Andeans Macro Daily(Beta Mode)
Chile Stocks Gain as Brent Surges, PEN Weakens
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 39.89 | +0.58% |
| MSCI Peru | 83.45 | -2.15% |
| USD/COP | 3,320.47 | -0.98% |
| USD/CLP | 928.57 | +0.11% |
| USD/PEN | 3.40 | +2.30% |
| Copper | 6.07 | -1.60% |
| Gold | 4,059.70 | -2.06% |
| Brent Crude | 78.47 | +5.81% |
| Bitcoin | 62,108.78 | -1.88% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | +0.00% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Copper vs Gold | Type: market_hloc | Copper: 6.074 (2026-07-08) | Range: 5.748–6.649 | Trend(6pt): 5.76,5.878,6.291,6.259,6.178,6.074 | Gold: 4061 (2026-07-08) | Range: 3990–4858 | Trend(6pt): 4750,4545,4531,4090,4155,4061
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- MSCI Chile gains 0.58% while Peru slips 2.15% on mixed commodity moves
- COP strengthens 0.98% as Brent jumps 5.81%; PEN weakens 2.30%
- Copper falls 1.60% and gold drops 2.06%, pressuring Peru and Chile revenues
Yesterday's Recap
Andean markets showed divergent performance with no major data releases. Chile’s MSCI index advanced 0.58% to 39.89 as local equities found support despite softer copper prices. Peru’s MSCI declined 2.15% to 83.45, coinciding with a 2.30% rise in USD/PEN to 3.40.
Colombia’s MSCI held steady at 9.02 while USD/COP fell 0.98% to 3,320.47, reflecting Brent’s 5.81% surge to 78.47. USD/CLP edged 0.11% higher to 928.57. Gold’s 2.06% decline to 4,059.70 added pressure on Peruvian export receipts.
Chile’s short-term rate remained at 4.50%. Copper output data showed Chile production rising 3.2% year-on-year in May while Peru reported stable gold volumes. Lithium prices stayed flat with no material FX impact.
Broader risk-on flows tightened 5-year CDS spreads 2-4 basis points across the region.
The Day Ahead
No economic releases are scheduled across Colombia, Chile or Peru. Markets will likely track global commodity flows and any updates on mining output. Copper and oil price action should dominate sentiment for Chile and Colombia.
Peru faces continued focus on PEN stability after yesterday’s sharp move. Regional equity flows may remain light ahead of the weekend. Mining project updates, including environmental assessments for copper developments in Canada and exploration programs in British Columbia and Queensland, may draw limited investor attention but are unlikely to shift near-term Andean pricing.
Other Economic Notes
Copper’s decline weighs on Chile’s fiscal receipts via Codelco royalties and Peru’s current-account surplus. Brent’s rally supports Colombia’s fiscal balance and reduces near-term pressure on BanRep policy. Gold weakness offers limited offset for Peruvian miners.
Broader commodity volatility continues to drive FX and equity correlations across the bloc. Codelco faces ongoing scrutiny over production figures and debt levels near $25 billion, while Goldman Sachs highlighted structural supply shortages supporting long-term copper fundamentals for Vale projects. American Lithium noted renewed momentum in Peru’s mining sector following recent political developments.
