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CHILE: CLP Buoyed By Copper, Codelco-SQM Deal On Course To Complete Early 2025

CHILE
EM BulletBulletGlobalEmerging Market NewsRegion
  • The rally in copper to a two-week high yesterday, supported the Chilean peso, which gained by 1.24% against the dollar. USDCLP closed at 930.65, its lowest level since Sept 3 and below first support at 932.01, the 50-day EMA. Key support remains much further below current levels at 904.48, the Aug 26 low. On the upside, attention is on 953.93, the Aug 6 high.
  • Meanwhile, the country’s competition authority has started a review of a planned deal for SQM to hand over a majority stake in its lithium extraction business to Codelco in exchange for extending operations. The review began yesterday and has 30 business days to complete. SQM and Codelco say that the deal is on track to complete early next year.
  • Data wise, the domestic calendar remains light until August PPI figures on Sept 24, followed by the BCCh traders survey. Activity data for August will then be published at the end of the month.
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  • The rally in copper to a two-week high yesterday, supported the Chilean peso, which gained by 1.24% against the dollar. USDCLP closed at 930.65, its lowest level since Sept 3 and below first support at 932.01, the 50-day EMA. Key support remains much further below current levels at 904.48, the Aug 26 low. On the upside, attention is on 953.93, the Aug 6 high.
  • Meanwhile, the country’s competition authority has started a review of a planned deal for SQM to hand over a majority stake in its lithium extraction business to Codelco in exchange for extending operations. The review began yesterday and has 30 business days to complete. SQM and Codelco say that the deal is on track to complete early next year.
  • Data wise, the domestic calendar remains light until August PPI figures on Sept 24, followed by the BCCh traders survey. Activity data for August will then be published at the end of the month.