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CHILE: Finance Minister Marcel Visits Escondida Mine To Discuss Investments

CHILE
BulletEM BulletEmerging Market News
  • As the market awaits potential copper tariffs in the US, the chairman of the national copper corporation Codelco, Máximo Pacheco, has said that the country remains in a very favourable position, given the strength of demand for copper. Pacheco noted that half the demand for copper in the US needs to be imported and will continue to do so. Last year, Chile retained its position as the world’s largest copper producer, according to a report in La Tercera, although its share has fallen to 24%, from 30% a decade ago.
  • Against this backdrop, USDCLP remains stable in early trade around the 943 level, with focus still on the most recent USDCLP lows at 935.58, of which a breach would signal scope for a move towards 923.43, the Oct 11 low.
  • Today, Finance Minister Mario Marcel will visit the Escondida mine, where he’ll meet its head Alejandro Tapia as he discloses the company’s investments plan. Meanwhile, Deputy Trade Minister Claudia Sanhueza will go on tour to Saudi Arabia, Kenya and South Africa to strengthen trade and economic ties. On the data front, the calendar is light until Friday when activity data for January are due, including retail sales and manufacturing production.
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  • As the market awaits potential copper tariffs in the US, the chairman of the national copper corporation Codelco, Máximo Pacheco, has said that the country remains in a very favourable position, given the strength of demand for copper. Pacheco noted that half the demand for copper in the US needs to be imported and will continue to do so. Last year, Chile retained its position as the world’s largest copper producer, according to a report in La Tercera, although its share has fallen to 24%, from 30% a decade ago.
  • Against this backdrop, USDCLP remains stable in early trade around the 943 level, with focus still on the most recent USDCLP lows at 935.58, of which a breach would signal scope for a move towards 923.43, the Oct 11 low.
  • Today, Finance Minister Mario Marcel will visit the Escondida mine, where he’ll meet its head Alejandro Tapia as he discloses the company’s investments plan. Meanwhile, Deputy Trade Minister Claudia Sanhueza will go on tour to Saudi Arabia, Kenya and South Africa to strengthen trade and economic ties. On the data front, the calendar is light until Friday when activity data for January are due, including retail sales and manufacturing production.