Andeans Macro Daily(Beta Mode)
Chile Storms Hit Copper, Weaken Andean FX
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 38.88 | -0.49% |
| MSCI Peru | 84.51 | -0.02% |
| USD/COP | 3,251.14 | +0.37% |
| USD/CLP | 931.20 | +0.73% |
| USD/PEN | 3.40 | +0.74% |
| Copper | 6.32 | +1.54% |
| Gold | 4,027.50 | +0.37% |
| Brent Crude | 88.38 | +0.32% |
| Bitcoin | 64,277.65 | -0.64% |
| 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 | Percent: 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 | |||
- Copper surges 1.54% to $6.32/lb after central Chile storms disrupt mines and ports, lifting Chile and Peru fiscal outlooks.
- Regional currencies weaken as USD/COP rises 0.37%, USD/CLP 0.73% and USD/PEN 0.74%, reflecting local political and commodity pressures.
- MSCI Chile falls 0.49% while Colombia and Peru indices hold flat amid limited data releases and mixed commodity spillovers.
Yesterday's Recap
Andean equity markets closed mixed on July 19 with limited domestic data. MSCI Chile declined 0.49% to 38.88 as winter storms curtailed operations at central copper mines and ports, offsetting broader price gains. MSCI Peru slipped 0.02% to 84.51 while MSCI Colombia remained unchanged at 9.02.
Currencies depreciated across the board, with USD/CLP climbing 0.73% to 931.20, USD/PEN rising 0.74% to 3.40 and USD/COP advancing 0.37% to 3,251.14. Copper advanced 1.54% to $6.32/lb, supporting Chile and Peru external accounts, while Brent crude edged 0.32% higher to $88.38/bbl and gold gained 0.37% to $4,027.50/oz. Chile’s short-term rate held steady at 4.50%.
A 5.5-magnitude earthquake struck Peru near Sicaya, causing fatalities and infrastructure damage that may weigh on near-term activity. Colombia’s incoming administration secured IMF and US Treasury technical support to address fiscal imbalances.
The Day Ahead
Markets enter a data-light period with no scheduled Andean releases through July 21. Copper price volatility will remain the dominant driver for Chile and Peru fiscal projections and mining equities. Colombia will focus on fiscal reset talks with multilateral partners amid ongoing political uncertainty that continues to pressure the peso.
Peru authorities will assess earthquake-related reconstruction costs and any impact on mining output. Investors will monitor global commodity flows and any spillover from Middle East tensions into Brent and regional FX. Chile’s government will advance its tax-cut and deregulation bill aimed at reviving stalled growth.
Other Economic Notes
Elevated copper prices directly improve Chile’s fiscal balance by an estimated 0.3% of GDP for every 10-cent/lb gain and widen Peru’s current-account surplus through higher mining exports. Colombia’s oil-linked revenues stay constrained despite Brent near $88, keeping Ecopetrol dividend shortfalls in focus. Lithium royalty uncertainty in Chile continues to limit re-rating potential for major producers.
Regional equity and FX moves remain tightly linked to commodity swings rather than domestic policy surprises given the empty calendar.
