Chile Markets: IPSA & the Peso — September 23, 2026
Key Facts
- Chile’s IPSA rose 0.61% to 11,426.83 on Tuesday 22 September 2026, with 24 of the index’s 31 members finishing higher.
- The peso firmed again as the dollar eased 0.23% to 947.00 pesos, a second straight daily decline for the US currency.
- Copper did the lifting. The Comex December contract traded near the record settlement it set earlier in September.
- SMU led the index with a 2.6% gain, ahead of Enel Chile on 2.4% and Quiñenco on 2.2%.
- The catch: turnover was light at 208 billion pesos (about US$220m), and Monday’s dip had come from one stock, SQM.
- The index sits 2.5% below its 52-week high of 11,720.12, having climbed back above the 11,400 mark lost in the previous session.
Today’s Focus
Chile’s headline stock index, the S&P IPSA, ended Tuesday 22 September 2026 at 11,426.83, up 0.61%. The gain reversed Monday’s slip and lifted the index back above 11,400.
Copper did most of the work. The metal traded close to its record while Brent crude fell. That mix helps a country that sells copper and buys oil.
The peso strengthened for a second session. The dollar eased 0.23% to 947.00 pesos, after a 1.07% drop the day before.
Breadth was solid. Twenty-four of the index’s 31 members rose. The supermarket group SMU, the utility Enel Chile and Quiñenco led them.
What matters today. Chile’s terms of trade improved as copper held near record levels and oil retreated, lifting both the IPSA and the peso.
01 The session in one read
The S&P IPSA, a basket of the main shares trading in Santiago, rose 0.61% to 11,426.83 on Tuesday. It was a broad advance rather than a one-stock rally.
SMU, a supermarket operator, led the index with a 2.6% gain. Enel Chile, the local arm of the Italian utility Enel, added 2.4%. Quiñenco, an industrial and financial holding company, rose 2.2%.
The peso moved the same way. The dollar slipped 0.23% to 947.00 pesos, extending a 1.07% fall in the previous session.
The index ended 2.5% below its 52-week high of 11,720.12. It also closed back above 11,400, the level it had lost a day earlier.
The evidence points to commodity prices rather than any new Chilean catalyst. Copper traded near record levels while Brent crude fell, which helps a copper exporter that imports its fuel.
Guillermo Araya, research manager at the brokerage Renta 4, told Diario Financiero that the market had captured the early drop in oil and the rise in copper. The variable to watch is whether copper holds close to its record.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| S&P IPSA | 11,426.83 | +0.61% | 2.5% below 52-week high |
| Session range | 11,384.92–11,455.53 | — | Closed back above 11,400 |
| USD/CLP | 947.00 | −0.23% | Second straight daily fall |
| 52-week range | — | — | Index: 8,669.18–11,720.12; peso: 850.90–968.96 |
Trade date: Tuesday 22 September 2026. The Santiago exchange was shut on Friday 18 September 2026 for Fiestas Patrias, Chile’s national day.
The second holiday, 19 September, fell on a Saturday. Trading resumed on Monday 21 September 2026, so Tuesday was only the second session after the break.
Turnover reached 208 billion pesos (about US$220m), at a rate of 947.00 pesos to the US dollar. Roughly three in four index members finished higher.
The peso’s strength matters for foreign investors. It changes the return picture in their own currencies. A stronger peso lifts dollar-based returns on Chilean bonds and equities. Rio Times · Live Market Intelligence
Live Market IntelligenceChile — Live Market Board
Chile — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
IPSA
10,536.40
+0.68%
—
10,465.25
10,617
10,511
—
USD/CLP
975.74
-0.29%
+3.43%
978.59
983.51
973.55
—
COPPER
6.24
-0.18%
+26.33%
6.25
6.29
6.19
72,116
SQM-B
56,400
+1.95%
+27.31%
55,320
57,399
55,850
140,429
COPEC
6,375
+0.55%
-6.66%
6,340
6,484
6,375
309,623
BSANTANDER
79.42
+0.40%
+15.13%
79.10
79.80
78.68
51,840,894
FALABELLA
6,504
+0.08%
+10.15%
6,499
6,638
6,490
1,013,398
ENELAM
83.00
+1.84%
-7.57%
81.50
83.30
81.51
17,256,424
CENCOSUD
1,670
+3.09%
-42.21%
1,620
1,745
1,646
4,439,480
CMPC
898.00
-0.77%
-33.54%
905.00
909.16
888.78
1,783,541
BANCO CHILE
189.10
-0.31%
+11.24%
189.69
193.80
189.10
27,761,140
LATAM AIR
23.36
+1.79%
+12.69%
22.95
23.60
22.35
1,230,444,191
SOUTHERN COPPER
167.27
+1.14%
+28.43%
165.38
168.83
164.77
1,127,963
03 Why it moved — copper up, oil down
Copper is Chile’s largest export, and it traded close to a record. On Comex the December contract was around US$6.8370 a pound, up about 1.1%, after touching US$6.8710 in the session.
That left the metal less than 1% below its record settlement of US$6.8885 a pound, set on 9 September 2026. Warehouse stocks in London and Shanghai have been drawn down, according to MINING.COM.
Oil went the other way. Brent crude fell about 2.6% to near US$97.80 a barrel. It pared the drop after US President Donald Trump said American and Iranian envoys had met, La Tercera reported.
For Chile the combination is welcome. Cheaper energy and dearer copper both improve the country’s terms of trade.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| SMU | Supermarkets | +2.6% | Best performer in the index |
| Enel Chile | Power generation and supply | +2.4% | Utilities in demand |
| Quiñenco | Industrial and financial holding | +2.2% | Third of the main gainers |
| Copper, Comex December | About US$6.8370 a pound | +1.1% | Within 1% of its record settlement |
| Brent crude | About US$97.80 a barrel | −2.6% | Cheaper fuel for an importer |
The three biggest gainers came from retail, utilities and holdings. That spread is what separated Tuesday from Monday.
On Monday 21 September 2026 the index fell 0.21% to 11,357.82. SQM-B dropped 3.7% and Cencosud 2.6%, Diario Financiero reported. JPMorgan had cut its price target on SQM’s US-listed shares to US$88 from US$94.
05 The wider session
| Index | Country | Change |
|---|---|---|
| S&P IPSA | Chile | +0.61% |
| S&P 500 | United States | Little changed |
| Dow Jones Industrial Average | United States | −0.36% |
| Nasdaq Composite | United States | +0.82% |
Wall Street closed mixed on the same session. Santiago’s gain was not an echo of New York. Chile’s move tracked commodity prices more closely than US equities.
The live market board above carries the latest confirmed numbers for the other main Latin American indices.
06 The technical picture
The IPSA traded between 11,426.83 and 11,455.53 and closed near the top of that band. Reclaiming 11,400 undid the previous day’s loss.
The peso’s two-session rally left the dollar at 947.00 pesos, about 2.3% below its 52-week peak of 968.96. Since the close of Thursday 17 September 2026 the dollar has shed about 15 pesos.
For the stock index, the 52-week range runs from 8,669.18 to 11,720.12. At 11,426.83 the IPSA sits much closer to the top of that range than the bottom.
07 What to watch
- Copper: The Comex December contract sits within 1% of its record settlement. A break above would support the index and the peso.
- Oil prices: Cheaper Brent crude helps Chile, a net importer of fuel.
- The 11,400 level: Holding it would confirm that Monday’s dip was a single-stock event.
- SQM: The lithium producer took more than a quarter of Monday’s turnover. Its direction still moves the benchmark.
Background: Chile’s Market Shuts for Fiestas Patrias as the Peso Ends the Week Weaker.
More: Chile news in English, every day from The Rio Times.
Frequently Asked Questions
What is the S&P IPSA?
It is Chile’s benchmark stock index, tracking the main companies listed on the Santiago exchange, including SQM, Copec and the banks.
Why did the Chilean peso strengthen?
The dollar eased 0.23% to 947.00 pesos on Tuesday 22 September 2026. Copper near record levels and cheaper oil both helped.
Was the Santiago exchange open all week?
No. It shut on Friday 18 September 2026 for Fiestas Patrias. The 19 September holiday fell on a Saturday, and trading resumed on Monday 21 September 2026.
Is the Chilean stock market still near its highs?
The IPSA closed 2.5% below its 52-week high of 11,720.12, so it remains near the top of its yearly range.
Market data: Bolsa de Santiago; session figures from Diario Financiero and La Tercera
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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