Andeans Macro Daily(Beta Mode)
Copper Rally Lifts Peru Equities, Bolsters COP
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 39.13 | -0.66% |
| MSCI Peru | 84.13 | +1.66% |
| USD/COP | 3,358.34 | -0.85% |
| USD/CLP | 924.36 | -0.08% |
| USD/PEN | 3.40 | -0.44% |
| Copper | 6.22 | +1.70% |
| Gold | 4,184.90 | +1.76% |
| Brent Crude | 71.65 | -0.21% |
| Bitcoin | 61,970.37 | +0.79% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | +0.00% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Copper Futures (HG=F) 3M | Type: market_hloc | Price USD/lb: 6.219 (2026-07-03) | Range: 5.544–6.649 | Trend(6pt): 5.583,6.018,6.272,6.302,6.123,6.219
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Copper jumps 1.70% to $6.22/lb, supporting Chile and Peru fiscal outlooks.
- MSCI Peru advances 1.66% while MSCI Chile declines 0.66% amid mixed flows.
- USD/COP drops 0.85% to 3,358.34 as Brent crude eases 0.21% to $71.65/bbl.
Yesterday's Recap
Andean markets showed limited movement on July 2 with no major data releases across Colombia, Chile or Peru. MSCI Peru gained 1.66% to 84.13, driven by gold rising 1.76% to $4,184.90/oz and copper strength that improves miner cash flows at Antamina and Yanacocha. MSCI Chile fell 0.66% to 39.13 despite the commodity gains, reflecting profit-taking after prior sessions.
MSCI Colombia stayed flat at 9.02. On the FX front, USD/COP declined 0.85% to 3,358.34, USD/PEN eased 0.44% to 3.40 and USD/CLP slipped 0.08% to 924.36. Chile’s short-term rate held at 4.50%.
Brent crude’s modest decline offered modest relief to Colombia’s external accounts while copper’s advance points to stronger royalty receipts for both Chile and Peru.
The Day Ahead
No scheduled economic releases or central bank meetings appear on the calendar for July 3 across the three Andean economies. Traders will monitor global commodity prices for further direction, especially copper and gold, given their direct impact on Chile’s and Peru’s trade balances. FX markets may see light positioning ahead of the U.S.
holiday on July 4. Attention remains on any follow-through in Chinese demand indicators that could sustain the recent copper move. Sovereign bond yields are expected to trade in narrow ranges absent fresh inflation prints.
Other Economic Notes
Chile’s competitiveness ranking leads Latin America at 43rd globally according to IMD metrics, supporting investor sentiment toward its mining sector. Higher copper prices at $6.22/lb improve CODELCO’s revenue outlook and narrow Chile’s structural fiscal gap. Peru benefits similarly from dual exposure to copper and gold, lifting regional royalty collections in Arequipa and Cajamarca.
Colombia’s oil sector faces softer Brent levels near $71.65, keeping Ecopetrol’s fiscal headroom contained. Lithium developments in Chile stay longer-term and have not yet altered near-term budget math.
Global Macro News
Global commodity markets provided the main external impulse for Andean assets. Copper’s 1.70% gain reflected continued expectations of Chinese stimulus measures that support Chilean and Peruvian exports. <i>↓ p.2</i>
