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Mining Production Picking Up Steadily At Start Of Year

PERU
  • Mining production has picked up steadily in the first two months of the year, according to the Ministry of Energy and Mines, with copper production up by 5.4% y/y in the January-February period, gold production up by 27.4% y/y and silver production up by 16.8% y/y.
  • Robust mining exports are helping to support the external position, with the current account deficit expected to remain well contained at just 0.9% of GDP this year, according to the latest Bloomberg analyst survey. In turn, this has supported the currency, with USDPEN continuing to trade close to the 3.70 level, just 1% above the YTD low and 5% off the mid-February high.
  • Data wise, the calendar is light this week, with attention on April CPI data next week, ahead of the May 9 BCRP monetary policy meeting.
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