Andeans Macro Daily(Beta Mode)
Copper Rally Lifts Chile, PEN Weakens Sharply
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 | 3,254.46 | -0.44% |
| USD/CLP | 933.60 | -0.04% |
| USD/PEN | 3.39 | +2.29% |
| Copper | 6.52 | +3.52% |
| Gold | 4,060.60 | +1.25% |
| Brent Crude | 90.35 | +1.27% |
| Bitcoin | 66,184.30 | +1.46% |
| 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 vs Copper (3y) | 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 | |||
- Copper jumps 3.52% to $6.52/lb, supporting Chile and Peru mining revenues while MSCI Chile falls 0.49%.
- USD/PEN surges 2.29% to 3.39 amid limited local catalysts; USD/COP eases 0.44% to 3,254.46.
- Brent rises 1.27% to $90.35/bbl with neutral fiscal impact for Colombia; Chile short-term rate holds at 4.50%.
Yesterday's Recap
Andean markets showed mixed equity performance on July 20 despite strong commodity gains. MSCI Chile declined 0.49% to 38.88 even as copper advanced 3.52% to $6.52/lb, reflecting profit-taking after recent mining output gains at Codelco. MSCI Peru slipped 0.02% to 84.51 while gold climbed 1.25% to $4,060.60/oz, providing limited offset for local producers.
MSCI Colombia remained flat at 9.02 as Brent crude rose 1.27% to $90.35/bbl without altering fiscal projections. In FX, USD/PEN jumped 2.29% to 3.39 on thin trading, whereas USD/COP fell 0.44% to 3,254.46 and USD/CLP eased 0.04% to 933.60. No macroeconomic data releases occurred across Colombia, Chile or Peru, leaving price action driven purely by external commodity flows and positioning.
Chile’s short-term rate stayed at 4.50% with no policy shift.
The Day Ahead
The calendar remains empty for July 21-22 with zero scheduled releases in the three economies. Traders will monitor copper and gold price follow-through for signals on Chile and Peru fiscal balances. USD/PEN volatility may persist given the sharp overnight move and thin liquidity.
Colombia’s oil-linked COP could react to any further Brent gains above $90. Attention stays on external drivers rather than domestic prints until late July data arrive. Central bank communications remain the next potential catalyst once the quiet period ends.
Other Economic Notes
Elevated copper prices improve Chile’s monthly fiscal inflows by several hundred million dollars at current levels and narrow Peru’s current-account gap through higher export values. Lithium developments in Chile continue to draw investor focus as production guidance from major operators stays unchanged. Colombia’s oil balance shows no material shift at Brent near $90 despite the daily gain.
Broader commodity strength supports external accounts across the bloc but leaves inflation trajectories largely unaffected in the near term.
Global Macro News
Stronger copper and gold readings reflect ongoing global demand signals that directly benefit Chile and Peru trade surpluses. Eurozone CPI at 2.80% and unemployment at 6.20% point to steady external demand conditions without immediate pressure on Andean export volumes. <i>↓ p.2</i>
