Zinc Firms 0.89%; Nexa Shares Jump 3.82%
Zinc rose 0.89% to US$3,891.90 a ton on Thursday, lifting Nexa Resources 3.82% and Buenaventura 1.64% as Cajamarquilla output recovers. The post Zinc Firms 0.89%; Nexa Shares Jump 3.82% appeared first on The Rio Times .
On Thursday, September 3, zinc prices rose 0.89% to 3,891.90 US dollars per ton, driven by recovering Peruvian refined supply and strong demand for galvanised steel and construction. Latin American zinc producers, particularly Nexa Resources, benefited from the market sentiment. Nexa Resources, which operates in Peru and Brazil, saw its shares jump 3.82% to US$13.85.
Buenaventura, another Latin American zinc producer, gained 1.64% to US$34.77. The increase in zinc prices was supported by dollar weakness, falling rate-hike expectations, and buoyant base-metal sentiment. The recovery of Nexa's Cajamarquilla smelter, the largest zinc smelter in the Americas, which was disrupted by a May incident, was a key factor in the positive share price movement.
However, the extent to which the smelter recovery and improved mine supply translate into sustained share-price gains remains to be seen.
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