Zinc Jumps 3.5% as Peru, Brazil Miners Slide
Key Facts
- Zinc rallied hard Reference spot indications tracked London Metal Exchange benchmarks around US$4,036 per metric ton, an intraday move of roughly +3.5%.
- Nexa Resources sank The Peru and Brazil zinc producer closed at US$13.14, down 7.79% in Thursday’s session.
- Buenaventura fell too The Peruvian miner ended at US$33.85, a daily decline of 4.35% despite firmer zinc prices.
- Supply constraints linger Nexa has flagged persistent supply constraints, and its Cajamarquilla smelter in Peru, the largest in the Americas, remains temporarily suspended after a fire.
- Galvanised steel is the anchor Zinc is the world’s fourth most consumed metal, used mainly to galvanise steel against corrosion in construction and infrastructure.
- Regional pricing was uneven One global feed showed a -3.99% day-on-day move around US$3,875 per ton, underscoring fast, divergent reference prints during a volatile session.
Today’s Focus
Zinc jumped roughly 3.5% on Thursday, September 10, 2026, with reference spot indications near US$4,036 per metric ton tracking London Metal Exchange benchmarks.
The rally did not lift Latin America’s main zinc proxies: Nexa Resources closed at US$13.14, down 7.79%, and Buenaventura ended at US$33.85, down 4.35%.
Investors are treating the metal’s supply-constraint story as real, but punishing producer shares caught in a broader risk-off move across mining shares.
For foreign readers, the session shows a split between a tight physical market and nervous equity investors unwilling to pay for zinc exposure at current levels.
What matters today. The zinc price and the region’s zinc miners moved in opposite directions, a warning that equity investors are not yet convinced the rally will stick.
01 The session in one read
Zinc rallied sharply on Thursday, September 10, 2026, with reference spot indications around US$4,036 per metric ton tracking London Metal Exchange benchmarks.
The day’s move of roughly +3.5% left the metal in a tug-of-war between supply fears and a broader risk-off mood in mining shares.
Latin America’s two big zinc proxies both fell hard: Nexa Resources closed at US$13.14, a drop of 7.79%, while Buenaventura ended at US$33.85, down 4.35%.
The split means the physical zinc story is tightening, but equity investors are not yet rewarding the region’s producers for it.
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02 The board
The most widely cited reference indication for LME zinc spot sat around US$4,036 per metric ton, with three-month pricing in the same area according to Westmetall data around the session.
Nexa Resources, the Peru and Brazil polymetallic miner, closed at US$13.14, down 7.79% on the day.
Buenaventura, the Peruvian precious and base metals producer, finished at US$33.85, a decline of 4.35% during the same session.
| Asset | Level | Change |
|---|---|---|
| Nexa Resources | US$13.14 | -7.79% |
| Buenaventura | US$33.85 | -4.35% |
Source: RT close, 2026-09-10. 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 | 188,268.59 | +1.42% | +21.85% | 185,629.04 | 168,310 | 167,142 | — |
| IPSA | 11,238.63 | -1.16% | — | 11,370.12 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 64,106.82 | -1.09% | +12.17% | 64,814.97 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,157,852 | +1.53% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,626.71 | +1.65% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 60,702.89 | -2.19% | — | — | — | — | — |
| 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
Zinc’s upward thrust reflects persistent supply constraints, a driver Nexa explicitly cited in its latest results, alongside the temporary suspension of its Cajamarquilla smelter in Peru after a fire.
Cajamarquilla is the largest zinc smelter in the Americas, so any disruption there feeds quickly into refined metal availability for galvanised steel.
At the same time, one global price feed showed a -3.99% move around US$3,875 per ton, a sign that reference prints were fast-moving and uneven during the session.
The metal’s rally did not translate into stronger producer shares, as investors weighed the uncertain restart timeline at Cajamarquilla against a broad decline in mining shares.
04 The Latin American read
For Peru and Mexico, zinc remains tightly woven into construction and public works, because galvanised steel is the main end-use for refined zinc.
Nexa runs five polymetallic mines across Peru and Brazil, including two underground mines in Peru’s Central Andes and two in Brazil’s Minas Gerais and Mato Grosso states.
Buenaventura produced 7,360 metric tons of zinc from direct operations in the second quarter of 2026, with full-year guidance of 28,600 to 31,800 tons.
A fire-related suspension at Cajamarquilla in Peru may cap the benefit regional miners can extract from any short-term zinc price spike.
05 The names to watch
Nexa Resources is the closest thing to a pure LatAm zinc play, with both mines and smelters in Peru and Brazil, including the Três Marias and Juiz de Fora units in Minas Gerais.
Buenaventura gives investors zinc exposure through mines such as Uchucchacua and Tambomayo, but its shares blend zinc with silver and gold output.
The direction of both stocks will depend on whether the Cajamarquilla suspension worsens, and on any evidence that galvanised steel orders are absorbing higher refined zinc prices.
06 The outlook
A zinc market trading near US$4,036 per metric ton while producer shares fall is not confirming a durable rally in the eyes of equity investors.
The next test is whether construction demand in Latin America can absorb higher galvanised steel costs without crimping order books at a time when global mining shares are under pressure.
07 What to watch
- LME three-month zinc holding near US$4,036: A break below this reference area would signal that the supply-constraint bid is fading.
- Cajamarquilla restart timeline: Any delay in reopening the largest zinc smelter in the Americas could tighten refined supply further.
- Nexa Resources share reaction: The 7.79% drop shows equity investors remain sceptical; a recovery would confirm stronger conviction in the zinc story.
- Galvanised steel demand in construction: The main end-use for zinc, especially in Latin American infrastructure, will determine whether higher prices are absorbed.
Frequently Asked Questions
Why did zinc rise while Nexa and Buenaventura fell?
The metal’s reference indication jumped on supply concerns, but mining shares sold off in a broader risk-off move, showing investors are not yet rewarding zinc producers for the rally.
What is the role of Cajamarquilla in the zinc market?
Cajamarquilla in Peru is the largest zinc smelter in the Americas, and its temporary suspension after a fire is a key constraint on refined zinc supply.
How does zinc connect to construction?
Zinc is used mainly to galvanise steel against corrosion, making it a direct input for construction, infrastructure and public works in Latin America.
Are Nexa and Buenaventura pure zinc plays?
Nexa is the closest regional proxy, with zinc mines and smelters in Peru and Brazil; Buenaventura blends zinc with silver and gold output from mines such as Uchucchacua and Tambomayo.
Market data: RT
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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