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Boric Says Mining Investments Require Certainty From Government

CHILE
  • The Chilean peso gained 0.4% on Wednesday amid the LatAm FX recovery, aided by the further rally in copper prices, which have risen to a new 22-month high. Yesterday’s BCCh minutes revealed that the central bank sees a moderate impact from recent peso weakness, although La Tercera report that BCCh’s Naudon is concerned about its performance. The USDCLP medium-term trend condition remains bullish, with support to watch much lower at 935.63, the Mar 15 low. On the upside, a break of resistance and the bull trigger at 990.67, the Feb 26 high, would confirm a resumption of the uptrend and open 1000.00.
  • President Boric said yesterday that mining investments in the country require a level of certainty for businesses that transcends the government of the day. He said that the government is looking to streamline the permit process for mining projects and vowed to boost state efficiency to accelerate growth. He also said that Codelco’s copper production will start to recover this year and that the government is moving forward with an upgrade of the Enami copper smelter.
  • On the macro front, no data are due for publication today. Focus turns to tomorrow’s BCCh traders survey, which will include market interest rate forecasts for the next MPC meeting. The recent economists survey showed that analysts expect a 50bp cut in May.
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