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CHILE: Copper Gains Assisting Peso, USDCLP Lowest Close Since Early June

CHILE
  • Broad gains in the metals space have helped copper futures extend their latest recovery from the August lows, helping to underpin the Chilean peso. USDCLP closed at its lowest level since early June and is hovering just above a key support level for the pair  
  • Spot traded through a support at 929.78, the Aug 1 low and this breach highlighted the potential for a deeper retracement towards 902.00, the Jul 11 low. A break of this level would highlight a stronger reversal and then expose 881.73, the May 20 low. Initial firm resistance is 940.53, the Aug 16 high.
  • The local calendar remains empty until Thursday’s release of the BCCh traders survey, where consensus will likely point to the central bank resuming easing on September 03. Unemployment rate data is also expected on Thursday, before production and retail sales figures are published on Friday.
  • Today, Chile’s lower house committee will vote on a bill to allow new withdrawals from pension funds at 3pm local time.
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