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Copper Commission Trims 2024 Production Forecast, March PPI Data Due

CHILE
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  • The Chilean peso underperformed yesterday, edging lower against the dollar, as a pullback in copper prices weighed on the currency. Analysts noted that the relative performance yesterday was indicative of a re-engagement in carry trades, with low carry/funding currencies, such as the CLP underperforming, while high carry made gains. USDCLP support to watch remains unchanged at 935.63, the Mar 15 low.
  • Chile copper commission Cochilco trimmed its copper production estimate yesterday, saying that output is now expected to be 5.51 million tonnes this year, down from a 5.63 million tonnes forecast previously. Production would still be up 5% from last year’s levels, however, and it is expected to rise 6% to a record 5.84 million tonnes next year, Cochilco said.
  • Meanwhile, Codelco Chairman Maximo Pacheco said that the government will get around 70% of the proceeds from production in the new SQM-Codelco lithium project during the 2025-2030 period. SQM will hold an extraordinary shareholder meeting today to discuss the Codelco transaction. In terms of the macro data, March PPI inflation numbers will be released today at 1400BST(0900ET).
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  • The Chilean peso underperformed yesterday, edging lower against the dollar, as a pullback in copper prices weighed on the currency. Analysts noted that the relative performance yesterday was indicative of a re-engagement in carry trades, with low carry/funding currencies, such as the CLP underperforming, while high carry made gains. USDCLP support to watch remains unchanged at 935.63, the Mar 15 low.
  • Chile copper commission Cochilco trimmed its copper production estimate yesterday, saying that output is now expected to be 5.51 million tonnes this year, down from a 5.63 million tonnes forecast previously. Production would still be up 5% from last year’s levels, however, and it is expected to rise 6% to a record 5.84 million tonnes next year, Cochilco said.
  • Meanwhile, Codelco Chairman Maximo Pacheco said that the government will get around 70% of the proceeds from production in the new SQM-Codelco lithium project during the 2025-2030 period. SQM will hold an extraordinary shareholder meeting today to discuss the Codelco transaction. In terms of the macro data, March PPI inflation numbers will be released today at 1400BST(0900ET).