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CHILE: Mining Minister Williams Presents Copper Production Forecasts

CHILE
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  • USDCLP closed 0.42% lower yesterday, as risk sentiment was supported by lower-than-expected US PPI data. Ahead of today’s US CPI figures, the pair is broadly unchanged in early trade around 1003, close to initial support at 998.90, the 20-day EMA. Firm support is at 983.68, the 50-day EMA.
  • No macro data are due today, with the calendar clear until the BCCh traders survey and December PPI figures next week. After that, attention will turn to the Jan 28 monetary policy meeting, when the central bank is expected to pause its easing cycle at 5.00%, according to recent survey data. Analysts and market participants also see the BCCh remaining on hold at the subsequent MPC meeting in March, as the policy rate approaches its neutral level. With the central bank adopting a more cautious tone amid near-term inflation risks, the policy rate is seen falling gradually to around 4.50% over the course of this year.
  • Meanwhile, Mining Minister Aurora Williams is due to present a study on the country’s copper production forecast for 2024-2034 from 1500GMT(1000ET).
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  • USDCLP closed 0.42% lower yesterday, as risk sentiment was supported by lower-than-expected US PPI data. Ahead of today’s US CPI figures, the pair is broadly unchanged in early trade around 1003, close to initial support at 998.90, the 20-day EMA. Firm support is at 983.68, the 50-day EMA.
  • No macro data are due today, with the calendar clear until the BCCh traders survey and December PPI figures next week. After that, attention will turn to the Jan 28 monetary policy meeting, when the central bank is expected to pause its easing cycle at 5.00%, according to recent survey data. Analysts and market participants also see the BCCh remaining on hold at the subsequent MPC meeting in March, as the policy rate approaches its neutral level. With the central bank adopting a more cautious tone amid near-term inflation risks, the policy rate is seen falling gradually to around 4.50% over the course of this year.
  • Meanwhile, Mining Minister Aurora Williams is due to present a study on the country’s copper production forecast for 2024-2034 from 1500GMT(1000ET).