Key Facts
- Zinc fell about 1.8% to around US$3,905 a tonne on Friday, September 25, 2026, according to Trading Economics, slipping towards the US$3,900 mark as demand for the industrial metal stayed soft.
- Nexa Resources dropped 1.58% to US$12.44 in New York trading, making the Peru- and Brazil-based miner and smelter the session’s clearest listed casualty among Latin American zinc proxies.
- Buenaventura bucked the trend rising 0.97% to US$33.17, a reminder that the Peruvian miner’s diversified gold, silver and copper portfolio can diverge from pure zinc price moves.
- Peru dominates regional supply accounting for about 12% of global zinc-concentrate production, with Mexico at roughly 5-6% and Bolivia close to 4%.
- Demand remains soft with weaker orders at Chinese galvanising plants and lacklustre end-user demand, according to Shanghai Metals Market (SMM).
- Nexa’s 2026 guidance calls for 310,000 to 360,000 tonnes of zinc in concentrate, supported by growth at Aripuanã, Atacocha and Vazante.
Today’s Focus
Zinc lost about 1.8% on Friday, September 25, 2026, ending the session at around US$3,905 a tonne. The dollar was not the trigger on the day: the US dollar index slipped 0.25%, although it still finished the week about 0.8% higher.
Nexa Resources, the region’s most direct listed zinc play, fell 1.58% to US$12.44. Buenaventura rose 0.97% to US$33.17, cushioned by its broader precious and base metals mix.
The demand picture remains the market’s weak point. SMM reports weaker orders at Chinese galvanising plants and lacklustre end-user demand, with high zinc prices also weighing on consumption.
What matters today. Soft physical demand for galvanised steel is the main weight on zinc, and it has not yet recovered enough to support prices near US$3,900.
01 The session in one read
Zinc fell about 1.8% on Friday, September 25, 2026, to around US$3,905 a tonne. The metal drifted towards the US$3,900 level even as the US dollar eased and gold and silver rose.
The move hit Latin America’s most direct zinc proxy hardest. Nexa Resources closed at US$12.44, down 1.58%, while Peru’s Buenaventura advanced 0.97% to US$33.17, helped by its gold and silver exposure.
Friday’s decline was a zinc-specific move: the dollar index slipped 0.25% while gold and silver gained. Chinese construction and galvanising demand offered no support.
The variable to watch is whether zinc holds near US$3,900 or breaks lower. Latin American miners have already priced in a supply story that demand has not yet confirmed.
02 The board
The two listed proxies told a split story. Nexa Resources, the Peru- and Brazil-based miner and smelter, fell 1.58% to US$12.44, reflecting its closer operational tie to zinc concentrate and smelting margins.
Buenaventura rose 0.97% to US$33.17. The Lima-based diversified miner produces zinc alongside gold, silver and copper, so its shares often behave more like a broad metals fund than a pure zinc bet.
| Asset | Level | Change |
|---|---|---|
| Zinc (Trading Economics reference) | ~US$3,905/t | -1.8% |
| Nexa Resources | US$12.44 | -1.58% |
| Buenaventura | US$33.17 | +0.97% |
Source: RT 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 | 11,255.90 | -0.39% | — | 11,299.82 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 64,651.92 | +0.60% | +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
The dollar did not drive Friday’s fall. The US dollar index slipped 0.25% on the day, and gold rose 0.46% while silver gained 1.08%, so this was not a broad metals sell-off.
The pressure came from the demand side. Zinc’s primary use is coating steel to create rust-resistant galvanised steel, and SMM reports weaker orders at Chinese galvanising plants, below-expectation pre-holiday stocking and lacklustre end-user demand.
The dollar remains a background factor. The index still rose about 0.8% over the week, which makes dollar-priced metals more expensive for buyers holding other currencies.
04 The Latin American read
Peru is the region’s zinc heavyweight, supplying about 12% of global zinc-concentrate output. Mexico contributes roughly 5-6% and Bolivia close to 4%, meaning any sustained price slide pressures export revenues across three economies.
Nexa sits at the centre of that trade. Its mines include Cerro Lindo, Atacocha and El Porvenir in Peru, plus Vazante and Aripuanã in Brazil, making its New York share price the cleanest public gauge of Latin American zinc sentiment.
05 The names to watch
Nexa Resources is the name to follow for zinc exposure. The company’s 2026 guidance of 310,000 to 360,000 tonnes of zinc in concentrate leans on growth at Aripuanã, Atacocha and Vazante, partly offset by lower output at Cerro Lindo and El Porvenir.
Buenaventura matters more as a diversified signal. Its zinc production moves with prices, but gold and silver often dominate the earnings narrative, which explains why the stock managed a gain even as zinc fell.
06 The outlook
The immediate direction hinges on China’s construction pipeline and the dollar. Without a clear pick-up in galvanised-steel orders, zinc will struggle to hold US$3,900.
For Latin American producers, the good news is that supply discipline in concentrate markets has kept prices historically elevated. The bad news is that demand has not yet validated that supply story, leaving shares exposed to further swings.
07 What to watch
- US dollar index: A renewed rally would pressure all dollar-priced industrial metals, including zinc, by raising costs for non-dollar buyers.
- China construction data: New orders and procurement for galvanised steel remain weak; any improvement would be the most direct demand signal for zinc.
- Nexa share reaction: Nexa’s New York price is the cleanest listed proxy for Latin American zinc sentiment.
- Treatment charges: Smelter treatment charges for zinc concentrate will show whether mine supply is tightening enough to offset soft end-user demand.
Frequently Asked Questions
Why did zinc fall on Friday?
Zinc fell about 1.8% to around US$3,905 a tonne as demand from Chinese galvanising plants stayed weak. The US dollar index actually slipped 0.25% on the day.
Which Latin American country produces the most zinc?
Peru accounts for about 12% of global zinc-concentrate production, far ahead of Mexico at roughly 5-6% and Bolivia at close to 4%.
What is Nexa Resources?
Nexa is a Peru- and Brazil-based miner and smelter and the region’s most direct listed zinc proxy, with mines including Cerro Lindo, Atacocha, El Porvenir, Vazante and Aripuanã.
What is zinc actually used for?
Zinc is mainly used to coat steel, creating galvanised steel that resists rust, with construction, infrastructure and automotive manufacturing as key demand sources.
Market data: RT live market data
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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