Zinc Climbs; Nexa, Buenaventura Slip | the Rio Times
Key Facts
- Zinc gained on Friday, September 4, 2026, with a key reference price at US$3,929.55 per metric ton, up 0.97% on the day.
- Nexa Resources closed at US$13.80, down 0.36% in New York trading despite the firmer zinc price.
- Buenaventura fell 2.50% to US$33.90, dragged by precious-metals selling rather than zinc fundamentals.
- A monthly LME zinc futures contract for September 2026 was reported at US$4,052.44, up US$45.23 or 1.13%.
- Peru supplies about 12% of global zinc concentrate, with Mexico around 5–6% and Bolivia near 4%.
- Nexa produced 147 thousand tons of zinc metal and oxide in the first quarter of 2026, an 11% year-on-year increase despite tight concentrate markets.
Today’s Focus
Zinc finished Friday, September 4, 2026, firmly higher. One widely watched reference price settled at US$3,929.55 per metric ton, a gain of 0.97% on the session.
The rise did not lift Latin America’s two main listed proxies. Nexa Resources, the Peru- and Brazil-focused zinc producer, slipped 0.36% to US$13.80 in New York, while Peru’s Buenaventura dropped 2.50% to US$33.90 as gold retreated.
The divergence makes sense: zinc strength is being driven by tight supply and galvanised-steel demand, while Buenaventura carries heavier exposure to bullion, which fell after robust US payrolls data revived talk of a Federal Reserve rate increase.
For foreign investors, the key takeaway is that zinc prices remain well-supported by supply constraints, but listed Latin American miners can diverge sharply from the metal itself.
What matters today. Zinc’s industrial supply story is firm, but equity proxies can be knocked off course by gold, rates, and company-specific snags.
01 The session in one read
Zinc closed higher on Friday, September 4, 2026, extending its run as one of the better-supported industrial metals. One market reference put the global price at US$3,929.55 per metric ton, a 0.97% gain on the day.
Another tracker quoted zinc at US$3,868 per metric ton, while a monthly LME futures contract for September settled around US$4,052.44, up 1.13%.
Yet the stronger metal did not rescue the region’s listed miners. Nexa Resources finished at US$13.80, down 0.36%, and Buenaventura dropped 2.50% to US$33.90.
Friday’s session showed a healthy industrial metal hiding behind a messy equity tape. Zinc benchmarks rose almost 1%, but the two Latin American proxies fell, with Buenaventura suffering a sharp 2.50% drop after strong US employment data pressured gold and silver.
The variable to watch this week is whether LME zinc can hold above US$3,900 per metric ton while mining shares attempt to detach from precious-metals volatility.
02 The board
The price board tells a story of industrial confidence running ahead of equity sentiment. Zinc’s near-1% rise in the global reference price contrasted with a soft session for the two main New York-listed proxies for Andean zinc exposure.
Buenaventura’s 2.50% drop to US$33.90 was the sharper move, reflecting its meaningful gold and silver portfolio. Nexa Resources, a more direct zinc play, slipped just 0.36% to US$13.80, suggesting investors treated its decline as modest profit-taking rather than a verdict on zinc itself.
| Asset | Level | Change |
|---|---|---|
| Nexa Resources | US$13.80 | -0.36% |
| Buenaventura | US$33.90 | -2.50% |
Source: RT close, 2026-09-04. 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 | 185,147.15 | -0.02% | +21.85% | 185,188.13 | 168,310 | 167,142 | — |
| IPSA | 11,315.26 | -1.14% | — | 11,445.90 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 64,866.61 | -0.87% | +12.17% | 65,436.16 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,049,121 | -0.29% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,544.56 | +0.40% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,978.22 | -0.31% | — | — | — | — | — |
| 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
The core zinc story remains one of tight supply and resilient demand. Zinc’s main use is galvanising steel, which protects it from corrosion in construction, infrastructure and automotive manufacturing, so firm building activity supports the metal.
Nexa Resources has been explicit about the squeeze: the company said the LME zinc price averaged US$3,241 per ton in the first quarter of 2026, up 14% year-on-year and 2% quarter-on-quarter, citing supply constraints and tight concentrate markets.
Not all the news flow was positive. A disruption at Nexa’s Cajamarquilla smelter in Peru cut roughly 7 thousand tons of refined zinc output in the second quarter, though the company maintained its 2026 sales guidance.
04 The Latin American read
Peru, Mexico and Bolivia sit at the heart of global zinc mining. ILZSG data place Peru at roughly 12% of global zinc concentrate production, with Mexico at 5–6% and Bolivia near 4%, behind only China and Australia among the biggest suppliers.
For investors, that makes the region a natural proxy for the metal. Nexa Resources, with integrated mines and smelters in Peru and Brazil, is the most direct Latin American zinc listed vehicle.
Buenaventura offers a broader Peruvian mining exposure, blending gold and silver with base metals including zinc. That is why its sharp Friday drop owed more to bullion than to zinc fundamentals, as strong US payrolls data raised the prospect of a Federal Reserve rate increase.
05 The names to watch
Nexa Resources reported first-quarter 2026 zinc metal and oxide output of 147 thousand tons, an 11% year-on-year increase. That growth came even as the concentrate market tightened, reinforcing Nexa’s position as a key beneficiary of higher refined zinc prices.
Buenaventura is the region’s more diversified play, and its 2.50% slide on Friday shows how precious-metals exposure can dominate its trading even when zinc is firm.
Both names deserve tracking because they translate the global galvanised-steel demand cycle into Latin American earnings, but with very different risk profiles.
06 The outlook
The near-term outlook for zinc remains constructive while supply discipline holds and construction demand stays steady. The challenge for Latin American equity investors is that share prices are also hostage to gold, US rate expectations and company-specific disruptions such as the Cajamarquilla smelter issue.
If zinc can hold near US$3,900 per metric ton, Nexa’s direct exposure may start to outshine the more precious-metals-heavy Buenaventura.
07 What to watch
- LME zinc above US$3,900: Whether the benchmark can hold Friday’s gains will signal if the tight supply narrative is still in control.
- Nexa’s Cajamarquilla restart: Any update on the Peruvian smelter’s return to full output could move the stock more than the metal.
- US rate expectations: Strong payrolls revived Fed hike talk, hitting gold and silver; further dollar strength could pressure all commodity equities.
- Galvanised-steel demand: Construction and infrastructure orders in China, Brazil and the US are the real demand engine for zinc.
Frequently Asked Questions
Why did zinc rise but Nexa and Buenaventura fall?
Zinc’s reference price rose on supply tightness, but Nexa slipped on modest profit-taking and Buenaventura fell with gold after strong US jobs data.
How much zinc does Latin America produce?
Peru accounts for about 12% of global concentrate, Mexico roughly 5–6% and Bolivia near 4%.
Is Nexa Resources the purest zinc proxy?
Yes, among major New York-listed Latin American names, Nexa is the most directly tied to zinc mining and smelting in Peru and Brazil.
What is zinc actually used for?
Most zinc is used to galvanise steel, protecting it from rust in construction, infrastructure and vehicles.
Market data: RT
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