Zinc Slips 1.29%; Nexa, Buenaventura Shares Still Rise
Key Facts
- Zinc settled lower on Wednesday, September 2, 2026, with the benchmark price around US$3,857.55 per tonne, down 1.29% from the previous day.
- The pullback follows a late-August rally to a four-year high near US$4,107 per tonne, driven by tight exchange inventories and firm galvanised-steel demand.
- Nexa Resources shares closed up 1.68% at US$13.34, while Buenaventura gained 2.36% to US$34.21, showing investors treated the dip as a pause, not a reversal.
- Peru, Bolivia and Mexico are major zinc producers, making Latin American miners key proxies for global galvanised-steel and construction demand.
- Nexa expects 2026 consolidated zinc production to rise about 6%, with Aripuanã output guided up roughly 49% to 45–60 thousand tonnes.
- Buenaventura guides 2026 zinc production at 28,600–31,800 tonnes, broadly stable, with Uchucchacua capacity rising to 2,500 tonnes per day by year-end.
Today’s Focus
Zinc paused on Wednesday, September 2, 2026, with the benchmark price around US$3,857.55 per tonne, down 1.29% from the previous session. The dip followed a late-August surge to a four-year high near US$4,107 per tonne.
The rally was powered by tight exchange stocks and steady demand for galvanised steel used in construction and infrastructure. Analysts expect the second half of 2026 to stay supported but more range-bound.
Latin American miners Nexa Resources and Buenaventura both rose despite the metal’s pullback. Nexa shares gained 1.68% to US$13.34, while Buenaventura added 2.36% to US$34.21.
Peru, Bolivia and Mexico sit at the centre of global zinc supply. Mine-level moves at Cerro Lindo, Aripuanã and Uchucchacua will shape how much metal reaches a still-tight market.
What matters today. Investors read the 1.29% dip as position-squaring after a four-year high, not a demand warning.
01 The session in one read
Zinc settled lower on Wednesday, September 2, 2026, with the benchmark price around US$3,857.55 per tonne, down 1.29% from the previous day. That is a cooling-off after a rally that carried the metal to a four-year high near US$4,107 per tonne in late August.
The pullback did not scare equity investors in Latin America. Nexa Resources closed 1.68% higher at US$13.34, and Buenaventura gained 2.36% to US$34.21.
The 1.29% retreat in zinc on Wednesday, September 2, 2026, looks like healthy consolidation after a steep late-August run to nearly US$4,107 per tonne. Equity investors agreed, bidding Nexa and Buenaventura higher even as the metal slipped.
The variable to watch is whether exchange inventories keep falling; if they do, this dip will likely prove shallow and short-lived.
02 The board
The two LatAm miner proxies moved against the commodity’s move. Nexa Resources, the Brazil- and Peru-based zinc producer, rose 1.68% to US$13.34.
Buenaventura, the Peruvian miner with meaningful zinc output, advanced 2.36% to US$34.21, a larger gain that reflects its precious-metals exposure as well.
| Asset | Level | Change |
|---|---|---|
| Nexa Resources | US$13.34 | +1.68% |
| Buenaventura | US$34.21 | +2.36% |
Source: RT close, 2026-09-02. 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 | 185,205.09 | +3.05% | +21.85% | 179,722.48 | 168,310 | 167,142 | — |
| IPSA | 11,315.26 | -1.14% | — | 11,445.90 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 64,833.08 | +0.49% | +12.17% | 64,514.25 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,106,216 | +1.86% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,489.31 | +0.77% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,515.48 | +0.34% | — | — | — | — | — |
| 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 1.29% daily decline looks like traders locking in gains after an unusually fast rally. Zinc had jumped to a four-year high near US$4,107 per tonne in late August, pushed by plunging exchange stocks and steady demand for galvanised steel.
Construction and infrastructure buyers rely on that galvanised steel, and Latin American mines are a critical source of the concentrates and refined metal behind it. Analysts expect the second half of 2026 to stay supported but to trade in a more balanced, range-bound pattern.
04 The Latin American read
Peru, Bolivia and Mexico are among the region’s major zinc-producing countries, and Peru stands out for its deep underground mines and refining base. Nexa runs integrated mining and smelting assets across Brazil and Peru, including Cerro Lindo, one of the world’s largest underground zinc mines, and the Cajamarquilla refinery, the largest zinc refinery in the Americas.
Nexa’s 2026 guidance points to a roughly 6% increase in consolidated zinc production versus 2025. Aripuanã is expected to jump about 49% to 45–60 thousand tonnes, while Cerro Lindo output is guided to fall around 7% as mine sequencing moves into slightly lower-grade ore.
05 The names to watch
Buenaventura provides a second regional proxy, mixing precious metals with base-metal output. The company guides 2026 zinc production at 28,600–31,800 tonnes, broadly stable year on year.
First-quarter results showed zinc output concentrated at Uchucchacua and Tambomayo, with Uchucchacua producing 6,968 tonnes. The group’s direct operations sold 5,540 tonnes of zinc at an average realised price of US$3,316 per tonne in the quarter.
06 The outlook
The benchmark zinc price remains well above mid-2025 levels, when it traded closer to US$2,650 per tonne. That shift reflects two years of tighter supply and firm galvanised-steel demand.
Mine-level changes will now shape the balance into 2027. Buenaventura expects Tambomayo throughput to fall about 65% as mining enters lower-grade zones, while Uchucchacua capacity rises from 2,000 to 2,500 tonnes per day by year-end.
07 What to watch
- Exchange inventories: Any further decline in stocks would quickly re-tighten the market and support prices above US$3,857.55 per tonne.
- Smelter operations: Disruptions at Latin American refineries such as Cajamarquilla could tighten refined metal supply and lift regional miner shares.
- Nexa’s Aripuanã ramp-up: The guided 49% output jump is a key swing factor for global concentrates and Nexa’s own equity value.
- Buenaventura’s Uchucchacua expansion: The move from 2,000 to 2,500 tonnes per day will show whether Peruvian zinc supply can offset lower Tambomayo grades.
Frequently Asked Questions
Why did zinc fall on Wednesday, September 2, 2026?
The benchmark price slipped 1.29% to around US$3,857.55 per tonne as traders took profits after a late-August four-year high near US$4,107 per tonne.
Why did Nexa and Buenaventura shares rise if zinc fell?
Investors treated the metal’s dip as a pause rather than a demand warning, and both stocks had underperformed the commodity’s rally enough to look attractive.
Which Latin American countries matter most for zinc?
Peru, Bolivia and Mexico are major producers, with Peru hosting large underground mines and the Americas’ biggest zinc refinery.
What is Nexa’s 2026 production outlook?
Nexa guides a roughly 6% rise in consolidated zinc output, with Aripuanã up about 49% and Cerro Lindo down around 7%.
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