Key Facts
- Global zinc firmed the metal traded around US$3,828.80 a tonne in futures trading, up 0.15 percent on Monday versus the previous day.
- LME inventories tightened official LME zinc stocks stood at 93,125 tonnes in the LME’s 21 August official figures, down 1,275 on the day.
- Nexa shares slipped the Peru and Brazil zinc producer closed at US$15.22, down 1.17 percent on the session.
- Buenaventura tracked lower the Peruvian miner finished at US$35.20, a decline of 0.76 percent.
- Regional output recovering Nexa still expects to recover a 7 kt refined zinc shortfall from the Cajamarquilla smelter fire in the second half of 2026.
- Galvanised steel demand construction and galvanising remain the key end-uses for zinc, anchoring the metal’s demand outlook.
Today’s Focus
Zinc held firm on Monday, August 24, 2026, trading around US$3,828.80 a tonne in futures trading, a rise of 0.15 percent from the previous session, even as shares of Latin America’s two main zinc proxies slipped.
Nexa Resources, which runs mines and smelters in Peru and Brazil, closed at US$15.22, down 1.17 percent, while Peru’s Buenaventura fell 0.76 percent to US$35.20.
The divergence came as falling LME inventories, down 1,275 tons to 93,125 tons, signalled persistent supply tightness, but investors tempered enthusiasm over regional operational hiccups.
Nexa has maintained its 2026 sales guidance despite a May fire at its Cajamarquilla smelter in Peru, saying it expects to recover the lost 7 kt of refined zinc output in the second half of the year.
What matters today. Zinc’s firm global tone reflects tight exchange inventories, while Latin American producer shares are still absorbing the fine print of recent smelter disruptions.
01 The session in one read
Zinc traded around US$3,828.80 a metric ton on Monday, August 24, 2026, rising 0.15 percent from the prior session as a tightening exchange inventory picture underpinned the market.
Yet the two Latin American producer shares treated as regional zinc proxies lost ground: Nexa Resources slipped 1.17 percent to US$15.22, and Buenaventura eased 0.76 percent to US$35.20.
The contrast shows a market that believes in zinc’s supply-constrained global story but is still weighing the operational patchwork across Peru and Brazil.
The session’s message is that global zinc remains supported by falling LME stockpiles, but investors are not yet rewarding Latin American producers whose near-term output has been dented by the Cajamarquilla smelter suspension and earlier weather or operational disruptions.
The variable to watch is whether LME zinc inventories keep drawing down through September, which would strengthen the case that Nexa and Buenaventura can still meet full-year guidance.
02 The board
On the equities board, Nexa Resources, the Peru and Brazil miner and smelter, settled at US$15.22, down 1.17 percent on the day, while Peru’s Buenaventura closed at US$35.20, off 0.76 percent.
Neither move was dramatic, but both lagged the modest firmness in the underlying zinc market, signalling that investors see regional operational risks as partly offsetting the benefit of higher zinc prices.
The board price action is important because these two names are the most direct listed ways for foreign investors to express a view on zinc produced in Latin America.
| Asset | Level | Change |
|---|---|---|
| Nexa Resources | US$15.22 | -1.17% |
| Buenaventura | US$35.20 | -0.76% |
Source: RT close, 2026-08-24. 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 | 171,906.72 | +0.51% | +21.85% | 171,031.73 | 168,310 | 167,142 | — |
| IPSA | 11,537.98 | +1.76% | — | 11,338.38 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 66,105.23 | +0.57% | +12.17% | 65,729.18 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,995,129 | +2.81% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,510.72 | +2.09% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 60,222.25 | -0.17% | — | — | — | — | — |
| 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 main support for zinc came from falling LME inventories, with official stocks at 93,125 tons and a decline of 1,275 tons in the latest available data, a sign that physical demand continues to absorb available metal.
Nexa’s own filings note that LME zinc averaged US$3,241 per ton in the first quarter, up 14 percent year on year, supported by what the company calls persistent supply constraints.
Against that, the Peruvian smelter disruption has lingered in investor minds: a May 13 fire at Cajamarquilla cut about 7 kt of refined zinc output, around 2 percent of Nexa’s annual refined zinc production.
The broader commodities tape also offered a distraction, with gold stretching higher and Treasury yields falling, pulling some speculative energy away from industrial metals.
04 The Latin American read
For Peru and Brazil, the zinc story is less about Monday’s 0.15 percent global uptick and more about the quiet rebuilding of supply reliability.
Nexa has said operations at Cerro Lindo in Peru returned to normal in April after heavy rainfall cut mining activity in the first quarter, with the 2026 mine plan unchanged.
The company also expects to recover the Cajamarquilla smelter shortfall in the second half of 2026, keeping its sales guidance intact.
Buenaventura, while a smaller zinc producer, reported zinc output from direct operations of 7,360 metric tons in the second quarter and has guided full-year 2026 zinc production at 28.6k to 31.8k metric tons.
05 The names to watch
Nexa Resources remains the headline Latin American zinc name because it combines mining in Peru and Brazil with smelting capacity, giving it exposure to both raw zinc and refined metal margins.
Its Juiz de Fora smelter in Brazil lifted zinc production 56 percent year on year to 17.5 kt in the first quarter, part of a multi-year recovery plan.
Buenaventura offers a purer Peruvian precious and base metals angle, with zinc a smaller but meaningful part of its direct operations.
For foreign investors, the two equities are a cleaner way to track Latin American zinc economics than trying to trade the metal itself from abroad.
06 The outlook
The near-term outlook hinges on whether LME zinc inventories continue to fall, which would confirm that the physical market remains tight despite softer global construction chatter.
For Nexa, the practical test is whether the Cajamarquilla smelter recovery stays on schedule and whether the company can deliver the second-half rebound it has promised without revising 2026 guidance.
Buenaventura will need to show steady progress toward the upper half of its zinc production range, but zinc is only one part of its broader metals portfolio.
Watch for any further drawdowns in LME zinc stocks or fresh signals from Peruvian and Brazilian smelters as the key catalysts for the next leg.
07 What to watch
- LME zinc inventory changes: Further stock drawdowns would confirm tightness and support both the metal and producer equities.
- Nexa Cajamarquilla restart: The pace of recovering the 7 kt refined zinc shortfall will test the unchanged 2026 sales guidance.
- Cerro Lindo and Atacocha output: Any repeat of weather or operational interruptions in Peru could dent investor confidence in full-year recovery.
- Galvanised steel and construction data: Demand from construction and galvanising end-uses remains the main driver of physical zinc consumption.
Frequently Asked Questions
Why is zinc firming globally?
Zinc traded around US$3,828.80 a metric ton on Monday, up 0.15 percent, with falling LME stocks signalling a tight physical market.
Why did Nexa shares fall despite firm zinc?
Nexa closed at US$15.22, down 1.17 percent, as investors weighed the lingering effects of the Cajamarquilla smelter suspension and other operational disruptions.
What is Nexa’s full-year zinc outlook?
Nexa expects to recover the 7 kt refined zinc shortfall in the second half of 2026 and has kept its 2026 sales guidance unchanged.
How does Buenaventura fit into the zinc story?
Buenaventura fell 0.76 percent to US$35.20 and offers a smaller but still meaningful Peruvian zinc exposure, with full-year 2026 guidance of 28.6k to 31.8k metric tons.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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