Andeans Macro Daily(Beta Mode)
Peru Holds Rate as Copper Lifts Chile, Peru Stocks
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 39.92 | +1.86% |
| MSCI Peru | 85.63 | +3.89% |
| USD/COP | 3,300.57 | -1.27% |
| USD/CLP | 925.80 | -0.95% |
| USD/PEN | 3.40 | -0.30% |
| Copper | 6.25 | +0.62% |
| Gold | 4,107.10 | -0.57% |
| Brent Crude | 76.91 | +0.80% |
| Bitcoin | 64,421.39 | +1.94% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | +0.00% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| Central Bank Interest Rate Decision | 4.25 | 4.25 | 4.25 |
Copper Futures HG=F (3mo) | Type: market_hloc | USD/lb: 6.258 (2026-07-10) | Range: 5.795–6.649 | Trend(6pt): 5.871,5.932,6.342,6.483,6.055,6.258
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- BCRP held the policy rate at 4.25% for the tenth consecutive month, citing a fading inflation spike.
- MSCI Chile and MSCI Peru rose 1.86% and 3.89% respectively, driven by copper at 6.25/lb.
- USD/COP, USD/CLP and USD/PEN all weakened, with the Colombian peso posting the largest daily decline of 1.27%.
Yesterday's Recap
Peru’s central bank left the benchmark rate unchanged at 4.25%, judging the recent inflation uptick temporary and external accounts solid. May trade data showed a wider surplus of $1.85 bn, easing any near-term pressure on BCRP reserves. Chile reported June copper output up 3.1% year-on-year, confirming the recovery in large-scale mining.
Equity markets reflected the commodity strength: MSCI Chile gained 1.86% and MSCI Peru advanced 3.89%, while MSCI Colombia was flat. Local currencies strengthened across the board, with USD/CLP falling 0.95% and USD/PEN easing 0.30%. Copper’s 0.62% gain directly supports fiscal revenues in both Chile and Peru.
The Day Ahead
No high-impact releases are scheduled for the Andean region today. Attention turns to Peru’s June inflation print and BCRP monetary-policy statement tomorrow. Chile’s central-bank board minutes are also due, offering guidance on the pace of further easing from the current 4.50% short-term rate.
Colombia will publish June CPI, with markets focused on whether the print stays above BanRep’s 3% target. Sovereign-auction calendars remain light until mid-next week.
Other Economic Notes
Copper-linked revenues in Chile are tracking above budget by roughly 1.2% of GDP at current prices, while Peru’s mining exports add 0.8 pp to the current-account surplus. Lithium prices remain soft near $9,800/t, limiting upside for Chilean producers. Colombia’s oil receipts provide only partial offset to its wider fiscal gap.
Broader commodity strength continues to support external balances in Chile and Peru more than in Colombia.
Global Macro News
Copper rallied for a second straight week as investors looked past renewed US-Iran tensions and focused on supply constraints. Gold slipped 0.57% while Brent crude rose 0.80%, offering limited relief to Colombia’s fiscal position. Bitcoin gained 1.94%, providing a minor risk-on tailwind for regional equities.
Eurozone CPI at 2.80% and the ECB deposit rate at 2.25% keep global monetary conditions relatively supportive for emerging-market flows. Asian demand signals and Chinese solar-sector substitution toward copper remain key watchpoints for Andean miners.
