Andeans Macro Daily(Beta Mode)
Andean Stocks Dip on Copper Slump
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 42.09 | -1.61% |
| MSCI Peru | 81.42 | -2.35% |
| USD/COP | 3,556.45 | -0.46% |
| USD/CLP | 896.73 | +0.79% |
| USD/PEN | 3.47 | +0.81% |
| Copper | 6.01 | -1.11% |
| Gold | 4,712.90 | +0.17% |
| Brent Crude | 99.48 | -5.32% |
| Bitcoin | 78,159.90 | -0.14% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | +0.00% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Brent vs Gold Prices | Type: market_hloc | Brent Crude: 98.72 (2026-04-24) | Range: 65.59–118.3 | Trend(6pt): 65.59,67.42,87.8,118.3,101.9,98.72 | Gold: 4716 (2026-04-24) | Range: 4376–5318 | Trend(6pt): 5080,4883,5230,4648,4732,4716
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Andean equities weakened on copper's decline, with MSCI Chile down 1.61% and MSCI Peru off 2.35%, while MSCI Colombia unchanged at +0.00%.
- Currencies mostly softened vs USD: CLP depreciated 0.79%, PEN 0.81%, but COP strengthened 0.46%.
- Commodities varied: copper -1.11%, gold +0.17%, Brent crude -5.32%, weighing on Chile and Peru's export-reliant economies.
Yesterday's Recap
Andean markets encountered pressures from commodity fluctuations on April 23, with no significant economic data releases in the region. MSCI Chile declined 1.61% to 42.09, pressured by copper's 1.11% drop to 6.01, affecting major miners as global demand signals softened. MSCI Peru fell 2.35% to 81.42, similarly impacted by copper weakness, though gold's modest 0.17% rise to 4,712.90 offered limited support for mining exports.
MSCI Colombia stayed flat at 9.02 with 0.00% change, buoyed by relative oil market stability despite Brent crude's 5.32% plunge to 99.48. In FX, USD/CLP increased 0.79% to 896.73 and USD/PEN rose 0.81% to 3.47, reflecting commodity-linked vulnerabilities, while USD/COP decreased 0.46% to 3,556.45 amid minor currency resilience. Chile's short-term rate remained unchanged at 4.50%, indicating central bank vigilance on FX strains.
The day underscored Chile and Peru's sensitivity to metals prices, contrasting with Colombia's steadier performance tied to energy.
The Day Ahead
April 24 features a light Andean calendar, with no planned economic indicators or events for Colombia, Chile, or Peru, shifting focus to external drivers like commodity trends. Attention may center on copper price developments, given Chile's export reliance and Peru's mining sector updates, including Rio2's commissioning of a tailings filtration plant at Condestable for improved water recovery. Exploration news from Chile's Vicuña district, such as Mirasol's completed drilling at the Sobek copper-gold project, could shape investor sentiment in local mining equities.
Without domestic triggers, FX pairs like USD/CLP and USD/PEN are likely to follow broader USD movements and metals volatility. Markets may also watch global factors, including ECB policy previews, for implications on emerging market risk appetite, with potential spillover from oil or geopolitical tensions.
Other Economic Notes
Andean economies continue to grapple with commodity reliance, as copper's dip highlights fiscal challenges for Chile and Peru amid subdued global demand. In Chile, President Kast's participation in the Latam Focus 2026 event emphasized attracting foreign capital to diversify beyond metals, potentially enhancing investment flows. (cont...)
