Zinc Rises 2% as LatAm Miners Split: Nexa Falls, Buenaventura Gains
Key Facts
- Zinc climbed to US$4,060 per tonne in London Metal Exchange cash trading on Friday, September 25, 2026, up 2.0% from Thursday’s US$3,981.
- Year-on-year strength left the zinc price about 35% higher than a year earlier and 1.8% above its level a month ago.
- Nexa shares slipped 1.58% to US$12.44 in New York trading, while Buenaventura added 0.97% to US$33.17.
- Nexa is changing hands: Sweden’s Boliden agreed in August to buy Votorantim’s roughly 65% controlling stake in a share deal worth about US$1.3 billion.
- Peru matters most regionally as the world’s second-largest zinc miner after China, though its output grew only about 2% in the first quarter of 2026.
- Galvanised steel demand from construction and infrastructure remains the core industrial use of zinc across Latin America.
Today’s Focus
Zinc finished Friday, September 25, 2026 at US$4,060 per tonne in London Metal Exchange cash trading, up 2.0% on the day and about 35% higher than a year ago. Tight concentrate supply outweighed softer Chinese buying.
Latin American equity proxies diverged. Nexa Resources, the region’s purest listed zinc play with mines in Peru and Brazil, fell 1.58% to US$12.44. Compañía de Minas Buenaventura, a Peruvian polymetallic miner with zinc exposure, rose 0.97% to US$33.17.
Nexa’s shares also trade in the shadow of a takeover. Boliden agreed in August to buy Votorantim’s controlling stake, valuing Nexa at about US$15.29 a share at announcement, with closing expected in the first quarter of 2027.
What matters today. Tight concentrate supply is holding zinc close to its highest levels of the year even as Chinese demand softens, keeping Latin American miners central to the price story.
01 The session in one read
Zinc rose on Friday, September 25, 2026, with the London Metal Exchange cash price settling at US$4,060 per tonne, up 2.0% from US$3,981 on Thursday. The three-month contract gained 0.9% to US$3,952, and the metal stands about 35% higher than a year earlier and 1.8% above its level a month ago.
The gain came despite a mixed backdrop. Tight mine supply kept a bid under the market, while softer demand from Chinese galvanisers and LME stocks of about 121,600 tonnes, up from roughly 95,000 tonnes a month earlier, limited the pressure on buyers.
Friday’s rise to US$4,060 per tonne looks like a continuation of the year’s firm trend rather than a breakout. Concentrate tightness is doing the heavy lifting while Chinese construction and infrastructure buying stays subdued. Watch whether regional supply disruptions deepen into the fourth quarter and whether exchange stocks keep building.
02 The board
The Latin American zinc-proxy shares split on Friday. Nexa Resources, the region’s most direct listed bet on zinc with mines in Peru and Brazil, dropped 1.58% to US$12.44 in New York.
Buenaventura moved the other way, gaining 0.97% to US$33.17, reflecting its broader precious and base metals mix alongside zinc output from Uchucchacua and Colquijirca.
| Asset | Level | Change |
|---|---|---|
| Nexa Resources | US$12.44 | -1.58% |
| Buenaventura | US$33.17 | +0.97% |
Source: NYSE close, 2026-09-25. 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 | 183,476.86 | -0.27% | +21.85% | 183,965.91 | 168,310 | 167,142 | — |
| IPSA | 11,256.80 | -0.38% | — | 11,299.82 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 64,992.23 | +1.13% | +12.17% | 64,264.16 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,893,751 | -1.57% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,584.72 | -0.95% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,934.37 | +1.27% | — | — | — | — | — |
| 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
Supply remains tight enough to keep zinc near its strongest levels of the year. Peru, the world’s second-largest zinc miner after China, has struggled to lift output meaningfully, with national production up only about 2% in the first quarter of 2026, according to Ministry of Energy and Mines data.
On the demand side, Chinese buyers are holding back. Weaker construction and infrastructure activity in the world’s largest zinc consumer limited any push higher, even with concentrate scarce.
The result was a measured advance: sellers saw little reason to chase prices down when supply is constrained, while soft demand and rising exchange stocks kept buyers from paying up aggressively.
04 The Latin American read
Latin America’s supply role is prominent. Peru accounts for roughly a tenth of global zinc mine output, and Mexico and Bolivia also rank among the world’s leading producers.
Construction and infrastructure across Brazil, Peru and Mexico remain direct demand drivers because galvanising steel is zinc’s main industrial use.
Nexa Resources kept its 2026 zinc production guidance intact after a fire at its Cajamarquilla refinery in Peru earlier this year, with its mines in Peru and Brazil at the centre of the plan.
05 The names to watch
Nexa Resources is the cleanest zinc exposure among larger regional miners, so its 1.58% fall to US$12.44 on Friday stands out on a day zinc rose. The shares remain well below the roughly US$15.29 implied by Boliden’s offer terms at announcement.
Buenaventura’s 0.97% gain to US$33.17 shows how its silver and gold exposure shapes its moves, even as its Uchucchacua and Colquijirca operations keep it tied to the zinc market.
For foreign investors, the two shares offer different risk profiles: a direct zinc price proxy with takeover dynamics in Nexa, and a diversified Peruvian miner with zinc optionality in Buenaventura.
06 The outlook
The roughly 35% year-on-year gain suggests zinc has already priced in much of the supply tightness, but further disruptions in Peru or Mexico could extend the move.
If Chinese construction demand recovers into the fourth quarter, the combination of scarce concentrate and renewed buying could push zinc back towards the US$4,186 per tonne cash level reached on September 9. Until then, range trading looks most likely.
07 What to watch
- Peruvian production data: Monthly mining figures from the Ministry of Energy and Mines are a key supply signal; any slippage could tighten concentrate further.
- Chinese construction demand: Galvanised steel orders from infrastructure projects remain the swing factor for global zinc consumption.
- Boliden–Nexa deal: Shareholder and regulatory approvals, followed by a tender offer for the remaining shares, will steer Nexa’s stock towards closing in early 2027.
- LME stocks: Exchange inventories have climbed sharply over the past month; further builds would test the tight-supply narrative.
Frequently Asked Questions
Why did zinc rise on Friday?
Tight concentrate supply supported prices despite softer Chinese demand, lifting London Metal Exchange cash zinc 2.0% to US$4,060 a tonne.
How big is Latin America in zinc supply?
Peru is the world’s second-largest zinc miner after China, and Mexico and Bolivia also rank among the leading producers.
What is galvanised steel?
Steel coated with zinc to prevent corrosion, used mainly in construction, infrastructure and vehicles.
Which shares track zinc in Latin America?
Nexa Resources is the most direct zinc proxy, while Buenaventura offers polymetallic exposure that includes zinc.
Market data: London Metal Exchange, NYSE
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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