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USDCLP Consolidating Above 900, SQM Operations Resuming

CHILE
  • USDCLP is broadly consolidating the solid move higher seen last week, following the below-estimate CPI data and increased analyst expectations of bolder easing in January. On Friday, one desk noted interesting flows where systematic accounts continue to add to their CLP shorts since the start of the year, with the recent CPI miss boosting those positions build up. Against those though, they saw RM accounts chasing value and fading the bounces in USDCLP, initially above 875 and then again above 900.
  • In local news, the final roadblocks halting operations at Chile’s biggest lithium mine were cleared on Sunday as authorities look to ease community concerns over plans to ramp up output of the battery metal. SQM, the world’s No. 2 lithium supplier, is gradually resuming its operations, a company official said Monday.
  • It is worth noting there is no domestic data on the docket this week. The next central bank economist survey results will be published on Jan 26 before the BCCh decision on Jan 31.
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