Today’s Focus
Zinc firmed on Thursday, September 3, with the metal up 0.89% to 3,891.90 US dollars per ton. The move lifted Latin American producers: Nexa Resources rose 3.82% to US$13.85 and Buenaventura added 1.64% to US$34.77.
The session drew support from dollar softness and buoyant base-metal sentiment, while Nexa-specific supply news reinforced the advance. Its Cajamarquilla smelter in Peru, the largest zinc smelter in the Americas, is recovering from a May incident.
For foreigners, this is a story of refined-zinc availability meeting steady galvanised-steel and construction demand. Nexa expects the second-half recovery to offset the roughly 7,000-ton disruption, keeping full-year sales guidance intact.
With zinc trading near 3,900 US dollars per ton and producers guiding higher output, the Latin American read is constructive. The main variable is whether smelter recovery and firmer mine supply translate into sustained share-price gains.
What matters today. Zinc strength is being led by recovering Peruvian refined supply and firm physical demand, with Nexa the clearest Latin American beneficiary.
01 The session in one read
Zinc advanced on Thursday, September 3, rising 0.89% to 3,891.90 US dollars per ton. The metal tracked a broader mining push that also lifted gold and lithium names.
Latin American zinc proxies outperformed the underlying move. Nexa Resources, the Peru and Brazil-focused producer, jumped 3.82% to US$13.85.
Peruvian miner Buenaventura gained 1.64% to US$34.77. Investors treated both as direct plays on firmer zinc and recovering smelter supply.
The session points to a market balancing short-term smelter recovery against resilient galvanised-steel consumption. Nexa’s 3.82% share gain suggests investors are pricing the Cajamarquilla restart as credible. Buenaventura’s smaller rise reflects broader Peru exposure rather than pure zinc beta. The variable to watch is whether Cajamarquilla’s refined output normalises in September. Also watch whether LME cash zinc holds above 4,000 US dollars per ton.
02 The board
The session’s proxy prices told a clear regional story. Nexa Resources closed up 3.82% at US$13.85, the standout gain among Latin American zinc names.
Buenaventura followed with a 1.64% rise to US$34.77, a steadier move reflecting its wider Peruvian precious and base-metals mix.
Underlying zinc traded at 3,891.90 US dollars per ton, with three-month LME metal noted at 3,877.00 and prior cash settlement at 4,000.00.
| Asset | Level | Change |
|---|---|---|
| Nexa Resources | US$13.85 | +3.82% |
| Buenaventura | US$34.77 | +1.64% |
Source: RT close, 2026-09-03. 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 | 185,188.13 | -0.01% | +21.85% | 185,205.09 | 168,310 | 167,142 | — |
| IPSA | 11,315.26 | -1.14% | — | 11,445.90 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 65,473.16 | +0.91% | +12.17% | 64,884.28 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,058,093 | -1.55% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,534.46 | +1.81% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,719.97 | +0.43% | — | — | — | — | — |
| 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
A key driver was the ongoing recovery at Nexa’s Cajamarquilla smelter near Lima, the largest zinc smelter in the Americas. A May 13 incident had temporarily disrupted refined output.
Nexa estimated a production hit of about 7,000 tons in the second quarter, roughly 2% of annual output. The company said that loss should be recovered in the second half, keeping 2026 sales guidance unchanged.
Broader base-metal sentiment also helped. Dollar weakness and falling rate-hike expectations supported the complex, while galvanised-steel demand for construction remained the physical anchor.
04 The Latin American read
The region’s importance to zinc is concentrated in Peru, Brazil, Bolivia and Mexico. Nexa spans Peru and Brazil with five polymetallic mines and three smelters.
Its Aripuanã mine in Brazil delivered a record 13,000 tons of zinc in the first quarter. Group zinc metal and oxide production reached 147,000 tons, up 11% year-over-year.
For 2026, Nexa guides a 6% increase in consolidated zinc output. Aripuanã is expected to rise about 49% to between 45,000 and 60,000 tons.
That supply growth matters for global refined balances.
05 The names to watch
Nexa Resources is the closest Latin American zinc proxy, given its integrated mining and smelting operations in Peru and Brazil. Its Cajamarquilla restart and Aripuanã ramp-up are the operational stories to track.
Buenaventura offers a broader Peru-focused metals exposure. While its zinc contribution is less direct, the stock tends to move with Andean mining sentiment.
For foreigners, the practical takeaway is that zinc exposure in Latin America is best expressed through these New York-listed shares. Local investment vehicles trade less easily by comparison.
06 The outlook
The near-term outlook hinges on smelter normalisation and whether three-month LME zinc can hold near 3,877 US dollars per ton. Nexa’s second-half recovery plan provides a visible catalyst.
If Cajamarquilla output returns as guided and steel demand holds through the construction season, zinc could stay supported. The risk is a slower than expected restart or softer physical buying in the fourth quarter.
07 What to watch
- Cajamarquilla restart: Refined output normalisation at the Lima smelter is the key short-term supply lever.
- Aripuanã ramp-up: Record first-quarter output needs follow-through to justify Nexa’s 49% growth guidance.
- Steel and construction demand: Galvanised-steel orders across Latin America and importers set physical zinc appetite.
- Cash-to-three-month spread: The gap between the 4,000 cash level and 3,877 three-month price signals nearby tightness.
Frequently Asked Questions
Why did zinc rise on September 3, 2026?
Zinc firmed 0.89% to 3,891.90 US dollars per ton, supported by recovering Peruvian smelter supply and steady galvanised-steel demand.
Why did Nexa Resources outperform?
Nexa jumped 3.82% to US$13.85 as investors priced the Cajamarquilla smelter recovery and record Aripuanã output.
Is Buenaventura a zinc stock?
Buenaventura is a Peruvian metals proxy with zinc exposure, adding 1.64% to US$34.77 in the session.
What is the near-term risk for zinc?
A slower Cajamarquilla restart or softer fourth-quarter physical steel demand could cap further gains.
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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