Zinc Rises on Tight Supply; Nexa, Buenaventura Both Slip
Key Facts
- Zinc rose on Friday, with one benchmark settling at US$3,929.55 per metric ton, up 0.97% on the session.
- LME zinc cash settlement stood at 4,087.00 on 04. September 2026, with the 3-month contract at 3,930.00.
- Nexa Resources closed lower, with its New York shares at US$13.80, down 0.36% day-on-day.
- Buenaventura fell harder, ending at US$33.90, a drop of 2.50%, pressured by gold’s slide after strong US jobs data.
- Peru supplies about 11% of global zinc concentrate, while Mexico contributes 5–6% and Bolivia roughly 4%.
- Galvanised steel demand remains the anchor, supporting zinc use in construction, infrastructure and automotive manufacturing across the region.
Today’s Focus
Zinc firmed on Friday, September 4, 2026, as constrained supply and steady buying for galvanised steel underpinned the metal. One benchmark settled at US$3,929.55 per metric ton, a gain of 0.97%.
Nexa Resources, the Peru- and Brazil-focused miner-smelter, slipped 0.36% to US$13.80 in New York. Compañía de Minas Buenaventura dropped 2.50% to US$33.90, dragged lower by falling gold after robust US payrolls lifted rate-hike expectations.
Latin America matters here: Peru, Mexico and Bolivia together account for more than a fifth of world zinc concentrate. Nexa’s integrated model ties the metal directly to Peruvian and Brazilian smelting and galvanising demand.
For investors, the session showed zinc’s industrial fundamentals diverging from precious-metals weakness. Watch whether Nexa can decouple from broad miner selling and track the metal higher.
What matters today. Zinc’s tight supply and galvanised steel demand are supporting prices, but Latin American miner shares are being pulled in different directions by exposure to weaker gold.
01 The session in one read
Zinc advanced on Friday, September 4, 2026, with one benchmark settling at US$3,929.55 per metric ton, up 0.97% on the session.
The London Metal Exchange cash contract settled at 4,087.00, while the 3-month price stood at 3,930.00, confirming firm near-term demand. On Monday, September 7, with US equity markets shut for Labour Day, London traded on: the cash contract settled at 4,157.00 and the three-month at 3,975.00.
Tight supply and steady consumption of galvanised steel – the zinc-coated product used in construction, infrastructure and carmaking – were the concrete drivers.
The clearest signal from Friday’s session is that zinc’s own fundamentals, tight concentrate supply and resilient galvanised steel orders, remain constructive, even as gold-linked equities wobble under US rate pressure. Buenaventura’s sharper fall shows how diversified Peruvian miners absorb macro shocks beyond zinc. The variable to watch is whether Nexa’s smelter integration lets its shares rally next even if gold stays soft.
02 The board
Nexa Resources, the region’s integrated zinc miner-smelter, ended at US$13.80, down 0.36% in New York trading.
Compañía de Minas Buenaventura closed at US$33.90, a drop of 2.50%, as the broader Peruvian precious-metals proxy felt the weight of gold’s decline on strong US payrolls data.
The board tells a split story: the zinc price itself gained, but equity proxies with gold exposure lagged.
| Asset | Level | Change |
|---|---|---|
| Nexa Resources | US$13.80 | -0.36% |
| Buenaventura | US$33.90 | -2.50% |
Source: RT close, 2026-09-04. 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 | 185,147.15 | -0.02% | +21.85% | 185,188.13 | 168,310 | 167,142 | — |
| IPSA | 11,315.26 | -1.14% | — | 11,445.90 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 64,639.55 | -0.35% | +12.17% | 64,866.61 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,034,599 | -0.48% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,565.50 | +0.82% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,789.81 | -0.28% | — | — | — | — | — |
| 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
Concentrate availability remains constrained across major producing regions, keeping the physical zinc market tight.
On the demand side, galvanised steel orders from construction and automotive buyers have stayed firm, giving smelters little reason to discount.
A separate force pressured gold and, by extension, Buenaventura: robust US jobs figures raised expectations that the Federal Reserve could keep rates higher for longer.
04 The Latin American read
Peru supplies about 11% of global zinc concentrate, Mexico around 5–6% and Bolivia about 4%, making the region central to the metal’s supply chain.
Nexa Resources is the purest Latin American zinc proxy because its Peruvian and Brazilian smelters convert regional concentrates into refined metal and galvanising alloys.
Buenaventura offers zinc exposure inside a wider Peruvian mining portfolio, which is why gold’s slide on Friday overshadowed zinc’s gain for that stock.
05 The names to watch
Nexa Resources: its integrated model means the share price often follows zinc plus the health of Brazilian galvanised-steel demand; Friday’s small decline suggests the equity market has not fully priced zinc’s strength.
Buenaventura: with heavier precious-metals exposure, the company responds more to US rate expectations and gold moves than to industrial zinc fundamentals alone.
06 The outlook
The near-term case for zinc rests on whether tight concentrate supply persists while construction and automotive buyers keep ordering galvanised steel.
If gold stabilises, Buenaventura could recover some of Friday’s 2.50% slide, while Nexa may finally track the metal’s gain more closely.
07 What to watch
- US rate expectations: Strong payrolls lifted rate-hike bets, hitting gold and diversified miners like Buenaventura; any repricing will ripple through LatAm mining equities.
- Galvanised steel orders: Construction, infrastructure and automotive demand for zinc-coated steel is the demand anchor; signs of slowing orders would weaken the zinc case.
- Peruvian and Mexican concentrate supply: Any disruption or export change from Peru, Mexico or Bolivia could deepen the tightness supporting zinc prices.
- Nexa smelter margins: As an integrated miner-smelter, Nexa’s profitability reflects both zinc prices and input costs; watch whether the equity catches up with the metal.
Frequently Asked Questions
Why did zinc rise on Friday?
Tight supply and steady demand for galvanised steel, used in construction, infrastructure and automotive manufacturing, pushed zinc higher; one benchmark settled at US$3,929.55 per metric ton, up 0.97%.
Why did Buenaventura fall while zinc gained?
Buenaventura has heavier gold exposure, and strong US payrolls data boosted rate-hike expectations, sending gold lower and pulling the stock down 2.50% to US$33.90.
Which Latin American countries matter for zinc?
Peru supplies about 11% of global zinc concentrate, Mexico around 5–6% and Bolivia about 4%.
What is Nexa Resources’ role?
Nexa is an integrated miner-smelter focused on Peru and Brazil, turning concentrates into refined metal and galvanising alloys, making it a key zinc proxy for LatAm investors.
Market data: RT
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