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COLOMBIA: Mineral Exploration Spending Fell 4.6% Last Year

COLOMBIA
BulletEM BulletEmerging Market News
  • USDCLP has edged lower in early trade on Wednesday, with the pair down by 0.4% at 968, narrowing the gap to 966.86, the Dec 6 low. This follows a notable outperformance by the peso yesterday, aided by further gains in copper prices and a slight easing of concerns over US-China trade tensions. Stronger-than-expected December economic activity data may also have supported the peso, showing that the economy ended the year on a firm footing.
  • No macro data are due today, with December nominal wages crossing tomorrow, followed by January CPI figures on Friday. Headline inflation is seen rising further above target to 4.8% y/y, further supporting the case for the BCCh to pause its easing cycle for an extended period.
  • In other news, state copper agency Cochilco said yesterday that total mineral exploration spending in Chile fell 4.6% to $794mn last year. Chile remains the main exploration destination in Latin America and the fourth worldwide, Cochilco said, while it continues to lead the global budget in copper exploration.
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  • USDCLP has edged lower in early trade on Wednesday, with the pair down by 0.4% at 968, narrowing the gap to 966.86, the Dec 6 low. This follows a notable outperformance by the peso yesterday, aided by further gains in copper prices and a slight easing of concerns over US-China trade tensions. Stronger-than-expected December economic activity data may also have supported the peso, showing that the economy ended the year on a firm footing.
  • No macro data are due today, with December nominal wages crossing tomorrow, followed by January CPI figures on Friday. Headline inflation is seen rising further above target to 4.8% y/y, further supporting the case for the BCCh to pause its easing cycle for an extended period.
  • In other news, state copper agency Cochilco said yesterday that total mineral exploration spending in Chile fell 4.6% to $794mn last year. Chile remains the main exploration destination in Latin America and the fourth worldwide, Cochilco said, while it continues to lead the global budget in copper exploration.