Andeans Macro Daily(Beta Mode)
Chile Equities Slip as Copper Weakens
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 40.59 | -1.12% |
| MSCI Peru | 86.18 | +0.35% |
| USD/COP | 3,577.30 | +0.33% |
| USD/CLP | 887.50 | -0.50% |
| USD/PEN | 3.40 | +2.12% |
| Copper | 6.62 | -0.47% |
| Gold | 4,490.00 | +0.02% |
| Brent Crude | 98.11 | +2.20% |
| Bitcoin | 67,251.67 | +0.82% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | +0.00% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Chile Short-Term Rate | Type: macro_line | Percent: 4.5 (2026-03-01) | Range: 0.54–11.25 | Trend(5pt): 0.54,10.75,9,5,4.5
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- MSCI Chile fell 1.12% while copper declined 0.47% to 6.62, pressuring fiscal revenues in Chile.
- USD/PEN jumped 2.12% to 3.40 as Peru’s currency weakened sharply despite MSCI Peru rising 0.35%.
- Brent crude surged 2.20% to 98.11, supporting Colombia’s external accounts as USD/COP edged up 0.33%.
Yesterday's Recap
Chile’s MSCI index dropped 1.12% to 40.59 as copper prices fell 0.47%, weighing on export receipts and near-term fiscal projections for the copper-dependent economy. Peru’s MSCI index advanced 0.35% to 86.18 even as the PEN depreciated 2.12% to 3.40, reflecting commodity price divergences between gold and copper. Colombia’s MSCI index held flat at 9.02 while USD/COP rose modestly 0.33% to 3,577.30 amid stable oil prices that nonetheless lifted Brent to 98.11.
The CLP strengthened 0.50% to 887.50, providing some relief to Chilean importers. Gold’s minor gain of 0.02% offered limited support to Peru’s smaller mining tax base. No major data releases occurred across the three Andean economies, leaving market moves driven purely by commodity and external flows.
Chile’s short-term rate remained unchanged at 4.50%.
The Day Ahead
No major economic releases are scheduled for Colombia, Chile or Peru on June 4. Markets will likely focus on global commodity trends and any follow-through from U.S. tariff adjustments on copper and aluminum.
Copper price direction will remain central for Chile’s fiscal balance and BCCh policy signals. Peru’s external accounts stay well supported by prior trade surpluses, limiting immediate intervention risk at the BCRP. Colombia’s oil-linked revenues could see further uplift if Brent sustains recent gains.
Investors will monitor any political developments in Colombia that could influence BanRep’s hawkish stance.
Other Economic Notes
U.S. tariff amendments on copper and aluminum imports introduce new uncertainty for Chilean and Peruvian mining revenues. Elevated Brent prices above 98 improve Colombia’s terms of trade and reduce pressure on the current account.
Regional equity markets remain sensitive to China demand signals given copper’s weight in Chile and Peru. Lithium royalty inflows in Chile continue to provide a modest offset to softer copper prices. Broader fiscal balances across the Andes stay exposed to commodity volatility rather than domestic demand shifts.
