Key Facts
- Buenaventura closed at its lowest in at least six months: the Peruvian miner’s New York shares ended Wednesday, November 11, 2026 at US$26.10, a fall of -3.62% on the day.
- Nexa Resources held firm: the zinc-focused miner’s shares rose +0.25% to US$11.98, its first gain after weeks of weakness.
- The cause was the dollar and yields, not zinc itself: the US dollar index gained 0.60% and the 10-year Treasury yield stayed near 5%, which hurts metals priced in dollars.
- Gold dragged Buenaventura harder than zinc dragged Nexa: the gold-tracking fund fell 1.13% on the session, and Buenaventura earns much of its money from gold and silver as well as zinc.
- Both stocks sit far below their peaks: Buenaventura is 40.2% below its 12-month high and Nexa is 28.3% below its own.
- The deal to watch is Boliden’s purchase of Nexa’s controlling stake: the Swedish miner expects the transaction to close in the first quarter of 2027, pending approvals.
Today’s Focus
Two Latin American miners that both dig zinc went in opposite directions on Wednesday, November 11, 2026. Nexa Resources, which runs mines and smelters in Peru and Brazil, edged higher, while Buenaventura, Peru’s big listed miner, slid to its lowest close in at least six months.
The reason is what each company sells. Buenaventura leans heavily on gold and silver, and gold fell as a firmer dollar and higher US yields followed Tuesday’s hot inflation data. Nexa is mostly a zinc story, and zinc was spared the worst of the shock.
We cannot quote a settled price for zinc itself, so the two shares are our proxies for how investors judged the metal and its producers.
What matters today. A stronger dollar and a 5% Treasury yield punished the precious-metal side of Latin American mining far more than the industrial side.
01 The session in one read
Think of Latin American mining shares as a ship with two engines: one burns gold and silver, the other burns industrial metals such as zinc. On Wednesday, November 11, 2026, the gold engine stalled.
Buenaventura paid for it, falling -3.62%. Nexa Resources, which sits mainly on the zinc engine, rose +0.25%.
Zinc matters because it is the rust-proofing coat on galvanised steel, used in bridges, car bodies and buildings. When construction slows, zinc feels it, which is why investors watch it as a barometer of building activity.
The split between the two miners points to precious metals as the day’s problem, while zinc’s own story of tight mine supply and strong steel demand stayed intact. Our confidence is medium because we are reading zinc through company shares rather than the metal’s own settlement; the variable to watch is whether the dollar index, now at 102.84, keeps climbing.
02 The board
Buenaventura closed at US$26.10, its second straight daily fall and its lowest close in at least six months. Nexa closed at US$11.98, its first rise in a row after a rough stretch.
The two charts tell different stories. Buenaventura has lost 9.38% over five sessions and 21.4% over 60 sessions, while Nexa is only 0.67% higher over five sessions but still 11.2% lower over 60.
| Asset | Level | Change |
|---|---|---|
| Nexa Resources | US$11.98 | +0.25% |
| Buenaventura | US$26.10 | -3.62% |
Source: RT close, 2026-11-11. 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 | 172,060.43 | +0.42% | +9.07% | 171,336.99 | 172,987 | 171,335 | — |
| IPSA | 10,552.02 | -0.43% | — | 10,597.22 | 10,650 | 10,506 | — |
| IPC MEX | 72,419.39 | +0.71% | +11.95% | 71,905.78 | 72,937 | 71,868 | 170,120,058 |
| MERVAL | 2,848,945 | — | -10.97% | 2,859,051 | — | — | — |
| COLCAP | 2,486.39 | -1.65% | — | — | — | — | — |
| USD/BRL | 5.58 | -0.01% | +5.92% | 5.58 | 5.59 | 5.55 | — |
| EUR/BRL | 6.19 | +0.20% | +1.43% | 6.18 | 6.24 | 6.16 | — |
| USD/MXN | 18.62 | -0.04% | +1.62% | 18.63 | 18.63 | 18.58 | — |
| USD/CLP | 982.08 | -0.22% | +4.96% | 984.23 | 986.76 | 981.63 | — |
| USD/COP | 3,288 | +0.40% | -12.49% | 3,274 | 3,288 | 3,280 | — |
| USD/PEN | 3.41 | -0.03% | +3.34% | 3.41 | 3.41 | 3.41 | — |
| USD/ARS | 1,544 | -0.11% | +9.51% | 1,546 | 1,551 | 1,544 | — |
| USD/UYU | 40.52 | +3.70% | +3.21% | 39.07 | 40.52 | 40.43 | — |
| USD/PYG | 6,174 | +1.84% | -11.06% | 6,063 | 6,196 | 6,174 | — |
| USD/BOB | 11.63 | +0.92% | +72.70% | 11.52 | 11.68 | 11.63 | — |
| USD/DOP | 61.08 | +1.13% | -3.95% | 60.40 | 61.08 | 60.90 | — |
| USD/CRC | 446.01 | +1.66% | -8.99% | 438.71 | 446.01 | 445.62 | — |
| USD/GTQ | 7.64 | +3.18% | +1.98% | 7.40 | 7.64 | 7.63 | — |
03 Why it moved
First and heaviest: a hot inflation reading and a stronger dollar. The US dollar index rose 0.60% to 102.84, and the 10-year Treasury yield stayed near 5%.
A higher yield makes gold, which pays no interest, less attractive, and a stronger dollar makes metals dearer for buyers using other currencies. The gold-tracking fund fell 1.13%, and Buenaventura, with its gold and silver exposure, fell more than three times as far.
Second, Nexa’s mild rise on Wednesday looks like buyers returning after the stock’s slide.
The signals conflict in one place: US shares rallied, with the S&P 500 up 1.31% to 7,619 and the VIX fear gauge down 10.12% to 17.49, yet miners did not join in. Oil was flat, up 0.01%. Our best-supported reading, with medium confidence, is that investors rotated into technology and away from metals as yields rose.
04 The trend behind it
Nexa is 28.3% below its 12-month high of US$16.72, set on 2026-05-06, and 113.5% above its low of US$5.61 from 2025-11-11. Over 60 sessions it has fallen 11.2%, so this is a continuation of a cooling trend after a huge rally, not a new collapse.
Buenaventura is the sharper story. It sits 40.2% below its 12-month high of US$43.67 from 2026-02-27, and only 14.6% above its low of US$22.78 from 2025-11-20.
History offers a mild comfort, though not a forecast. Nexa fell 5.3% in 20 sessions, and in 65 earlier cases of a fall that large in our own price records since 2017, it was higher 20 sessions later in 31 cases, or 48%, with a median of -1.0% and a worst case of -37.8%.
Buenaventura fell 14.5% in 20 sessions, and in 59 earlier cases since 2007 it was higher 20 sessions later in 32 cases, or 54%, with a median of +1.1% and a worst case of -36.8%. Past rebounds are common, but so are deeper falls.
05 What it means for Latin America
Peru and Mexico are among the world’s big zinc producers, and Bolivia is another, so zinc prices feed directly into export earnings and mining royalties. Peru is doubly exposed, because gold and silver also matter to its mining sector.
A Lima investor holding Buenaventura saw the pain first-hand. A São Paulo investor following Nexa saw a calmer day, though the stock is still well below its May peak.
A strong dollar also squeezes local currencies. Importers who buy galvanised steel and building materials in dollars feel it twice, through the price of the metal and through the exchange rate.
06 The names to watch
Nexa Resources is the cleaner zinc proxy, with mines in Peru and smelters in Brazil. And Boliden’s agreed purchase of Votorantim’s controlling stake is expected to close in the first quarter of 2027.
Buenaventura is the better gauge of precious metals sentiment in Peru. Its December-to-November slide shows how exposed it is to gold, which makes it the one to watch if the dollar keeps rising.
07 What would end it
For Buenaventura, the nearest floor is its 12-month low of US$22.78, only 14.6% below the current close. A break below it would open a new phase of weakness, while a recovery would need gold to stop falling.
For Nexa, the ceiling is its 12-month high of US$16.72 and the floor is far below, at US$5.61. A move toward either would need zinc itself to break out.
The one thing that would change the picture is the dollar and the Treasury yield. If the 5% yield eases and the dollar index falls back from 102.84, gold and Buenaventura would likely recover first. The next hard date is the first quarter of 2027, when the Boliden-Nexa deal is due to close.
08 What to watch
- Dollar and yields: The dollar index at 102.84 and the 10-year yield at 5% set the tone for every dollar-priced metal.
- Gold: Buenaventura follows the gold fund, which fell 1.13% on the day, so any rebound there lifts the Peruvian miner.
- Nexa and Boliden: Regulatory approvals for the sale of Votorantim’s stake, due to close in the first quarter of 2027.
Frequently Asked Questions
Why did Buenaventura fall more than Nexa?
Buenaventura earns much of its income from gold and silver, and the gold fund fell 1.13% on a stronger dollar and rising yields. Nexa is mainly a zinc producer and rose +0.25%.
Is zinc itself falling?
We have no settled price for zinc itself, so we read its direction through Nexa, which rose +0.25%. That points to resilience rather than a sell-off.
Who is buying Nexa?
Boliden, the Swedish miner, has agreed to buy Votorantim’s controlling stake in Nexa. The deal is expected to close in the first quarter of 2027, pending approvals.
Does history say these shares will rebound?
Our records show Nexa was higher 20 sessions later in 48% of comparable cases and Buenaventura in 54%. That is history, not a forecast.
Market data: The Rio Times
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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