$NEXA

Global zinc supply is expected to fall short of demand in 2026, with a deficit of 88,000 tonnes, while tin demand is projected to outpace supply. Nexa Resources (NEXA) reported a 8% year-over-year increase in zinc production and a 78% rise in Adjusted EBITDA. Titan Mining (TII) saw a 57% revenue increase. GoldHaven Resources (GOH) found significant sulphide mineralization in its drilling, with preliminary XRF readings showing high zinc, lead, and tin concentrations.

Analysts made several rating changes: UBS upgraded Invesco (IVZ) to Buy with a $41 target, Raymond James initiated M&T Bank (MTB) as Outperform with a $250 target, Morgan Stanley upgraded Nexa Resources (NEXA) to Overweight, and others. KeyBanc upgraded Corteva (CTVA) to Overweight with a $17 target, Jefferies upgraded Ambiq Micro (AMBQ) to Buy with a $90 target, and Citi upgraded Flutter to Buy with a $91 target.

Morgan Stanley upgraded Nexa Resources (NYSE:NEXA) to Overweight, raising its price target to $14.20. The firm cited an attractive entry point due to a recent 6% share price pullback, despite rising zinc and copper prices. Morgan Stanley forecasts a 13% upside in zinc prices in Q1 2027, driving higher EBITDA and EPS estimates. Nexa trades below its five-year averages on EV/EBITDA and P/E ratios, offering a 42% 2027 free cash flow yield.

Zinc prices fell 1.09% to US$3,851/tonne due to soft Chinese demand. Nexa Resources (NYSE: NEXA) dropped 1.69% to US$12.23, while Buenaventura (NYSE: BVN) declined 3.38% to US$32.05, impacted by precious metals declines.

Zinc prices rose 2.0% on Friday, September 25, 2026, to US$4,060 per tonne on the London Metal Exchange, driven by tight supply despite softer demand from Chinese galvanisers. Nexa Resources, a zinc-focused miner, fell 1.58% to US$12.44, while Buenaventura, with diversified metals exposure, gained 0.97% to US$33.17. Peru's zinc production remains a key supply factor, with output up only 2% in Q1 2026. The outlook for zinc is mixed, with potential for further gains if Chinese demand recovers.

Nexa Resources (NEXA) shares rose 7% to $12.92, driven by strong metal prices and higher sales volumes. The company reported a 99% year-over-year increase in adjusted EBITDA for H1 2026. Analysts expect Q3 earnings of $0.82 per share, up 2833.3% YoY, and revenues of $952.95M, up 24.8% YoY. The consensus EPS estimate has increased 6.1% over the last 30 days.

Zinc prices rebounded 2.04% to $3,888.70/tonne, recovering prior losses. Nexa Resources (NEXA) surged 6.95% to $12.92, benefiting from tight concentrate supply and operating leverage. Buenaventura (BVN) rose 4.96% to $34.71, driven by zinc and precious metals. Latin America's zinc production is concentrated in Peru, Mexico, and Bolivia.

Zinc prices fell 2.25% on the LME to US$3,793.50 per tonne due to higher US Treasury yields and a stronger dollar. Latin American miners Nexa Resources (NYSE: NEXA) and Buenaventura (NYSE: BVN) dropped 6.01% and 2.47% respectively, reflecting broader market sell-offs in emerging-market mining equities.

Copper prices stabilized on Friday, with LME copper at $14,233/tonne and US copper at $6.55/pound. Copper-tracking fund CPER rose 0.36%. Southern Copper and Freeport-McMoRan slipped slightly, while Nexa Resources and Teck Resources gained. The market reacted to a stalled US tariff proposal on refined copper, which had previously driven a rally. Chile and Peru remain key copper producers, with Chile expecting a 2.6% output decline in 2026. Upcoming events include China's industrial production dat

Zinc prices fell $90 to $4,015/tonne, with the 3-month contract at $3,872. Backwardation held at $143. Nexa Resources (NEXA) and Buenaventura (BVN) shares rose 1.29% and 0.56% respectively, recovering from Thursday's losses. Latin American zinc production is declining, with Peru's output down 10.2% in 2026. Boliden agreed to acquire Nexa for ~$1.31B, valuing the company at ~$3.67B.