Andeans Macro Daily(Beta Mode)
Copper Drop Hits Chile, Peru; COP Gains
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 40.99 | -0.05% |
| MSCI Peru | 88.75 | -0.15% |
| USD/COP | 3,413.16 | -0.88% |
| USD/CLP | 913.39 | +0.82% |
| USD/PEN | 3.39 | +0.24% |
| Copper | 6.06 | -1.27% |
| Gold | 4,066.20 | -1.54% |
| Brent Crude | 75.63 | -1.88% |
| Bitcoin | 62,269.66 | -0.64% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | +0.00% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Chile Policy Rate | Type: macro_line | Rate %: 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 and Peru edge lower as copper falls 1.27% to $6.06/lb
- Colombian peso gains 0.88% to 3,413.16 per dollar on political stability hopes
- No major economic releases reported across Colombia, Chile or Peru yesterday
Yesterday's Recap
Andean equity markets posted modest declines, with MSCI Chile falling 0.05% to 40.99 and MSCI Peru slipping 0.15% to 88.75 amid weaker copper prices. MSCI Colombia held steady at 9.02. The Colombian peso outperformed regional peers, strengthening 0.88% as USD/COP dropped to 3,413.16, while USD/CLP rose 0.82% to 913.39 and USD/PEN gained 0.24% to 3.39.
Preliminary election results pointing to Abelardo de la Espriella as Colombia’s next president, backed by U.S. support, supported local assets. Brent crude declined 1.88% to $75.63/bbl, limiting fiscal upside for Colombia’s energy sector, while gold fell 1.54% to $4,066.20/oz.
Chile’s short-term rate remained unchanged at 4.50%. Overall regional moves reflected commodity sensitivity rather than domestic data surprises.
The Day Ahead
Markets face a quiet session with no major Andean data releases scheduled. Investors will monitor global copper and oil price action for direction on Chile and Colombia. Colombian 10-year TES yields may see limited movement absent fresh supply.
Peru’s sol could remain range-bound near 3.39 per dollar given stable fundamentals. Broader sentiment will hinge on U.S. dollar strength and any China demand signals affecting mining revenues.
Other Economic Notes
Copper’s 1.27% decline trims near-term fiscal revenue projections for both Chile and Peru through lower royalties. Colombia’s external accounts benefit from peso strength, narrowing the current-account gap. Regional equity underperformance versus global benchmarks highlights ongoing commodity beta.
Lithium price stability continues to support Chile’s longer-term export outlook despite flat volumes at major producers.
Global Macro News
Global commodity markets weighed on Andean currencies and equities as risk sentiment softened. A stronger U.S. dollar pressured emerging-market flows, with the peso’s outperformance standing out.
Brent’s 1.88% drop reduced Colombia’s oil-linked fiscal buffer. Copper weakness signals softer Chinese industrial demand, directly hitting Chile’s terms of trade. <i>↓ p.2</i>
