Zinc Miner Nexa Gains 3.16% as Buenaventura Rises 1.63% | Zinc, Nov 2
Key Facts
- Nexa Resources, a zinc miner, rose +3.16% to US$11.43 on Monday, 2 November 2026, yet the shares are still 31.6% below their 12-month high of 16.72 reached on 6 May.
- Buenaventura, a Peruvian gold and silver miner, gained +1.63% to US$26.85, but it remains 38.5% below its 12-month high of 43.67 set on 27 February.
- Both miners had been sliding for weeks with Nexa down 8.34% over 20 sessions and Buenaventura down 15.00% over the same stretch.
- Nexa’s third-quarter report was mixed with a net loss of US$47 million but adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of US$301 million, up 62% on the year.
- The wider market was nervous as the VIX fear gauge rose 8.91% and the S&P 500 fell 0.51%, while the dollar fund UUP slipped 0.14%.
- History is evenly split after falls this large: Nexa was higher 20 sessions later in 27 of 53 earlier cases, and Buenaventura in 32 of 58.
Today’s Focus
Zinc-linked mining shares bounced on Monday, 2 November 2026, but only after a long slide. Nexa Resources, which mines and smelts zinc in Peru and Brazil, closed at US$11.43, up +3.16%, and Buenaventura, a Peruvian miner of silver and gold, closed at US$26.85, up +1.63%.
Neither share is a price for zinc itself. They are listed companies whose profits depend on the metal, so they act as stand-ins for how investors feel about it.
The bounce looks like a recovery from a sell-off rather than a new trend. Nexa is still 18.9% lower than 60 sessions ago, and Buenaventura is 21.4% lower over the same period.
What matters today. For Latin American miners, one good day does not undo a two-month decline, so the next test is whether the rebound survives a nervous stock market.
01 The session in one read
Two Latin American zinc proxies rose on a day when American shares fell. Nexa Resources gained +3.16% and Buenaventura gained +1.63% on Monday, 2 November 2026.
Zinc is the metal that coats steel to stop it rusting, so it follows building and car production. Nexa mines it in Peru and Brazil, which makes its shares a quick way to read the market.
The best-supported reading is a relief rally after heavy selling, helped by firm company results at Nexa and by gold-fund buying. Gold’s fund rose 1.65% in the session, which tends to lift Buenaventura, and Nexa’s earnings showed operations recovering. Our confidence is medium because no single cause for Monday’s zinc move could be confirmed. The variable to watch is whether the VIX fear gauge, now at 21.15, keeps climbing.
02 The board
Nexa closed at US$11.43 and Buenaventura at US$26.85. Both rose after a week in which each lost ground.
Over five sessions Nexa is down 1.80% and Buenaventura is down 5.59%. That gap shows the Peruvian silver and gold miner has been hurt more than the zinc specialist.
| Asset | Level | Change |
|---|---|---|
| Nexa Resources | US$11.43 | +3.16% |
| Buenaventura | US$26.85 | +1.63% |
Source: RT close, 2026-11-02. 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 | 167,921.80 | -0.75% | +19.56% | 169,186.42 | 178,526 | 175,157 | — |
| IPSA | 10,374.91 | +1.18% | — | 10,254.15 | 10,722 | 10,633 | — |
| IPC MEX | 69,779.20 | -0.01% | +12.74% | 69,787.41 | 70,008 | 69,383 | 49,372,306 |
| MERVAL | 2,848,945 | — | +12.65% | 2,859,051 | — | — | — |
| COLCAP | 2,490.92 | +0.04% | — | — | — | — | — |
| USD/BRL | 5.34 | -1.32% | -0.84% | 5.42 | 5.42 | 5.30 | — |
| EUR/BRL | 5.95 | +7.53% | -4.87% | 5.54 | 6.04 | 5.92 | — |
| USD/MXN | 18.69 | +0.62% | +1.45% | 18.57 | 18.69 | 18.54 | — |
| USD/CLP | 983.47 | -0.57% | +5.64% | 989.13 | 991.87 | 979.07 | — |
| USD/COP | 3,149 | +3.06% | -18.02% | 3,056 | 3,173 | 3,111 | — |
| USD/PEN | 3.45 | +0.17% | +3.85% | 3.44 | 3.45 | 3.44 | — |
| USD/ARS | 1,537 | -0.28% | +3.77% | 1,541 | 1,541 | 1,537 | — |
| USD/UYU | 40.21 | +3.57% | +2.29% | 38.83 | 40.21 | 40.08 | — |
| USD/PYG | 5,803 | +3.78% | -16.54% | 5,592 | 5,803 | 5,735 | — |
| USD/BOB | 11.97 | +4.93% | +77.92% | 11.41 | 11.97 | 11.82 | — |
| USD/DOP | 60.54 | +1.83% | -4.34% | 59.45 | 61.14 | 59.85 | — |
| USD/CRC | 451.24 | +2.13% | -7.80% | 441.83 | 451.40 | 450.04 | — |
| USD/GTQ | 7.64 | +3.23% | +2.18% | 7.40 | 7.64 | 7.64 | — |
03 Why it moved
The first cause, in order of weight, is company news at Nexa. Its third-quarter report showed adjusted EBITDA of US$301 million, up 62% on the year, and mined zinc output up 7% on the quarter to 85,000 tonnes. Nexa’s Aripuanã zinc mine in Brazil ran better after a fourth tailings filter, which removes water from waste rock, was added, and Peruvian operations returned to normal.
The second cause is the metals complex. Gold’s fund rose 1.65% on the day after a week in which gold hit its lowest level in more than a year ahead of the American midterm elections. That recovery helps Buenaventura, which mines gold and silver.
The signals conflict. The S&P 500 fell 0.51% and the VIX rose 8.91%, which normally hurts miners, while oil’s fund dropped 7.08%, which lowers fuel costs for mines. The dollar fund UUP slipped 0.14% and the 10-year Treasury yield eased about 3 basis points to 4.89%, a mild help for metals priced in dollars. Confidence in this reading is medium, because no report we found explains Monday’s move directly.
China’s factory data also came in firm. The S&P Global manufacturing PMI, a survey of purchasing managers where a reading above 50 means expansion, rose to 52 for October against 51.6 expected in the RT economic calendar and 52.1 in September, a supportive signal for demand for industrial inputs.
04 The trend behind it
The year has been hard on both shares. Nexa is 31.6% below its 12-month high of 16.72 on 6 May, and Buenaventura is 38.5% below its high of 43.67 on 27 February.
Over 60 sessions Nexa is down 18.9% and Buenaventura is down 21.4%. Monday was one up session after weeks of falls, so this is a continuation of the downtrend with a pause, not a new phase.
Our own price history since 2017 for Nexa and since 2007 for Buenaventura gives a plain answer to what often follows. After 53 earlier falls of 8.3% or more in 20 sessions, Nexa was higher 20 sessions later in 27 cases, or 51%, with a median gain of 1.5% and a worst case of a 54.5% fall. For Buenaventura, after 58 falls of 15.0% or more, it was higher in 32 cases, or 55%, with a median gain of 1.1% and a worst case of a 36.8% fall. History is not a forecast.
05 What it means for Latin America
Peru feels this most, because it hosts Nexa’s mines and the Cajamarquilla smelter near Lima, and Buenaventura’s operations. Lower mining profits mean lower tax and royalty income for the Peruvian state, and Nexa’s recovery at Cajamarquilla is flagged as a risk.
Brazil benefits from Aripuanã, where Nexa has lifted its 2026 capital spending guidance by 10% to US$420 million. Part of that money reflects the stronger real, which raises the dollar cost of Brazilian work.
Mexico and Bolivia also mine zinc, so a lasting weakness in the metal would trim export earnings there. We did not find fresh production figures for either country, so we give no number.
06 The names to watch
Nexa is the cleanest zinc proxy. Its third-quarter net loss of US$47 million sits beside operating cash flow of US$185 million and free cash flow of US$73 million, so the business is generating cash even while it reports a loss.
Buenaventura is a different bet, because gold and silver drive it more than zinc. It sits 26.9% above its 12-month low of 21.16 from 4 November 2025, which gives it a floor to defend. Nexa is 117.7% above its low of 5.25 from 7 November 2025, so its long-run recovery is intact despite the recent fall.
07 What would end it
For Nexa, the levels to watch are the 12-month low of 5.25 far below and the 12-month high of 16.72 far above, with the round figure of 10 as the nearer test on the downside. For Buenaventura, the round figure of 25 sits just under the close, and the 21.16 low is the deeper support.
The next dated catalysts are the American midterm elections this week and any further word on the Cajamarquilla smelter recovery. A calming VIX and a steadier gold price would let the rebound last, while a further jump in the fear gauge would likely bring the selling back.
08 What to watch
- Fear gauge: The VIX closed at 21.15 after rising 8.91%; a further climb would pressure miners.
- Gold: Gold’s fund rose 1.65% after a one-year low and drives Buenaventura more than zinc does.
- Cajamarquilla: The recovery of Nexa’s Peruvian smelter is flagged as a risk to earnings.
- Round-number support: Nexa near 10 and Buenaventura near 25 are the nearest levels where buyers may step in.
Frequently Asked Questions
Why did zinc miners rise on Monday, 2 November 2026?
Nexa gained +3.16% and Buenaventura gained +1.63%, helped by firm company results and a rebound in gold. We rate this reading medium confidence.
Are these prices the price of zinc?
No. They are shares of listed miners that track the metal, so they reflect investor mood, not the metal’s own price.
Is the downtrend over?
Not yet. Nexa is 31.6% below its 12-month high and Buenaventura is 38.5% below theirs.
What happened after similar falls before?
Nexa was higher 20 sessions later in 27 of 53 earlier cases and Buenaventura in 32 of 58. History is not a forecast.
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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