Zinc Wrap: Nexa Falls 3.6%, Buenaventura Slides
Key Facts
- Zinc futures rose to US$3,907.80 per tonne on Tuesday, September 1, 2026, up 1.30% from the previous session.
- Nexa Resources shares fell 3.60% to US$13.12, even as the underlying metal advanced.
- Buenaventura shares dropped 2.57% to US$33.42, breaking with the commodity’s upward move.
- Galvanised steel demand absorbing roughly 60% of refined zinc consumption, or about 8.2 million tonnes a year, anchored the fundamental story.
- Tight ore supply and smelter production losses supported zinc’s advance during the session.
- Peru, Bolivia and Mexico remain the regional supply anchors feeding global smelters from Latin American mine output.
Today’s Focus
Zinc futures added 1.30% on Tuesday, September 1, 2026, settling at US$3,907.80 per tonne, as tight ore supply and smelter losses underpinned the metal.
The main Latin American equity proxies went the other way. Nexa Resources, the integrated zinc miner and smelter with underground operations in Peru and Brazil, fell 3.60% to US$13.12.
Compañía de Minas Buenaventura, whose polymetallic concentrate output from Uchucchacua and Colquijirca makes it a broader Peru zinc and mining proxy, dropped 2.57% to US$33.42.
The divergence suggests investors were locking in gains in the miners after a strong run, even as the underlying commodity held its ground on construction and infrastructure demand for galvanised steel.
What matters today. The zinc price held firm on supply tightness, but the sharp drop in Nexa and Buenaventura shows equity investors were selling the miners rather than buying the metal’s strength.
01 The session in one read
Zinc futures settled at US$3,907.80 per tonne on Tuesday, September 1, 2026, up 1.30% from the previous session.
The advance was powered by tight ore supply and smelter production losses, alongside steady demand from construction and infrastructure projects that consume galvanised steel.
Yet the two most closely watched Latin American zinc shares fell sharply. Nexa Resources lost 3.60% to US$13.12, and Buenaventura dropped 2.57% to US$33.42.
The divergence left investors with a clear message: the metal was firm, but the miners were being sold.
The session split the commodity from its equity proxies. Zinc futures rose 1.30% to US$3,907.80 per tonne, supported by tight ore supply, smelter production losses and resilient galvanised steel demand from construction and infrastructure spending. In normal trading, that would lift the miners. Instead, Nexa Resources fell 3.60% to US$13.12 and Buenaventura dropped 2.57% to US$33.42, a sign that investors had already priced in the rally and were locking in gains. The variable to watch is whether the next session brings follow-through buying in the futures market that forces equity traders to chase the miners higher.
02 The board
The price board told a story of investors locking in gains after a strong run in Latin American mining shares. Nexa Resources, the integrated zinc miner and smelter with underground operations in Peru and Brazil, fell 3.60% to US$13.12.
Buenaventura, a broader Peru zinc and mining proxy thanks to polymetallic concentrate output from Uchucchacua and Colquijirca, slid 2.57% to US$33.42. Neither proxy tracked the metal’s 1.30% gain.
| Asset | Level | Change |
|---|---|---|
| Nexa Resources | US$13.12 | -3.60% |
| Buenaventura | US$33.42 | -2.57% |
Source: RT close, 2026-09-01. 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 | 179,722.48 | +1.30% | +21.85% | 177,418.78 | 168,310 | 167,142 | — |
| IPSA | 11,315.26 | -1.14% | — | 11,445.90 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 65,314.78 | -0.18% | +12.17% | 65,430.32 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,049,455 | +0.51% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,470.26 | +1.86% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,450.29 | +0.11% | — | — | — | — | — |
| 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
Zinc’s upward move was supported by tight ore supply and smelter production losses, which kept refined metal scarce even as global demand remained uneven.
Galvanised steel, which accounts for about 60% of refined zinc consumption, or roughly 8.2 million tonnes a year, provided the demand anchor. Construction and infrastructure spending are the main drivers of that galvanising demand.
The slide in Nexa and Buenaventura shares, however, suggested that investors had already priced in these supply-and-demand dynamics and were taking money off the table.
04 The Latin American read
Peru, Bolivia and Mexico are major Latin American zinc-producing countries, feeding smelters globally with mine output that has tightened in recent months.
Nexa Resources sits at the centre of that story as an integrated miner and smelter, while Buenaventura captures the Peruvian polymetallic angle through Uchucchacua and Colquijirca.
For foreign investors, the two stocks act as the most liquid proxies for Latin American zinc exposure, even on days when they diverge from the metal price.
05 The names to watch
Nexa Resources fell 3.60% to US$13.12, a sharp reversal for the integrated zinc miner and smelter still viewed as the purest regional zinc play.
Buenaventura dropped 2.57% to US$33.42, reflecting its broader exposure to Peruvian polymetallic output rather than a pure zinc bet.
Both names remain the standard Latin American vehicles for investors wanting construction and infrastructure exposure through galvanised steel demand.
06 The outlook
The zinc market enters the next session with a clear supply-side tailwind from tight ore availability and smelter losses, but with equity investors showing reluctance to chase the miners higher. The direction of Nexa and Buenaventura shares will depend on whether the futures market can sustain its move above US$3,907.80 per tonne, and whether the selling in mining shares proves to be a one-day event or the start of a broader rotation away from Latin American mining risk.
07 What to watch
- Smelter production losses: Any fresh news on smelter outages could tighten refined zinc supply further and push prices above US$3,907.80 per tonne.
- Galvanised steel demand: Construction and infrastructure spending data, particularly from China and the US, will confirm whether the 60% demand share from galvanising stays robust.
- Nexa Resources share price: After falling 3.60% to US$13.12, Nexa’s next move will signal whether equity investors are rotating out of zinc miners or merely pausing.
- Buenaventura polymetallic output: Any update on Uchucchacua or Colquijirca production could reset expectations for the company’s zinc-linked earnings.
Frequently Asked Questions
Why did zinc rise while Nexa and Buenaventura fell?
Zinc futures rose 1.30% on tight ore supply and smelter losses, but investors sold the mining shares to lock in gains after a strong prior run.
How much does galvanised steel demand matter for zinc?
Galvanising accounts for about 60% of refined zinc consumption, roughly 8.2 million tonnes a year, tied mainly to construction and infrastructure spending.
What makes Nexa Resources a zinc proxy?
Nexa is an integrated zinc miner and smelter with underground operations in Peru and Brazil, giving investors direct exposure to zinc production and processing.
Why is Buenaventura considered a zinc-related stock?
Buenaventura produces polymetallic concentrate from mines including Uchucchacua and Colquijirca, so its shares track broader Peruvian zinc and mining sentiment.
Market data: RT
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