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CHILE: Codelco Reaches Wage Agreement At EL Teniente Division

CHILE
  • The rebound in copper prices yesterday buoyed the Chilean peso, which gained by 0.69% against the dollar. USDCLP closed at 942, above first support at 932.37, the 20-day EMA. On the upside, focus is on 953.93 next, the Aug 6 high.
  • No macro data are due today, with the next release in the calendar scheduled to be August PPI figures on Sept 24. These will be followed by the next BCCh traders survey and then month-end activity data for August. To recap, the recent BCCh economist survey showed that analysts are expecting the central bank to deliver another 25bp rate cut to 5.25% in October, followed by a further 25bp reduction at the December MPC meeting.
  • In other news, Codelco said that it had reached an early wage agreement at its El Teniente division, removing the risk of disruption at the mine. The new collective agreement will be valid for three years from Nov 1 and will introduce labour practices that aim to increase the division’s productivity.
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