Andeans Macro Daily(Beta Mode)
Copper Gains Lift Chile and Peru Markets
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 40.01 | +1.60% |
| MSCI Peru | 86.76 | +1.82% |
| USD/COP | 3,246.75 | +0.33% |
| USD/CLP | 925.95 | -0.49% |
| USD/PEN | 3.41 | -0.00% |
| Copper | 6.36 | +0.44% |
| Gold | 4,037.30 | -0.59% |
| Brent Crude | 85.49 | +0.90% |
| Bitcoin | 64,617.64 | -0.52% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | +0.00% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
MSCI Chile 3m Price Action | Type: market_hloc | Price: 39.38 (2026-07-13) | Range: 37.43–44.27 | Trend(5pt): 43.26,41.4,41.33,40.66,39.38
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- MSCI Chile and Peru rose over 1.6% as copper climbed 0.44% to $6.36/lb on stronger Chinese demand signals.
- USD/COP edged 0.33% higher to 3,246.75 while USD/CLP fell 0.49% to 925.95 amid commodity price shifts.
- BCCh held short-term rate at 4.50% with no change signaled in latest policy update.
Yesterday's Recap
Equity markets in the Andean region posted gains driven by commodity strength. MSCI Chile advanced 1.60% to 40.01 while MSCI Peru rose 1.82% to 86.76, reflecting higher copper prices that support mining revenues in both countries. MSCI Colombia remained flat at 9.02 as Brent crude edged up 0.90% to $85.49, offering limited fiscal relief for oil-dependent Colombia.
In FX markets, USD/COP strengthened 0.33% to 3,246.75 on softer local demand indicators while USD/CLP weakened 0.49% to 925.95 and USD/PEN held steady at 3.41. Chile’s short-term rate stayed at 4.50% with no adjustment. Copper’s advance directly benefits Chile’s fiscal balance through royalties and Peru’s current-account surplus via mining exports.
No major data releases occurred across the three countries.
The Day Ahead
The calendar remains light with no scheduled releases for Colombia, Chile or Peru. Markets will monitor global copper and oil price movements that influence CLP and COP valuations. BCCh minutes and a Chilean 10y bond auction are expected within the next 48 hours.
BanRep board minutes are also due shortly and may clarify the persistence of its hawkish stance. Peru’s trade balance data will follow soon after. Investors await any signals on reserve management or FX intervention from BCRP.
Other Economic Notes
Copper price gains at $6.36/lb provide direct fiscal support to Chile and Peru through mining royalties and export receipts. Colombia continues to face softer domestic demand signals that limit upside for COP. Lithium output guidance from major Chilean producers remains unchanged despite stable prices.
Regional equity performance diverges with Chile and Peru benefiting from commodity exposure while Colombia lags. Broader fiscal balances stay sensitive to Brent crude near $85.49. Incoming Colombian energy minister María Nohemí Arboleda faces blackout risks from dry weather that could pressure fiscal accounts further.
Global Macro News
China’s economy grew at its weakest pace since 2022 as domestic consumption remained sluggish despite export strength. <i>↓ p.2</i>
