Zinc Settles at US$3,875; Nexa Dips, Buenaventura Rises
Key Facts
- LME zinc cash settlement closed at US$3,875 per metric ton on Friday, August 14, 2026.
- LME zinc stocks stood at 88,000 tons, a daily draw of 4,550 tons.
- Nexa Resources shares fell 1.05% to US$14.18 despite the firm’s dominant Peru-Brazil zinc position.
- Buenaventura shares rose 0.21% to US$33.74, with first-half 2026 zinc output of 14,740 metric tons.
- SHFE/LME zinc ratio consolidated near 6.8 during the week, intermittently opening China’s export window.
- Buenaventura’s realised zinc price was US$3,451 per metric ton in Q2 2026, up from US$3,316 in Q1.
Today’s Focus
Official LME zinc cash settlement closed at US$3,875 per metric ton on Friday, August 14, 2026. LME zinc stocks fell by 4,550 tons to 88,000 tons, a signal of near-term physical tightness.
The two Latin American zinc proxies diverged. Nexa Resources, the integrated Peru-Brazil producer with roughly 4% of global zinc output, slipped 1.05% to US$14.18. Peru’s Buenaventura, which produced 14,740 metric tons of zinc in the first half of 2026, edged up 0.21% to US$33.74.
China’s SHFE/LME zinc price ratio held around 6.8 during the week, intermittently opening an export window for Chinese ingot. Higher LME levels support smelter margins for LatAm producers, with the 2026 benchmark treatment charge settled at US$85 per dry metric tonne, up from US$80 in 2025.
The day’s stock draw and firm settlement matter most for galvanised-steel supply chains: zinc’s main use is coating steel for construction, infrastructure and vehicles.
What matters today. The settled price and falling LME stocks show a physically tight zinc market that supports Latin American producer margins.
01 The session in one read
Zinc closed firmly on Friday, August 14, 2026, with the official LME cash settlement at US$3,875 per metric ton. The most concrete market signal came from LME warehouses: zinc stocks fell by 4,550 tons to 88,000 tons.
Latin America’s listed zinc proxies moved in opposite directions. Nexa Resources, which mines in Peru and Brazil and smelts at the largest zinc refinery in Latin America and the fifth largest in the world, fell 1.05% to US$14.18. Buenaventura, the Peruvian multi-metal miner, rose 0.21% to US$33.74.
The 4,550-ton daily stock draw is the clearest signal from Friday’s session: available LME metal is shrinking, which gives a physical floor under the US$3,875 cash settlement. Latin American smelters such as Nexa’s Cajamarquilla refinery should benefit from higher metal prices, especially with the 2026 benchmark treatment charge of US$85 per dry metric tonne shaping margins. The variable to watch is whether the SHFE/LME ratio near 6.8 stays low enough to keep Chinese exports flowing into a tight Western market.
02 The board
The official LME cash settlement of US$3,875 per metric ton sat above most live intraday indications, which ranged from roughly US$3,725 to US$3,778 per metric ton depending on the service. A European cash quotation showed US$3,767 per metric ton with a daily move of minus 1.29%.
Buenaventura’s New York shares traded up to US$33.74, a gain of 0.21%, while Nexa Resources settled at US$14.18, down 1.05%. The divergence suggests investors were rewarding Buenaventura’s realised price momentum rather than the broader zinc complex.
| Asset | Level | Change |
|---|---|---|
| Nexa Resources | US$14.18 | -1.05% |
| Buenaventura | US$33.74 | +0.21% |
Source: RT close, 2026-08-14. 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 | 187,197.46 | +0.46% | +21.85% | 186,340.46 | 168,310 | 167,142 | — |
| IPSA | 10,908.18 | -0.56% | — | 10,969.49 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 63,594.53 | -0.97% | +12.17% | 64,214.36 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,758,840 | -2.15% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,530.05 | -0.75% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,831.84 | -0.13% | — | — | — | — | — |
| 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 drop in LME zinc stocks to 88,000 tons, a draw of 4,550 tons, was the session’s clearest driver. Falling available metal in exchange warehouses typically signals that consumers are pulling material for immediate use, a bullish physical cue.
China’s SHFE/LME zinc price ratio continued to consolidate near 6.8 during the week. That relatively cheap LME level meant the export window for Chinese zinc ingot opened intermittently, connecting Shanghai and London prices more closely.
04 The Latin American read
Peru is a key zinc-producing country, anchored by Nexa Resources and Buenaventura. Nexa accounts for around 4% of world zinc output and is the only producer of metallic zinc in Latin America, excluding Mexico.
Nexa operates Cerro Lindo, the underground polymetallic mine with the highest production capacity in Peru, and Cajamarquilla, the largest zinc refinery in Latin America and the fifth largest in the world near Lima. Buenaventura’s direct operations produced 7,379 metric tons of zinc in Q1 2026 and 7,360 metric tons in Q2 2026.
For foreign investors, Nexa is the purest zinc smelting-and-mining proxy, while Buenaventura offers a silver-gold-led basket with rising zinc volumes as a kicker.
05 The names to watch
Nexa Resources is one of the major zinc producers worldwide with five mines and three smelters across Peru and Brazil. Its institutional presentation links adjusted EBITDA to LME zinc prices and the 2026 benchmark treatment charge, settled at US$85 per dry metric tonne.
Buenaventura’s average realised zinc price climbed from US$3,316 per metric ton in Q1 2026 to US$3,451 in Q2. Full-year 2026 zinc production guidance stands at 28.6k to 31.8k metric tons from direct operations.
Both names turn the settled LME price into earnings, not just sentiment: higher London metal prices flow directly into their smelter and mine margins.
06 The outlook
The stock draw and settled price point to a market where physical demand is absorbing available metal. The main question is whether Chinese exports become a persistent source of supply to the West, now that the SHFE/LME ratio near 6.8 has opened the export window intermittently.
Galvanised-steel demand from construction and infrastructure remains the core end-use to track. With Nexa, Buenaventura, and Andean neighbours such as Bolivia and Mexico all feeding concentrates and refined metal into global supply chains, the Latin American region remains central to the zinc equation.
07 What to watch
- LME stock draws: Another daily fall in LME zinc stocks would confirm physical tightness; a rebuild would ease the floor.
- SHFE/LME ratio near 6.8: If the ratio stays low, Chinese export windows reopen and add supply pressure to London zinc.
- Treatment charges: The 2026 zinc concentrate benchmark treatment charge was settled at US$85 per dry metric tonne, up from US$80 in 2025 — still historically low, which favours miners over smelters; realised levels set smelter margins.
- Buenaventura Q3 volumes: After 7,360 metric tons in Q2, investors will watch whether Uchucchacua keeps output near guidance.
Frequently Asked Questions
What was the official zinc price on Friday?
The LME zinc cash settlement was US$3,875 per metric ton on Friday, August 14, 2026.
Why did zinc stocks matter?
LME zinc stocks fell by 4,550 tons to 88,000 tons, indicating that available exchange metal was being drawn down.
How did Nexa Resources react?
Nexa Resources shares fell 1.05% to US$14.18 in the Friday session, despite the settled LME price.
How much zinc does Buenaventura produce?
Buenaventura produced 7,360 metric tons of zinc in Q2 2026, with first-half output of 14,740 metric tons.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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