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Economic Activity/Copper Prices Keep Bullish Theme Intact

CHILE
  • Despite the bounce in USDCLP over month-end, amid protests relating to the third pension withdrawal, the Peso has bounced back. March Economic Activity printing 6.4% y/y (4.5% expected; -2.2% prior) along with bolstered copper prices supported local assets on Monday. A break of the 693 lows would confirm a resumption of the broader downtrend that started March 2020 and would open 686.05, 1.618 projection of the Oct 15 - Nov 9 - Nov 24 price swing. 715.36, Apr 23 high is key resistance.
  • Hacienda have confirmed a maximum of $3 billion to be sold again in May, likely to keep the average daily pace at $150 million, partially offset by the usual $40m purchase from BCCh.
  • Today at 8:30am: Chile's central bank publishes its business perception report.
  • *On Monday, a lower-house finance committee approved a version of a mining royalty bill that includes a progressive rate on copper sales.
    • The government remain steadfastly against the bill, explaining that "companies would have to pay double the tax in Chile than in other leading countries in the industry".
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