — |
| USD/PEN | 3.44 | -0.15% | +3.80% | 3.45 | 3.46 | 3.42 | — |
| USD/ARS | 1,545 | +0.00% | +6.50% | 1,545 | 1,545 | 1,545 | — |
| USD/UYU | 40.31 | +3.48% | +2.73% | 38.95 | 40.31 | 40.22 | — |
| USD/PYG | 6,358 | +8.23% | -8.70% | 5,875 | 6,358 | 6,358 | — |
| USD/BOB | 11.81 | +0.40% | +75.39% | 11.76 | 11.92 | 11.81 | — |
| USD/DOP | 60.56 | +0.43% | -5.45% | 60.30 | 60.59 | 59.79 | — |
| USD/CRC | 448.27 | +1.89% | -8.45% | 439.97 | 449.63 | 448.27 | — |
| USD/GTQ | 7.64 | +3.24% | +2.07% | 7.40 | 7.64 | 7.64 | — |
03 Why it moved
First cause, and the heaviest: the dollar. The US dollar index rose 0.72% in a single session, and the US 10-year Treasury yield, the interest rate on ten-year American government debt, edged up 3 basis points (a basis point is one hundredth of a percentage point) to 4.87%. Commodities priced in dollars become dearer for foreign buyers when the dollar firms, and higher yields make holding metal-producing shares less attractive. Our confidence is medium to high.
Second cause: the Federal Reserve. Goldman Sachs lowered its year-end gold forecast on Thursday because the Fed has turned more hawkish, meaning more inclined to keep interest rates high, and Friday’s strong American payrolls then lifted the dollar and yields. Buenaventura carries gold and silver exposure, so that call matters to it more than to Nexa. The gold-tracking fund fell 0.79% on the session, which fits that story.
The conflicting signals are real. The S&P 500 rose 0.31% on the day, and the VIX, the market’s fear gauge, dropped 9.01% to 25.64, yet over five sessions the S&P is down 2.68% and the VIX is up 32.03%. Nexa’s gain is best explained by company news: strong third-quarter operating earnings, a write-down on Brazilian units that was an accounting charge rather than lost cash, and the Boliden takeover agreed with its controlling shareholder. Confidence in that reading is medium.
04 The trend behind it
Nexa is down 13.64% over 20 sessions and 20.4% over 60, and it sits 31.8% below its 12-month high of 16.72 reached on 2026-05-06. It is also 117.1% above its low of 5.25 from 2025-11-07, so the year-long picture is a spike and a retreat.
Buenaventura is down 13.77% over 20 sessions and 35.9% below its 12-month high of 43.67 from 2026-02-27, but 29.0% above its low of 21.70 set on 2025-11-06.
This looks like a continuation of an autumn correction, not a new phase. The rise in the dollar and in yields is the same pressure that has dogged the group for a month.
05 What it means for Latin America
Peru, Bolivia and Mexico are leading zinc producers, so the metal’s price flows into their export earnings, mining royalties and tax receipts. Weaker mining shares signal that investors are wary about those revenues, though we lack fresh production or price figures for November.
Nexa matters to two countries at once, with mines in Peru and smelters and mines in Brazil. A stronger dollar can also weaken the Brazilian real and the Peruvian sol, which raises the local cost of imports even as dollar-earning miners gain on costs paid in local currency.
For a visitor, the effect is mostly indirect: the dollar’s strength makes Latin American trips cheaper in dollar terms, and that is the same force that is pressing on miners.
06 The names to watch
Nexa is the cleaner zinc proxy. Its operating earnings rose strongly in the third quarter, it lifted its investment plan for 2026, and borrowing relative to earnings fell. The net loss came from a non-cash write-down on Brazilian units, which is an accounting charge rather than money leaving the company.
Boliden’s purchase of Votorantim’s majority stake is expected to close in the first quarter of 2027. A takeover in prospect can cushion a share price when the wider group is falling.
Buenaventura is a blunter instrument. Gold and silver drive its fortunes more than zinc, so the Fed and the dollar matter more than galvanised-steel demand.
Our base rate for Nexa: in our own price history since 2017, after 37 earlier falls this large, the stock was higher 20 sessions later in 17 cases, a 46% share. The median result was -1.6% and the worst was -58.4%. For Buenaventura, since 2007, it was higher in 31 of 60 cases, a 52% share, with a median of +0.1% and a worst case of -35.0%. History is not a forecast.
07 What would end it
The line to watch for Nexa is the round US$10 mark below the current price, then the 12-month low of 5.25. A recovery needs a move back towards the 16.72 peak, which looks distant. For Buenaventura, 21.70 is the year’s floor and 43.67 the ceiling.
The dated catalysts are the next American jobs and inflation reports, the Federal Reserve’s next policy meeting, and the zinc smelting industry’s LME Week gathering, where treatment charges, the fees smelters earn for processing ore, have been at record lows. The close of the Boliden deal in the first quarter of 2027 is the company-specific milestone.
Does it stop? Only when the dollar and yields stop rising. A softer dollar would ease the pressure, while a further jump would extend it.
08 What to watch
- US dollar index: It rose 0.72% on Friday. A reversal would help every dollar-priced metal and the miners that sell it.
- Federal Reserve tone: A hawkish Fed drove the gold forecast cut by Goldman Sachs. Any softening would lift Buenaventura first.
- Boliden deal approvals: Regulatory steps towards the first-quarter 2027 close will shape Nexa’s share price.
- Smelter fees at LME Week: Record-low treatment charges point to a tight market for zinc ore, which would favour miners over smelters.
Frequently Asked Questions
Why does a strong dollar hurt zinc?
Zinc is priced in dollars, so a stronger dollar makes it dearer for buyers who use other currencies, which tends to cool demand and push prices down.
Are these shares the price of zinc?
No. Nexa and Buenaventura are listed mining companies, so their shares reflect company news and investor mood as well as the metal.
Why do Peru and Mexico care about zinc?
Both are major producers, so zinc prices feed into export earnings, mining taxes and jobs in mining regions.
What is the Boliden deal?
Boliden has agreed to buy Votorantim’s controlling stake in Nexa, and the deal is expected to close in the first quarter of 2027, subject to approvals.
Market data: The Rio Times
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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