Zinc Dips but Nexa, Buenaventura Hold Firm on Tuesday
Key Facts.
- Zinc pulled back the global benchmark fell 1.90% to 3,734.85 US dollars per tonne on Tuesday, September 15, a modest correction from the upper-3,700 US dollar area a day earlier.
- Nexa rose Nexa Resources closed at US$12.62 US dollars, up 0.88% on the day, showing equity investors treated the miner as more than a simple zinc tracker.
- Buenaventura ticked up Compañía de Minas Buenaventura ended at US$33.24 US dollars, a 0.12% gain, even as its realised zinc price in the second quarter of 2026 sits near current LME levels.
- Peru listing firmed Nexa Resources Peru closed at 4.505 Peruvian soles in Lima on Tuesday, up 1.24 per cent from 4.45 the day before.
- Galvanised steel anchors demand both Nexa and Buenaventura are leveraged to zinc used in galvanised steel for construction and infrastructure across Latin America’s growth corridors.
- Fed decision is the wildcard gold and industrial metals alike are holding ranges as markets await the US Federal Reserve rate call, which could reset dollar and demand expectations.
Today’s Focus.
Zinc gave back some ground on Tuesday, September 15, with the global benchmark settling at 3,734.85 US dollars per tonne, a daily decline of 1.90%. That still leaves the metal near the elevated levels seen in mid-September, when cash zinc traded around the upper-3,700 US dollar area.
Yet Latin America’s main zinc proxies shrugged off the dip. Nexa Resources rose 0.88% to US$12.62 US dollars, and Buenaventura added 0.12% to US$33.24 US dollars, suggesting investors saw the pullback as temporary or focused on company-specific factors.
The session’s tone was set by broader macro caution ahead of the US Federal Reserve decision. With gold steadying below 4,300 US dollars and copper volatile, zinc’s modest retreat fit a pattern of traders trimming commodity exposure rather than reacting to any supply shock.
For Latin America, the story remains anchored to galvanised steel demand from construction and infrastructure. Buenaventura’s second-quarter output of 7,360 metric tons of zinc, sold at an average realised price of 3,451 US dollars per metric ton, underscores how current prices still support healthy regional revenue.
What matters today. Zinc’s small pullback matters less than the Fed signal that could set the dollar and construction demand for Latin American producers.
01 The session in one read.
Zinc eased on Tuesday, September 15, with the global benchmark settling at 3,734.85 US dollars per tonne, down 1.90% on the day. That pulled the metal back from the upper-3,700 US dollar area where LME cash zinc had been trading a day earlier.
The move was a modest correction, not a rout: India’s MCX zinc contract fell just 0.23% to 413.0 rupees per kilogram, echoing the global softness without panic.
Latin American producer shares diverged from the metal. Nexa Resources rose 0.88% to US$12.62 US dollars on the New York Stock Exchange, while Buenaventura added 0.12% to US$33.24 US dollars.
The resilience in these mining equities suggests investors were treating Tuesday’s zinc dip as a pause within a still-supportive price environment, rather than the start of a deeper slide.
Tuesday’s 1.90% dip in zinc looks like profit-taking ahead of the Federal Reserve decision. It is not a shift in fundamentals, because Latin American producer shares held firm and Lima’s Nexa listing edged higher. The variable to watch is the Fed’s language on the dollar, since a weaker dollar would likely lift zinc and the Peruvian and Brazilian miners that supply galvanised steel markets.
02 The board.
The two main LatAm zinc proxies posted small gains on Tuesday. Nexa Resources closed at US$12.62 US dollars, up 0.88%, and Buenaventura settled at US$33.24 US dollars, up 0.12%.
Neither name is a pure zinc price tracker, which explains the upward drift even as the underlying metal fell. Nexa’s zinc-heavy portfolio in Peru and Brazil is valued for its operational recovery, while Buenaventura blends zinc with precious metals output.
In Lima, Nexa Resources Peru SAA traded at 4.45 Peruvian soles, a level dramatically above its previous close of 1.65 soles and the top of its 4.35 to 4.45 sole day range. That jump looks like a local liquidity or listing-specific move rather than a read on global zinc fundamentals.
In Europe, the Frankfurt-listed Nexa line had been marked down 5.36% to 10.60 euros (about US$11.60) early on Tuesday, showing regional investors were initially more cautious before New York trading recovered.
| Asset | Level | Change |
|---|---|---|
| Nexa Resources | US$12.62 | 0.88% |
| Buenaventura | US$33.24 | 0.12% |
Source: RT and exchange data, 15 September 2026. 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 | 186,502.64 | +0.54% | +21.85% | 185,500.88 | 168,310 | 167,142 | — |
| IPSA | 11,322.60 | -0.17% | — | 11,342.39 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 63,570.30 | -1.01% | +12.17% | 64,216.98 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,079,779 | -0.16% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,567.27 | -0.81% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 58,641.32 | -0.25% | — | — | — | — | — |
| 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 macro driver was positioning ahead of the US Federal Reserve rate decision. Gold steadied below 4,300 US dollars as Treasury yields rose, and that defensive mood spilled into industrial metals like zinc and copper.
Traders were also digesting the fact that zinc remains historically elevated, even after Tuesday’s dip. The LME cash price had settled at 3,951 US dollars per tonne for September 14, so a pullback to 3,734.85 US dollars on September 15 still leaves the metal in a strong range.
The softer Indian MCX settlement of 413.0 rupees per kilogram, down 0.95 rupees, reinforced that the correction was broad-based across Asian and global trading.
Yet the resilience of Nexa and Buenaventura shares points to a market that is not yet pricing a demand downturn, only a pause while the Fed’s next move is absorbed.
04 The Latin American read.
Peru and Mexico are among the world’s largest zinc producers, and the metal’s price level directly feeds tax revenue and mining employment. Tuesday’s small decline of 1.90% is unlikely to dent that macro picture, but it does remind regional governments how sensitive their budgets are to global construction cycles.
Buenaventura produced 7,360 metric tons of zinc from direct operations in the second quarter, and 14,740 tons in the first half of 2026. Peru’s miners are still investing in output even as prices moderate from recent highs.
The company’s average realised zinc price of 3,451 US dollars per metric ton in the second quarter of 2026 means current LME levels near 3,734.85 US dollars still offer healthy margins.
Nexa’s Brazilian and Peruvian assets are similarly leveraged to galvanised steel demand in construction and infrastructure, the main end-use for zinc, which keeps the stock tied to Latin America’s public works and housing pipelines.
05 The names to watch.
Nexa Resources remains the purest listed zinc exposure for foreigners looking at Latin America, with operations spanning Peru and Brazil. Its Tuesday close of US$12.62 US dollars, up 0.88%, shows the equity can rally even when the metal slips, reflecting company-specific recovery stories.
Buenaventura is a multi-metal producer, so its 0.12% rise to US$33.24 US dollars owes something to its gold and silver portfolio as well as zinc. But its 7,360 metric tons of quarterly zinc output makes it a meaningful regional swing factor.
Lima’s Nexa Resources Peru listing closed at 4.505 soles on Tuesday, up 1.24 per cent. It is a thin local line and moves there say little about global zinc pricing.
For investors who want the metal itself, the LME benchmark’s 1.90% fall to 3,734.85 US dollars a tonne is the cleanest signal. For those who want operational leverage, the two US-listed miners offer a steadier read on Latin American zinc profitability.
06 The outlook.
Zinc’s near-term direction hinges on the Federal Reserve’s rate decision and its effect on the dollar. A hawkish hold that strengthens the US currency would pressure metals, while a dovish signal could reignite the rally that pushed cash zinc near 3,950 US dollars per tonne in mid-September.
Beyond the Fed, galvanised steel demand from construction and infrastructure in Brazil, Peru and Mexico remains the slow-burning fundamental support for zinc. As long as those projects keep consuming steel, the LatAm producers should hold their margins even if the metal corrects modestly.
The market does not appear to be pricing a supply shock or a demand collapse, merely a temporary pause in an elevated range.
07 What to watch.
- Fed rate decision: whether the dollar strengthens or weakens, since zinc is priced in US dollars and a softer dollar would lift the metal and LatAm producer shares
- LME zinc cash-to-three-month spread: the wide gap between 3,951 US dollar cash and 3,809 US dollar three-month prices signals tight nearby supply that could support a rebound
- Lima’s Nexa Peru listing: the unexplained jump from 1.65 to 4.45 soles on Tuesday suggests local liquidity or news that could spill into the parent company’s valuation
- Galvanised steel construction orders: any sign of slowing infrastructure spending in Brazil or Peru would hit zinc demand harder than a single session’s price dip
Frequently Asked Questions.
Why did zinc fall on Tuesday?
The global benchmark fell 1.90% to 3,734.85 US dollars per tonne as investors trimmed positions ahead of the US Federal Reserve rate decision and as Treasury yields rose.
Why did Nexa and Buenaventura shares rise if zinc fell?
Both miners are not pure zinc trackers; investors focused on their operational recovery and multi-metal revenue, with Nexa up 0.88% and Buenaventura up 0.12%.
What is the main demand driver for Latin American zinc?
Galvanised steel used in construction and infrastructure is the key end-use, especially in Brazil, Peru and Mexico’s growth corridors.
How much zinc does Buenaventura produce?
The Peruvian miner produced 7,360 metric tons of zinc from direct operations in the second quarter of 2026 and 14,740 metric tons in the first half of the year.
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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