Andeans Macro Daily(Beta Mode)
Chile, Peru Equities Slide as Copper Drops
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 39.07 | -1.96% |
| MSCI Peru | 84.53 | -2.50% |
| USD/COP | 3,227.30 | -0.13% |
| USD/CLP | 924.48 | -0.06% |
| USD/PEN | 3.39 | +2.15% |
| Copper | 6.21 | -1.35% |
| Gold | 3,994.50 | +0.22% |
| Brent Crude | 85.96 | +2.05% |
| Bitcoin | 63,044.88 | -1.17% |
| 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 (2026-06-01) | Range: 0.75–11.25 | Trend(5pt): 0.75,11.17,8.98,5,4.5
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- MSCI Chile fell 1.96% and MSCI Peru dropped 2.50% as copper declined 1.35% to 6.21.
- USD/PEN jumped 2.15% to 3.39 while USD/COP eased 0.13% to 3,227.30 on Brent’s 2.05% gain.
- Chile’s short-term rate held at 4.50% with no major Andean data releases.
Yesterday's Recap
Andean equity markets closed lower on Thursday. MSCI Chile declined 1.96% to 39.07 and MSCI Peru fell 2.50% to 84.53, tracking copper’s 1.35% drop to 6.21. MSCI Colombia remained flat at 9.02.
The Chilean peso was little changed with USD/CLP easing 0.06% to 924.48. In contrast, the Peruvian sol weakened sharply as USD/PEN rose 2.15% to 3.39. Brent crude’s 2.05% advance to 85.96 offered modest support to Colombia’s fiscal outlook while gold edged 0.22% higher to 3,994.50.
Bitcoin’s 1.17% decline weighed on broader risk sentiment across the region. BHP’s full-year production report and warning of lower copper output next year added to negative sentiment for the metal.
The Day Ahead
No major economic releases are scheduled for the Andean bloc on Friday. Markets will monitor copper and oil price action for signals on Chile’s and Peru’s export revenues and Colombia’s fiscal inflows. Traders will also watch USD/COP, USD/CLP and USD/PEN for any follow-through moves after Thursday’s PEN depreciation.
Chile’s 4.50% short-term rate remains the anchor for local funding costs. Attention may shift early next week to Peru’s upcoming trade balance print and Chile’s industrial production data. Global copper and oil moves will continue to dominate regional price action given the absence of local indicators.
Other Economic Notes
Copper remains the dominant driver for Chile and Peru fiscal and external accounts. A sustained price decline would pressure Codelco dividends and Peruvian mining tax receipts. Brent’s advance above 85 supports Colombia’s royalty collections but remains below levels needed to close the 2026 budget gap.
Lithium price softness continues to constrain Chilean tax intake from SQM and Albemarle. Regional equity and currency moves remain tightly linked to global commodity trends rather than domestic demand indicators. BHP’s output warning reinforces downside risks for copper-linked revenues in both Chile and Peru.
Global Macro News
Global commodity markets showed divergent moves that directly affect Andean terms of trade. Copper’s decline weighed on Chile and Peru while Brent’s gain offered Colombia limited relief. <i>↓ p.2</i>
