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Higher Copper Prices Providing Temporary Support to Peso

CHILE
  • Some initial strength for USDCLP at the open saw the pair briefly rise above yesterday’s best levels before moderating to around 965. Overall, the pair remains lower this week with lower yields in the US and higher copper prices the main contributors to the temporary peso recovery. Citi noted they saw real money clients selling USDCLP and that their bias remains for USDCLP higher, looking to add to longs ~950.
  • Chile will sell CLP3 trillion (around $3.1 billion) in local bonds in the first quarter, according to the bond sale calendar the Finance Ministry’s website.
  • Separately, the country's health regulator allowed private health insurers known as Isapres to raise the premiums they charge customers by as much as 7.4% for 2024, according to a publication on country’s gazette Diario Oficial. Private health insurers were expecting regulators to approve a rise of only 2.8%, Diario Financiero said on Dec. 22.
  • Elsewhere in local news, BHP is advancing multiple copper options in Chile, including potential concentrator and leaching investments at Escondida, the world’s biggest copper mine.
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