Andeans Macro Daily(Beta Mode)
MSCI Chile and Peru Rise as Copper Slips
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 40.32 | +0.70% |
| MSCI Peru | 88.69 | +0.69% |
| USD/COP | 3,131.94 | +0.06% |
| USD/CLP | 915.68 | +0.28% |
| USD/PEN | 3.37 | +2.05% |
| Copper | 6.55 | -0.78% |
| Gold | 4,450.00 | +0.73% |
| Brent Crude | 90.74 | -0.14% |
| Bitcoin | 64,275.60 | -0.36% |
| 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 (BCCh) | Type: macro_line | Policy Rate (%): 4.5 (2026-06-01) | Range: 1.5–11.25 | Trend(5pt): 1.5,11.25,8.25,5,4.5
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- MSCI Chile rises 0.70% to 40.32 and MSCI Peru gains 0.69% to 88.69
- USD/PEN jumps 2.05% to 3.37 while USD/CLP edges up 0.28% to 915.68
- Copper falls 0.78% to 6.55 as gold climbs 0.73% to 4,450
Yesterday's Recap
Chile’s short-term rate held steady at 4.50% with no policy shift. MSCI Chile advanced 0.70% to 40.32 and MSCI Peru rose 0.69% to 88.69, supported by gold’s 0.73% gain to 4,450 while copper slipped 0.78% to 6.55. USD/PEN surged 2.05% to 3.37 on thin flows, USD/CLP increased 0.28% to 915.68, and USD/COP ticked up 0.06% to 3,131.94.
Brent crude eased 0.14% to 90.74, trimming near-term revenue expectations for Colombia’s oil-linked fiscal accounts. Bitcoin declined 0.36% to 64,275.60. Colombia 10Y yields remained unchanged amid limited BanRep activity.
Economic damage from the recent Colombia earthquake is now estimated above 8 billion euros, with Korean institutions pledging relief funds. Brazil’s Q2 growth slowdown added regional caution, though Andean equity and FX moves stayed contained given the empty data calendar.
The Day Ahead
No major Andean data releases are scheduled, leaving markets to track commodity futures for CLP and PEN direction. Copper and gold price swings will continue to influence fiscal and current-account outlooks for Chile and Peru. Colombia’s fiscal position remains sensitive to Brent moves near 90.74, with any sustained decline likely to reduce Ecopetrol dividends and royalty inflows.
Traders will also monitor external signals from Brazil’s growth data and global EV demand that could affect longer-term lithium assumptions in Chile. Thin trading volumes are expected to persist across Andean currencies.
Other Economic Notes
Copper price moves directly affect Chile’s Codelco royalties and Peru’s mining exports, while gold strength offers modest support to Peruvian producers. Colombia’s oil revenues face downside risk from Brent’s recent dip. Earthquake relief spending in Colombia could surface in sovereign-spread discussions if costs rise further.
Korea Eximbank’s new facility to Glencore underscores sustained Asian demand for regional copper output. Lithium remains a multi-year theme for Chile, with current prices leaving major producers’ margins intact without immediate changes to 2026 budget projections.
Global Macro News
Eurozone CPI at 2.90% y/y and unemployment at 6.30% keep the ECB deposit rate at 2.25%, providing a stable external backdrop for Andean carry trades. Brazil’s Q2 slowdown and political developments introduce regional uncertainty that could spill into broader LatAm sentiment. <i>↓ p.2</i>
