Andeans Macro Daily(Beta Mode)
Copper Slumps, Andeans Equities Dip
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 40.14 | -0.67% |
| MSCI Peru | 83.89 | -0.76% |
| USD/COP | 3,779.40 | -0.35% |
| USD/CLP | 895.93 | +1.05% |
| USD/PEN | 3.43 | +0.05% |
| Copper | 6.36 | -3.20% |
| Gold | 4,569.70 | -2.32% |
| Brent Crude | 108.07 | +2.22% |
| Bitcoin | 80,670.37 | -0.47% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | +0.00% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Copper Futures Chart | Type: market_hloc | Copper Price: 6.355 (2026-05-15) | Range: 5.343–6.635 | Trend(6pt): 5.633,5.904,5.588,6.12,6.635,6.355
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Copper prices fell 3.2% amid global demand concerns, pressuring Chilean and Peruvian markets.
- Andean equities weakened, with MSCI Chile down 0.67% and MSCI Peru off 0.76%, while Colombia held flat.
- FX moves were mixed: COP strengthened 0.35% vs USD, but CLP weakened 1.05% and PEN dipped 0.05%.
Yesterday's Recap
Andean markets reflected commodity volatility on May 14, with copper's 3.2% decline to $6.36 weighing on Chile and Peru. MSCI Chile fell 0.67% to 40.14, driven by mining sector losses amid supply chain worries, while MSCI Peru dropped 0.76% to 83.89 as gold prices tumbled 2.32% to $4,569.70, impacting export revenues. In Colombia, MSCI held steady at 9.02 with no change, supported by Brent crude's 2.22% rise to $108.07, which bolstered oil-linked fiscal balances.
FX dynamics showed USD/COP easing 0.35% to 3,779.40 on improved oil sentiment, contrasting with USD/CLP's 1.05% climb to 895.93 due to copper weakness. USD/PEN edged up 0.05% to 3.43, reflecting modest pressure from falling gold. Chile's short-term rate remained unchanged at 4.50%, signaling policy stability amid the commodity dip.
No major macro data releases occurred across the bloc, keeping focus on global risk appetite.
The Day Ahead
The Andean calendar remains light on May 15, with no scheduled data releases or events for Colombia, Chile, or Peru. Attention turns to global developments, including the Bank of Canada's interest rate announcement at 09:45 ET, which could influence commodity sentiment and EM flows. Subsequent BoC releases, such as the Business Outlook Survey at 11:30 ET and Summary of Deliberations at 13:30 ET, may provide insights into North American demand affecting Andean exports.
Markets will monitor any spillover from these into copper and oil prices. Broader EM risk could shift on any surprises in Canadian policy signals. Traders should watch for potential FX volatility in CLP and PEN if global yields react.
Other Economic Notes
Broader Andean themes highlight commodity dependence, with Chile's fiscal outlook vulnerable to copper fluctuations amid lithium sector growth. Peru's mining reforms face political hurdles, potentially elevating sovereign spreads if export taxes rise. Colombia's oil-driven economy benefits from elevated Brent levels, supporting efforts to narrow fiscal deficits.
Global Macro News
Global macro context weighed on Andeans as commodity prices diverged, with copper's slump signaling softer industrial demand from China and Europe. Brent's gain provided a counterbalance for Colombia, aligning with OPEC+ supply discipline amid geopolitical tensions. <i>↓ p.2</i>
