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CHILE: Copper Weakness Weighs On CLP

CHILE
EM BulletBulletGlobalEmerging Market NewsRegion
  • The Chilean peso fell by 0.44% against the dollar yesterday, amidst a 1% dip in copper prices, with USDCLP closing around the 949 level. The break of resistance at 940.53, the Aug 16 high, signals a bullish theme for USDCLP, with focus on 953.93 next, the Aug 6 high. First support is at 931.32, the 20-day EMA.
  • The further fall in copper yesterday came as Chilean copper commission Cochilco also cut its copper price forecasts for this year, amidst a weaker demand outlook. Cochilco also cut its copper production estimates for Chile for a second straight time, with the country’s mines seen producing 5.41mn metric tons this year, vs. 5.51mn expected previously and an even earlier 5.63mn estimate. Today, Cochilco is due to publish July production data by company.
  • No major macro data are due, with the next releases of note being August PPI and the BCCh traders survey expected later this month.
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  • The Chilean peso fell by 0.44% against the dollar yesterday, amidst a 1% dip in copper prices, with USDCLP closing around the 949 level. The break of resistance at 940.53, the Aug 16 high, signals a bullish theme for USDCLP, with focus on 953.93 next, the Aug 6 high. First support is at 931.32, the 20-day EMA.
  • The further fall in copper yesterday came as Chilean copper commission Cochilco also cut its copper price forecasts for this year, amidst a weaker demand outlook. Cochilco also cut its copper production estimates for Chile for a second straight time, with the country’s mines seen producing 5.41mn metric tons this year, vs. 5.51mn expected previously and an even earlier 5.63mn estimate. Today, Cochilco is due to publish July production data by company.
  • No major macro data are due, with the next releases of note being August PPI and the BCCh traders survey expected later this month.