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Copper Bounce, Hacienda Dollar Sales May Bolster Peso

CHILE

Copper futures struggled yesterday and despite some marginal peso weakness in the early session, CLP reversed and closed the day down 0.75% on the day at 731.33.


*We noted Hacienda were present again and their website has confirmed another $120 million were sold yesterday. USDCLP opening in line with yesterday's close, however, with copper recovering 0.85% overnight and any more Hacienda action, there may be scope for a move back towards the Jan 21 low of 711.00.

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