Key Facts
- The peso strengthened to 923.90 per dollar, down 0.41% on the day and further off Wednesday’s seven-month high near $935.
- S&P IPSA opened firmer, up 0.31% to 11,059.33 points, building on Thursday’s 0.72% advance to 11,025.36 that first reclaimed the 11,000 mark.
- SQM-B was the busiest name on the board, falling 2.0% on turnover of $23 million even as the group’s own lithium price guidance held firm.
- Copper edged up 0.33% to $6.24 a pound, capping a second straight weekly gain that traders say kept a floor under the peso and mining-linked shares.
- Quinenco led gainers with a 4.0% jump, while Falabella (+0.9%) and Banco Santander Chile (+1.9%) also advanced as the rally broadened beyond miners.
Today’s Focus
Chile’s equity market pushed higher for a second straight session, with the S&P IPSA opening 0.31% firmer at 11,059.33 points after Thursday’s 0.72% climb to 11,025.36 first reclaimed the 11,000-point mark.
Copper did the heavy lifting again, ticking up 0.33% to $6.24 a pound in what is shaping up as a second consecutive weekly gain for the metal — support that flowed straight through to the Chilean peso, which firmed 0.41% to 923.90 per dollar.
SQM-B bucked the tape, dropping 2.0% on the day’s heaviest turnover of $23 million, even as the lithium major’s own 2026 price guidance of $15-18 a kilogram remains intact and its Codelco joint venture targets a jump in output.
Banks and retailers carried the broader advance instead, led by Quinenco’s 4.0% surge, with Banco Santander Chile and Falabella both firmer — a rotation away from the lithium story and toward domestic cyclicals.
What matters today. Copper’s resilience is doing more for Chile’s currency and index right now than the lithium trade that once drove it.
01 The session in one read
Chile’s equity market pressed higher for a second straight session on July 10, with copper doing most of the work. In the first trades of the day, the S&P IPSA advanced 0.31% to 11,059.33 points, in line with the performance of European and Asian markets, as the market awaited Wall Street’s open.
That built on Thursday’s recovery, when the index climbed 0.72% to 11,025.36 points, having fallen 0.71% the prior Wednesday, to reclaim the 11,000-point mark. Copper itself rose to $6.24 a pound on the day, up 0.33% from Thursday.
That firmness fed straight into the currency: the peso strengthened 0.41% to 923.90 per dollar, extending its pullback from Wednesday’s close near $935, a level not seen since the Middle East conflict began. Against that, Wall Street’s steady grind — the S&P 500 ended up 0.42% at 7,575.39 — offered a mild global tailwind, though the real story in Santiago was domestic.
The evidence points to a market leaning on its oldest crutch: copper. The metal’s steadiness — up 0.33% on the day and on track for a second weekly gain — explains both the peso’s further firming to 923.90 and the index’s push back above 11,000, while SQM-B’s 2% slide on the heaviest turnover of the session suggests investors are taking profits in lithium rather than abandoning it, given the miner’s own unchanged $15-18/kg guidance and the Codelco venture’s expansion plans. Confidence is medium because Friday’s precise closing print for the IPSA itself was not independently confirmed by deadline — watch whether the index holds the 11,000 handle into next week’s close.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| S&P IPSA | 11,059.33 pts (open) | +0.31% | Extended Thursday’s move above 11,000; full close unconfirmed at deadline |
| USD/CLP (peso) | 923.90 | −0.41% | Further off Wednesday’s 7-month high near $935; 52-week range 851.67–975.23 |
| Chile equities (ECH proxy) | 40.20 | +0.70% | US-listed proxy read; 13.8% below its 52-week high of 46.63 |
| Copper (ref.) | $6.24/lb | +0.33% | Macro anchor for both the index and the peso |
| S&P 500 (global read) | 7,575.39 | +0.42% | Backdrop tailwind, not the local driver |
The cleanest read of the day sits in the peso and copper rows: both moved in the same direction, and both point to a market still taking its cues from the metal rather than from local politics or Rio Times · Live Market Intelligence
Live Market IntelligenceChile — Live Market Board
Chile — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
IPSA
11,445.90
-0.22%
—
11,470.79
11,210
10,984
1,513,213,483
USD/CLP
913.98
+0.04%
-5.67%
913.65
915.11
906.68
—
COPPER
6.61
+0.03%
+46.70%
6.61
6.71
6.61
39,543
SQM-B
65,305
-0.84%
+49.03%
65,860
66,949
64,978
76,539
COPEC
5,964
-1.09%
-11.70%
6,030
6,100
5,960
634,331
BSANTANDER
78.37
-2.28%
+35.94%
80.20
81.69
78.34
36,288,711
FALABELLA
6,334
-1.48%
+23.28%
6,429
6,450
6,300
26,085,814
ENELAM
87.09
+0.10%
-10.13%
87.00
87.40
86.50
13,106,417
CENCOSUD
1,946
-2.19%
-35.30%
1,990
2,010
1,945
966,528
CMPC
1,020
-1.96%
-29.10%
1,040
1,050
1,015
3,526,677
BANCO CHILE
184.96
-1.01%
+32.87%
186.85
189.99
184.33
18,101,240
LATAM AIR
24.08
-1.11%
+16.61%
24.35
24.59
23.88
573,612,753
SOUTHERN COPPER
193.97
-0.26%
+104.01%
194.48
199.36
192.59
367,102
Background: Chilean Stocks Hold Their Ground as the Copper Trade Steadies.
Background: BHP Files to Reopen an Idled Chile Copper Mine on Recycled Water.
More: Chile news in English, every day from The Rio Times.
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