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Copper/Risk Likely To Weigh on CLP

CHILE
  • USDCLP had a fairly benign session yesterday, however, the slump in commodity prices and heavy tone for equities may put pressure on the most recent highs in USDCLP. Moving average studies remain in bull mode and 795.73, the Aug 9 high remains the bull trigger.
  • *Chile Central Bank President Mario Marcel says a new round of early pension fund withdrawals would pressure inflation and long-term interest rates, according to a statement on the bank website summarizing a presentation before lawmakers. (BBG)
    • Prior pension withdrawals are causing structural changes to Chile's economy
    • Pension drawdowns have weakened local capital markets, which are a key source of funding for infrastructure projects and mortgage loans
    • Fresh withdrawals would raise financing costs and risks to the financial system
  • *The drought in Chile -- the world's largest copper-producing country -- is adding to industry supply-side challenges, with Antofagasta warning that a further 50,000 metric tons of the metal may be at risk in 2022 if there's no rain until next year, and paring back 2021 production guidance by 20,000 tons. (Bloomberg)
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