Zinc Miners Fall Nine Times Faster Than the Metal in Latin America on 23 September 2026, With Peru’s Nexa Down 3.9%
Key Facts
- —The country. Peru has 34.9 million people and has been governed by President Keiko Fujimori since 28 July 2026. It is one of the world’s largest zinc producers.
- —The money. The sol trades near 3.37 to the US dollar. Zinc is sold in dollars, so mining revenue arrives in a currency most Peruvians do not spend.
- —The background. Zinc is the coating that stops steel rusting, so builders set the demand. Its world price is fixed on the London Metal Exchange, where the three-month contract is the standard quote.
- —The news. Zinc eased about 0.42% to roughly US$3,895 a tonne on Wednesday, 23 September 2026. Nexa Resources fell 3.84% to US$12.78 and Buenaventura 3.69% to US$33.42.
- —What was wrong. This draft first reported the miners rising. Those gains were Tuesday’s session. On Wednesday both fell, roughly nine times as far as the metal did.
- —Why it matters to you. Zinc mining is a large Peruvian employer and tax payer. Sustained weakness in the miners squeezes regional wages, royalties and the public spending they fund.
- —The caveat. London warehouse stocks were last reported at 114,725 tonnes on 21 September. No Wednesday inventory reading was confirmed, so the supply picture is a day or two old.
Today’s Focus
Zinc prices fell slightly on Wednesday, September 23, 2026, and the shares of the Latin American miners that produce the metal fell much further. The London three-month contract eased about 0.42% to roughly US$3,895 a tonne, reflecting a wobble in demand for galvanised steel used in construction. The equity move was the harder one. Nexa Resources, the purest listed Latin American zinc proxy, dropped 3.84% to US$12.78 in New York. Peru’s Buenaventura lost 3.69% to US$33.42, though its gold and silver output muddied the signal from zinc alone.
The physical market was telling a different story from the futures price. London warehouse inventories stood at 114,725 tonnes on September 21, 2026 after a 1.82% fall, suggesting that available metal remained tight despite the softer demand outlook.
What matters today. Zinc itself barely moved on Wednesday, yet Nexa and Buenaventura each fell close to 4%, so the share prices were pricing in more than the day’s metal price.
01 The session in one read
Zinc traded lower on Wednesday, September 23, 2026, with the London three-month contract easing about 0.42% to roughly US$3,895 a tonne. The dip interrupted a recent spell of strength for the metal used to protect steel from rust through galvanising. The shares of the biggest Latin American zinc producers fell much harder than the metal. Nexa Resources dropped 3.84% to US$12.78 in New York, while Peru’s Buenaventura lost 3.69% to US$33.42.
The market is wrestling with two opposing forces: softening construction-linked demand for galvanised steel, which pushed the London contract lower, and a tightening of available physical supply, with London stocks last reported at 114,725 tonnes on September 21, 2026. On Wednesday the equities ignored the tighter supply story, as Nexa and Buenaventura each fell about 4% while the metal slipped less than half a percent. For the reader watching this space, the variable to watch is whether the drawdown in London Metal Exchange warehouses continues for a third session, because persistent inventory declines would strengthen the hand of the miners even against a lukewarm construction order book.
02 The board
The board shows the miners falling far further than the metal. The London contract eased about 0.42% to roughly US$3,895 a tonne, a move driven by concerns over softer demand for galvanised steel in construction and infrastructure. The producer proxies were uniformly red. Nexa Resources, the Peru- and Brazil-based miner and smelter that is the most direct listed zinc play in the region, closed down 3.84% at US$12.78. Compañía de Minas Buenaventura, the Peruvian diversified producer, fell 3.69% to US$33.42, though that share price also carries exposure to gold, silver and copper.
| Asset | Level | Change |
|---|---|---|
| Nexa Resources | US$12.78 | -3.84% |
| Buenaventura | US$33.42 | -3.69% |
Source: RT close, 2026-09-23. 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 | 185,814.09 | -0.86% | +21.85% | 187,422.92 | 168,310 | 167,142 | — |
| IPSA | 11,449.60 | +0.20% | — | 11,426.75 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 64,276.72 | -0.28% | +12.17% | 64,456.59 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,969,545 | -0.94% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,612.48 | +0.92% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 60,625.42 | -1.56% | — | — | — | — | — |
| 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 principal drag on the zinc price was the softening demand for galvanised steel, which is the metal’s primary use in protecting structures from corrosion. This construction-linked weakness was enough to push the London contract down about 0.42%. At the same time, the physical supply backdrop stayed tight. London warehouse inventories were last reported at 114,725 tonnes on September 21, 2026, after a 1.82% fall, a signal that available metal remains constrained even as the demand story wobbles. That tightness did not stop the producer shares falling further than the metal itself.
04 The Latin American read
For Latin American producers in Peru, Bolivia and Mexico, the session is a reminder that their share prices do not always track the daily spot move in the metal. Nexa’s fall of 3.84% was far steeper than the metal’s, so the share price was not simply tracking zinc. Buenaventura is a more complex proxy. Its 3.69% drop to US$33.42 reflects a mining business spread across zinc, gold, silver and copper, so the move cannot be read as a pure verdict on zinc. The direction was negative for Peruvian mining equities overall.
05 The names to watch
Nexa Resources remains the cleanest Latin American listed proxy for zinc, with smelting and mining operations in Peru and Brazil working the metal from mine to refined product. Its New York shares at US$12.78 will continue to be the benchmark for regional zinc equity exposure.
Buenaventura offers a broader Peruvian mining story, and its zinc output is only one part of a portfolio that leans heavily on precious metals. The 3.69% fall to US$33.42 on a day when zinc barely moved is a reminder that gold and silver can override the base metal signal.
06 The outlook
The key test for zinc in the coming sessions is whether the drawdown in London warehouses persists. A further fall from the 114,725 tonnes reported on September 21, 2026 would reinforce the tight supply narrative, which on Wednesday was not enough to hold the equities up.
07 What to watch
- London zinc warehouse stocks: A further drop from 114,725 tonnes would confirm the physical squeeze, though it did not support the producer equities on Wednesday.
- Galvanised steel orders: Soft construction demand pushed the metal lower; a pickup in orders from infrastructure projects in Asia or Europe would reverse that pressure.
- Buenaventura precious metals mix: Gold and silver price action will dilute or amplify the zinc signal in the Peruvian miner’s shares, so watch precious metals for context.
- Nexa smelter margins: The spread between zinc concentrate and refined metal shapes profitability for the Peru- and Brazil-based smelter, making it a variable to follow for earnings.
Frequently Asked Questions
Why did zinc itself?
The London contract eased only about 0.42% to roughly US$3,895 a tonne on softer galvanised-steel demand, while Nexa dropped 3.84% to US$12.78, a far bigger move than the metal’s.
Is Buenaventura a pure zinc play?
No, Buenaventura is a Peruvian diversified miner producing zinc alongside gold, silver and copper, so its 3.69% fall to US$33.42 reflects precious-metals exposure as well as base metals.
Which Latin American country is most important for zinc?
Peru is a major regional producer, with Bolivia and Mexico also shipping zinc concentrate to smelters in Asia and Europe, giving the region outsized influence on global supply.
What is zinc actually used for?
Zinc is primarily used to galvanise steel, a coating process that prevents rust and corrosion, making construction and infrastructure the key demand drivers for the metal.
Market data: RT
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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