Zinc Gains 1.86% as Nexa Rises and Buenaventura Slips in Latin America
Key Facts
- LME zinc closed at US$3,881.50 a tonne on Friday, up US$71 or 1.86%, according to SMM, which reported an intraday high of US$3,903.50.
- Nexa Resources closed at US$13.01, a gain of 0.70%, leaving the stock down 2.25% across the week.
- Buenaventura fell 1.09% to US$34.33, though the Peruvian producer still finished the week up 0.85%.
- Imported zinc concentrate treatment charges fell to minus US$117.50 a tonne in August, the first sustained negative run since 2008, according to SunSirs.
- LME zinc stock stood at 114,250 tonnes on 17 September, according to Westmetall, after 109,575 tonnes at the end of the prior week, per LME Insight.
- Steel equities weakened, with the SLX fund down 2.10%, while the copper tracker CPER rose 1.44% on the same session.
Today’s Focus
Zinc closed higher on Friday while the equities tied to it went separate ways. London zinc closed at US$3,881.50 a tonne, up US$71 or 1.86%, according to SMM.
Nexa Resources added 0.70% to US$13.01. Buenaventura fell 1.09% to US$34.33, with gold miners down 0.46%.
The week told a different story from the day. Nexa lost 2.25% over the five sessions and Buenaventura gained 0.85%.
Steel was the weak link. The SLX steel fund fell 2.10% on Friday and 2.64% across the week.
Copper moved the other way. The CPER copper tracker rose 1.44% on Friday and 2.68% on the week, so this was not a broad industrial-metals selloff.
The concentrate story did not change. Imported treatment charges stayed deeply negative, according to SunSirs.
What matters today. Zinc closed higher while steel equities fell and copper rose. The split between scarce ore and soft downstream demand is the whole story.
| Instrument | Level | Session |
|---|---|---|
| Ibovespa (Brazil) | 185,229.17 | -0.41% |
| S&P 500 (US) | 7,650.50 | +0.17% |
| Nasdaq Composite (US) | 26,523 | +0.39% |
| VIX (US volatility) | 14.81 | -4.08% |
| USD/BRL | 5.1445 | +0.30% |
| Gold (per ounce) | US$4,380.01 | +0.77% |
| Silver (per ounce) | US$66.35 | +1.41% |
| Oil fund (USO) | US$153.82 | -0.96% |
Friday, 18 September 2026 close. Gold, silver and the oil fund in US dollars.
01 The session in one read
Friday was a metal gain and an equity split. Zinc rose 1.86% in London while the two Latin American producers moved in opposite directions.
Nexa added 0.70% to US$13.01. Buenaventura fell 1.09% to US$34.33, with gold miners down 0.46%.
Silver rose 1.41% to US$66.35 an ounce, but gold miners fell. The GDX gold miners fund lost 0.46% and Barrick dropped 3.01%.
The two producers also diverged across the week. Nexa fell 2.25% while Buenaventura rose 0.85%.
Nexa’s 52-week range runs from US$4.82 to US$16.89. At US$13.01 it sits below its 50-day average of US$13.64.
Buenaventura’s week was the steadier of the two. Its 0.85% weekly gain came despite Friday’s 1.09% decline.
02 The board
| Instrument | Level | Session | Week | Read |
|---|---|---|---|---|
| LME zinc (per tonne) | US$3,881.50 | +1.86% | — | SMM close, after a US$3,903.50 intraday high |
| Nexa Resources (NEXA) | US$13.01 | +0.70% | -2.25% | Still below its 50-day average of US$13.64 |
| Buenaventura (BVN) | US$34.33 | -1.09% | +0.85% | Diversified producer |
| Steel fund (SLX) | US$106.09 | -2.10% | -2.64% | Steel equities traded lower |
| Copper tracker (CPER) | US$40.23 | +1.44% | +2.68% | Industrial metals were not uniformly weak |
| Silver (per ounce) | US$66.35 | +1.41% | +3.05% | Silver rose but silver and gold miners did not follow |
| Gold miners fund (GDX) | US$95.48 | -0.46% | -1.67% | Precious-metals equities lagged the metal |
The copper tracker is the line that complicates the story. Copper rose on the same day, which rules out a simple account of industrial metals falling together.
The steel fund went the other way. SLX lost 2.10% on Friday and 2.64% across the week.
03 What moved it
Concentrate remains the binding constraint. Imported zinc concentrate treatment charges fell to minus US$117.50 a tonne in August, according to SunSirs.
That was the first sustained period of negative treatment charges since 2008. SunSirs reported the figure on 17 September.
The same outlet reported on Friday that China’s domestic weekly treatment charges fell by 300 yuan (about US$44.80) month on month in early September. It also put the imported concentrate index at minus US$124.50 per dry metric tonne.
Both readings were described as historically low. They point to the same shortage of mine supply.
Inventories point the other way. Westmetall reported LME zinc stock at 114,250 tonnes on 17 September.
That compares with 109,575 tonnes at the end of the prior week, according to LME Insight. Trading Economics recorded a different reference price for the same session, at US$3,933.95 a tonne, up 1.16%.
04 The Latin American read
The regional funds were weak on Friday. The ILF Latin America fund fell 1.16% and the EWZ Brazil fund lost 0.58%.
Mexico’s market was softer still. The IPC closed at 63,375.93, down 0.78%, and the EWW Mexico fund fell 1.28%.
Grupo México fell 2.38% in Mexico City on Friday. Peñoles, the other large Mexican metals name, rose 2.33%.
Peru’s fund held up better than the region. The EPU Peru fund added 0.17% on Friday and 0.03% across the week.
The currency backdrop was mixed. The dollar index slipped 0.03% to 100.215 while the Brazilian real weakened 0.30% to 5.1445 per dollar.
Chile’s market was closed for Fiestas Patrias. The last IPSA close was 11,381.18 on 17 September.
05 The names to watch
Nexa added 0.70% on Friday against zinc’s 1.86% move. The stock remains 2.25% lower across the week.
Buenaventura fell 1.09% to US$34.33 on Friday. It finished the week up 0.85%.
Southern Copper fell 0.21% and Freeport-McMoRan rose 0.97% on Friday. Both are copper names with other metals alongside.
Teck Resources rose 0.46% to US$65.52. Vale fell 1.80% to US$14.21 and lost 6.70% across the week.
The steel producers were the weakest group. Nucor fell 6.32% and ArcelorMittal lost 3.52% on Friday.
Gerdau fell 3.14% to US$4.94 and CSN dropped 6.78% to US$1.10. Both Brazilian steelmakers lost ground across the week as well.
06 The outlook
The week ahead brings Brazil’s IPCA-15 inflation reading on Friday 25 September. The year-on-year consensus is 4.5%, against 4.24% prior.
Mexico reports mid-month inflation on Thursday 24 September. The year-on-year consensus is 3.3%, against 3.26% prior.
Banxico also meets on Thursday 24 September. The calendar carries no consensus figure for the decision.
China sets its one-year loan prime rate on Monday 21 September. The consensus is 3%, unchanged from the prior reading.
Brazil’s central bank publishes its Copom minutes on Tuesday 22 September. The Focus survey lands a day earlier, on Monday.
The steel fund’s 2.64% weekly fall is the number to hold against the negative treatment charges. One describes scarcity upstream, the other softness downstream.
07 What to watch
- Treatment charges: Imported charges sit at minus US$117.50 a tonne, according to SunSirs.
- Steel equities: The SLX fund fell 2.64% on the week.
- Nexa against the metal: Zinc rose 1.86% while Nexa added 0.70%.
- Buenaventura’s precious metals: Gold miners fell 0.46% on Friday.
- LME inventories: Stock rose to 114,250 tonnes on 17 September from 109,575 tonnes a week earlier, per Westmetall and LME Insight.
- China’s loan prime rate: The one-year rate is set for Monday 21 September.
Frequently Asked Questions
How much did zinc move on 18 September 2026?
SMM reported LME zinc closed at US$3,881.50 a tonne, up US$71 or 1.86%, after an intraday high of US$3,903.50. Trading Economics recorded US$3,933.95, up 1.16%, a different reference price.
How did Nexa and Buenaventura trade?
Nexa added 0.70% to US$13.01. Buenaventura fell 1.09% to US$34.33, with gold miners down 0.46%.
What are zinc treatment charges telling us?
They are the fee smelters receive for processing concentrate. Imported charges fell to minus US$117.50 a tonne in August, the first sustained negative run since 2008, according to SunSirs.
How much zinc is in London warehouses?
Westmetall reported LME zinc stock at 114,250 tonnes on 17 September. That compares with 109,575 tonnes at the end of the prior week, according to LME Insight.
How did Latin American markets trade on Friday?
The ILF Latin America fund fell 1.16% and the EWZ Brazil fund lost 0.58%. Mexico’s IPC closed at 63,375.93, down 0.78%.
What is on the calendar for the week ahead?
Brazil’s IPCA-15 inflation reading is due on Friday 25 September, with the year-on-year consensus at 4.5%. Mexico reports mid-month inflation on Thursday 24 September.
Sources: RT end-of-day series for NEXA, BVN, SLX, CPER, GDX, ILF, EWZ, EWW, EPU, TECK, VALE, SCCO, FCX, NUE, MT, GGB, SID and the currency pairs; SMM for the London zinc close and intraday range; Trading Economics for an alternative zinc reference price; SunSirs for treatment-charge figures dated 17 and 18 September; Westmetall and LME Insight for warehouse stock; BMV and Investing.com for the Mexico IPC close.
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