Andeans Macro Daily(Beta Mode)
Copper Rally Boosts Andeans, Trade Tensions Rise
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 42.45 | +0.47% |
| MSCI Peru | 85.70 | -0.28% |
| USD/COP | 3,585.47 | -1.85% |
| USD/CLP | 890.02 | -0.18% |
| USD/PEN | 3.37 | -0.04% |
| Copper | 6.01 | +2.30% |
| Gold | 4,756.50 | -0.11% |
| Brent Crude | 99.00 | +3.99% |
| Bitcoin | 72,372.42 | +2.29% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | -3.02% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Chile Short-Term Rates | Type: macro_line | Chile ST Interest Rate: 4.5 (2026-01-01) | Range: 0.3–11.25 | Trend(5pt): 0.3,9.55,9.55,5.25,4.5
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Copper prices surged 2.30% to 6.01 amid global demand signals, lifting Chile and Peru despite mixed equity moves.
- Colombian peso strengthened with USD/COP down 1.85% to 3,585.47, as Ecuador imposed 100% tariffs on Colombian imports, heightening trade disputes.
- Brent crude rose 3.99% to 99.00, aiding Colombia's oil sector, while Peru processes election results from 35 presidential candidates.
Yesterday's Recap
Andean markets diverged on commodity fluctuations and regional developments. Chile's MSCI Chile climbed 0.47% to 42.45, driven by copper's 2.30% increase to 6.01 on export optimism, with USD/CLP easing 0.18% to 890.02, underscoring peso stability. Peru's MSCI Peru fell 0.28% to 85.70, offset by gold's 0.11% dip to 4,756.50, though copper gains helped USD/PEN decline 0.04% to 3.37.
Colombia's MSCI Colombia stayed unchanged at 9.02 with 0.00% movement, but USD/COP dropped 1.85% to 3,585.47, supported by Brent crude's 3.99% advance to 99.00. Ecuador's imposition of 100% tariffs on Colombian imports escalated the border and narco-terrorism dispute, risking pressure on Colombia's exports and current account. Peru held general elections on April 12 with 35 presidential candidates, creating uncertainty for fiscal and mining policies.
Commodity upticks mitigated some equity weakness, while Bitcoin rose 2.29% to 72,372.42 with limited Andean relevance.
The Day Ahead
No significant data releases are set for April 13, shifting focus to Peru's election aftermath, where the uncertain outcome among 35 candidates may hinder policy decisions on mining and budgets. Colombia markets will watch reactions to Ecuador's 100% tariffs, which could affect trade and prompt BanRep FX actions. Chile's copper industry stays prominent after recent production news, with global demand shifts potentially impacting CLP.
Andean traders eye commodity volatility in copper and Brent amid sparse calendars. Attention may also turn to Chile's lithium sector updates from companies like SQM. Central banks have no meetings planned, maintaining current rate outlooks.
Other Economic Notes
Andean economies underscore commodity reliance, with Chile and Peru gaining from copper's upswing and Colombia from oil gains, though trade frictions pose threats. Fiscal dynamics differ: Colombia faces deficit challenges from oil swings, unlike Peru's post-election steadiness. Political factors, such as Peru's divided electorate and Colombia-Ecuador strains, might widen sovereign spreads if reforms lag.
