Chilean Peso Holds Ground, Santiago Stocks Steady—Copper Policy Calms Markets While Top Shares Diverge

Chile’s markets navigated the last 24 hours without major dislocation, as official currency feeds put the Chilean peso at 966.4 per US dollar on Tuesday morning, steady relative to Monday’s close.

Investors kept risk appetite in check following confirmation that key copper cathode exports would escape aggressive new US tariffs. Official mining data confirmed a 6% output drop for June, underscoring the country’s real-sector challenges despite the policy reprieve.

Chile’s jobless rate stood unchanged at 8.9%, reflecting a labor market that struggles to keep up with the expanding workforce.

The S&P IPSA index in Santiago closed modestly higher, with price action revealing little urgency as traders absorbed a rare mix of reassuring and cautionary news.

Volume held near average levels, with most investors pausing to assess the political landscape. Conservative candidate Kast overtook his left-wing opponent in the latest polling, introducing hopes for policy continuity and fiscal restraint.

Technical analysis of USD/CLP charts using moving averages, RSI, MACD and Bollinger Bands reflects this neutrality. The dollar-peso pair hugged support at key 50- and 100-day moving averages, while the 4-hour RSI settled around 61, consistent with consolidation rather than breakout.

MACD levels read nearly flat on both 4-hour and daily frames, signaling absent momentum. Bollinger Bands narrowed, indicating reduced volatility after July’s swings.

The Global Liquidity Index (yellow line) cooled overnight, suggesting steady cross-border capital flow and low risk of abrupt outflows. Stock action revealed notable sectoral splits.

Among the day’s winners, energy shares outperformed as international oil markets steadied and domestic consumption showed resilience. Selected banking stocks firmed, backed by contained headline risk and moderate loan growth.

Top gainers included Enel Chile and Banco de Chile, both advancing roughly 1.5% on the session. Losers concentrated in mining, where sector leaders like SQM and CAP slipped on worries over future export earnings, falling up to 1.1%.

Consumer staples lagged, pressured by soft retail data and persistent inflation worries. Market sources reported no outsize ETF inflows or outflows and no evidence of abnormal trading by major asset managers.

Commentary from institutional desks referenced business caution and focus on the copper trade developments and electoral signals. The charts show markets waiting for stronger cues. Support and resistance in both equities and currency pairs remained respected.

Volumes reflect watchful trading rather than conviction selling or buying. Chile’s cautious market posture comes as stakeholders judge both copper’s evolving fortunes and coming election outcomes before making larger bets.

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