Andeans Macro Daily(Beta Mode)
Andean Equities Slip as Copper Weakens
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 40.08 | -1.09% |
| MSCI Peru | 87.49 | -1.91% |
| USD/COP | 3,093.50 | -1.26% |
| USD/CLP | 927.14 | +1.35% |
| USD/PEN | 3.37 | +2.08% |
| Copper | 6.42 | -0.89% |
| Gold | 4,426.30 | +1.38% |
| Brent Crude | 91.91 | +0.98% |
| Bitcoin | 64,457.65 | -0.34% |
| 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: 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 falls 1.09% and MSCI Peru drops 1.91% on softer commodity prices
- USD/COP declines 1.26% while USD/CLP and USD/PEN rise on regional FX pressure
- Copper retreats 0.89% despite gold and Brent gains supporting broader sentiment
Yesterday's Recap
Andean equity markets closed lower as MSCI Chile declined 1.09% to 40.08 and MSCI Peru fell 1.91% to 87.49, reflecting copper price weakness. MSCI Colombia held flat at 9.02 amid limited local catalysts. The Chilean peso weakened as USD/CLP rose 1.35% to 927.14, while the Peruvian sol depreciated sharply with USD/PEN climbing 2.08% to 3.37.
In contrast, the Colombian peso strengthened as USD/COP fell 1.26% to 3,093.50. Copper prices slipped 0.89% to 6.42, weighing on fiscal and external accounts for Chile and Peru. Gold rose 1.38% to 4,426.30 and Brent crude gained 0.98% to 91.91, providing marginal support to Colombia’s oil-linked revenues.
Chile’s short-term rate remained unchanged at 4.50%. No economic events were recorded across the region on August 18.
The Day Ahead
The Andean calendar remains quiet with no major data releases scheduled for the next three days. Markets will monitor global copper demand signals tied to China’s property sector for implications on Chile and Peru fiscal balances. Colombia’s oil revenue outlook stays supported by Brent near 92, above the 2026 budget assumption.
FX volatility may persist as investors assess divergent peso, sol and peso movements. Central bank communications from BanRep, BCCh and BCRP could provide directional cues ahead of September meetings. Regional equity flows may stay sensitive to commodity price swings and any fresh China stimulus headlines.
Copper’s retreat narrows royalty inflows for Chile while Peru’s mining exports, representing 60% copper-linked, face slower Q3 GDP momentum if prices stay below 6.50.
Other Economic Notes
Chile’s mining sector faces ongoing pressure from the copper price retreat, which narrows royalty inflows and widens the current-account gap. Peru’s copper-linked exports risk slower Q3 GDP momentum if prices remain below 6.50. Colombia’s fiscal position benefits from stable oil prices near 92 but faces headwinds from softer retail sales trends.
Lithium developments in Chile continue to attract investor attention as a long-term diversification theme beyond copper. <i>↓ p.2</i>
