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Dollar Sales, Government Agency Raises Copper Price Forecasts

CHILE

Note On Chile:


Dollar Sales - Confirmed that Hacienda didn't place anything in the auctions they called yesterday. Desks noting that any action taken today could be very influential for the market. If they were assessing interest yesterday to sell today, this poses a large risk for a reversal/recovery in the Peso after a steady grind lower in CLP the past week.

  • USDCLP Firm support remains at 720.88, Jan 22 low.

Separately, the Government have increased their copper price projections.

  • Chile forecasts copper to average $3.30 this year, $3 in 2022
  • The Chilean government's copper agency Cochilco, cited China's sustained economic recovery as a driver.

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