Zinc Rally Extends: Nexa, Buenaventura Climb on Tight Supply
Key Facts
- LME cash zinc settled at USD 4,186 per metric ton on Wednesday, September 9, 2026 up sharply from early-September levels around USD 3,101 per ton, marking a strong rally within the month.
- Nexa Resources closed at US$14.25, up 0.92% on the day the New York-listed zinc producer controlled by Brazil’s Votorantim is guiding for 310–360 thousand tonnes of zinc in concentrate this year.
- Buenaventura finished at US$35.39, a 3.60% daily gain the Peruvian diversified miner reported first-quarter 2026 zinc output of 5,540 tonnes, up 16% year-on-year.
- Live spot indications around the session showed zinc near USD 4,027–4,038 per ton one reference quoted USD 4,038.55 per ton, a 0.78% gain on the day.
- Indian domestic futures mirrored the global firmness zinc was quoted near ₹429.50 per kg, up 1.14% late on September 9, 2026.
- Nexa’s Aripuanã mine in Brazil delivered a record 13,000 tonnes of zinc in the first quarter of 2026 up 4% from the previous record quarter, supporting the group’s Latin American growth profile.
Today’s Focus
Zinc extended its September rally on Wednesday, with LME cash settling at USD 4,186 per metric ton, up from about USD 3,101 at the start of the month. The move reflects tight concentrate supply and low LME inventories, conditions that have kept benchmark treatment charges elevated.
Latin American producer shares followed the metal higher. Nexa Resources, the Votorantim-controlled miner with assets in Brazil and Peru, closed at US$14.25, up 0.92%, while Peru’s Buenaventura jumped 3.60% to US$35.39.
Demand is being anchored by galvanised-steel users and construction, the main end-markets for coated steel and structural alloys. With Peru, Bolivia and Mexico as major zinc producers, regional miners are a liquid proxy for investors seeking exposure to the metal’s tightening fundamentals.
Nexa’s own guidance points to about a 6% increase in consolidated zinc production in 2026 versus 2025, driven by higher output at Aripuanã, Atacocha and Vazante, partially offset by lower volumes at Cerro Lindo and El Porvenir due to mine sequencing and lower grades.
What matters today. Zinc’s month-long rally is being amplified by Latin American supply growth and tight global concentrate markets, making Nexa and Buenaventura the cleanest regional ways to express the trend.
01 The session in one read
Zinc had a strong session on Wednesday, September 9, 2026, with LME cash settling at USD 4,186 per metric ton. That is up from about USD 3,101 per ton at the start of September, a rally built on tight concentrate supply and low LME inventories.
Latin American producer shares moved with the metal. Nexa Resources, the New York-listed miner controlled by Brazil’s Votorantim, closed at US$14.25, up 0.92% on the day, while Peru’s Buenaventura gained 3.60% to US$35.39.
The case for zinc rests on a synchronised squeeze: LME cash at USD 4,186 per ton versus early-September levels near USD 3,101 signals month-to-date momentum that is being fed by low inventories and constrained concentrate. Nexa’s 2026 guidance of 310–360 thousand tonnes of zinc in concentrate and its Aripuanã record of 13,000 tonnes in Q1 give the regional story a production-growth kicker, though output at Cerro Lindo and El Porvenir is expected to decline on mine sequencing. The next variable to watch is whether benchmark treatment charges near USD 85 per ton hold as smelters compete for feed.
02 The board
The live board shows the two main LatAm zinc proxies in positive territory. Buenaventura’s US$35.39 close, a 3.60% daily rise, outpaced Nexa’s US$14.25, which added 0.92%.
Spot indications around the session had zinc near USD 4,027–4,038 per ton, with one reference at USD 4,038.55 per ton, a 0.78% gain on the day, and another showing USD 3,988.35 per ton, up 3.47% over the prior 24 hours. Indian domestic futures echoed the firmness at ₹429.50 per kg, up 1.14%.
| Asset | Level | Change |
|---|---|---|
| Nexa Resources | US$14.25 | +0.92% |
| Buenaventura | US$35.39 | +3.60% |
Trade date: Wednesday 9 September 2026. Source: RT close, 2026-09-09. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
Live Market IntelligenceThe live market board
Rio Times · Live Market Intelligence
Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 185,629.04 | -0.93% | +21.85% | 187,366.84 | 168,310 | 167,142 | — |
| IPSA | 11,370.36 | -0.39% | — | 11,414.32 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 65,025.71 | -0.06% | +12.17% | 65,065.56 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,110,163 | +1.11% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,584.02 | +0.57% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 60,246.14 | +0.76% | — | — | — | — | — |
| 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 rally is being driven by a physical supply squeeze. Nexa noted an average LME zinc price of USD 3,241 per ton in the first quarter of 2026, up 14% year-on-year, reflecting tightness that has continued into September.
Benchmark treatment charges for 2026 were reportedly set at USD 85 per ton of concentrate, 6% higher than the 2025 level. That is the payment smelters receive for processing mined ore, and a higher charge signals competition among smelters for scarce concentrate.
Construction and galvanised-steel demand are the main end-markets feeding the strength, as coated steel and structural alloys require zinc for corrosion protection. The month-long move from USD 3,101 to USD 4,186 per ton shows the bid is not fading.
04 The Latin American read
Peru, Bolivia and Mexico are major zinc producers, which makes Latin American miners a direct way to express a zinc view. Nexa’s operations in Brazil and Peru, plus Buenaventura’s Peruvian zinc mines, are the liquid regional proxies.
Nexa’s growth profile is anchored in Brazil. The Aripuanã mine delivered a record 13,000 tonnes of zinc in the first quarter of 2026, up 4% from the previous record quarter, and is expected to produce 45–60 thousand tonnes this year, roughly 49% higher than 2025.
Buenaventura is also lifting zinc volumes. First-quarter 2026 zinc production was 5,540 tonnes, with direct operations output at 7,379 tonnes, year-on-year increases of 16% and 27% respectively.
05 The names to watch
Nexa Resources is the direct zinc play. The Votorantim-controlled company describes itself as one of the world’s leading zinc mining companies, with 2026 zinc production guidance of 310–360 thousand tonnes of metal in concentrate and 2026–2028 metal sales guidance of 570–605 thousand tonnes.
Its 2026 capital-expenditure guidance stands at USD 381 million, about USD 34 million above the 2025 figure, focused on mine development, tailings facilities, and health, safety and environmental work.
Buenaventura is the Peruvian diversified option. Its zinc exposure is smaller than Nexa’s, but the 3.60% share-price move shows investors are treating it as a geared bet on metals strength, with zinc output rising 27% year-on-year at direct operations.
06 The outlook
The zinc story heading into the rest of September is about whether the month’s rally from USD 3,101 to USD 4,186 per ton can hold without a broader risk-off in industrial metals. Supply remains the anchor: low LME inventories and tight concentrate leave little cushion.
For Latin American investors, Nexa’s production guidance and Aripuanã’s record output provide company-specific catalysts, while treatment charges at USD 85 per ton signal smelter appetite is intact. Watch for any sign that Cerro Lindo’s lower grades or El Porvenir’s sequencing drag regional output more than guided.
07 What to watch
- Treatment charges: Benchmark charges were set at USD 85 per ton for 2026, 6% higher than 2025; sustained levels would confirm the concentrate squeeze.
- Cerro Lindo output: Nexa guided 77–85 thousand tonnes at Cerro Lindo for 2026, but mine sequencing and lower grades are a downside risk to regional supply.
- Aripuanã ramp-up: Record Q1 output of 13,000 tonnes and a 2026 target of 45–60 thousand tonnes make this Brazil mine the key growth swing factor.
- Construction demand: Galvanised-steel orders from construction are the main demand driver; any slowdown in building activity would test the zinc bid.
Frequently Asked Questions
Why did zinc rise on Wednesday, September 9, 2026?
LME cash zinc settled at USD 4,186 per metric ton, up from early-September levels around USD 3,101, driven by tight concentrate supply and low LME inventories.
How did Nexa Resources move?
Nexa closed at US$14.25, up 0.92% on the day, with 2026 zinc production guidance of 310–360 thousand tonnes in concentrate.
What is Buenaventura’s role in zinc?
Buenaventura is a Peruvian diversified miner that produced 5,540 tonnes of zinc in Q1 2026, up 16% year-on-year, and its shares rose 3.60% to US$35.39.
Which Latin American countries are major zinc producers?
Peru, Bolivia and Mexico are the main regional zinc producers, with Nexa operating mines and smelters in Brazil and Peru.
Market data: RT
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.
Read More from The Rio Times