Chile’s IPSA Cools After Record as Copper and Flows Drive Market

According to the Santiago Exchange charts provided, BlackRock/iShares, BYMA in Argentina, the London Metal Exchange, and the Banco Central de Chile, Chilean risk opened steady after a mild pullback Tuesday.

The IPSA closed Tuesday at 8,736.84, down 1.02 percent, while USD/CLP traded near 963–964 on the chart and the official “dólar observado” printed 966.24 for August 19.

The London Metal Exchange reported copper cash at $9,621.50 per ton and three-month contracts at $9,729.00 per ton on August 19, levels broadly unchanged week-to-date. Chile’s equity risk remains tightly linked to these benchmarks.

Benchmarking to peers, Argentina’s S&P Merval fell 4.83 percent on August 19, according to BYMA’s official dashboard. The regional comparison shows Chile outperforming yesterday despite the IPSA’s modest retreat.

BlackRock shows the iShares MSCI Chile ETF (ECH) with $682.98 million in net assets, 21.25 million shares outstanding, and an August 19 closing price of $32.19.

BlackRock’s page does not publish daily net flow figures; shares outstanding provide the primary creation and redemption signal.

The exchange’s instrument page for LATAM Airlines shows a 1.40 percent decline Tuesday and a 2.12 percent rise early today as rebalancing flows continued through the open.

Official consolidated top-five tables for August 19 were not posted on the exchange site at press time. On the daily IPSA chart, price holds above rising 20- and 50-day moving averages, with RSI near the low-70s and MACD positive.

Price sits near the upper Bollinger Band, signaling an overbought but intact trend. On the four-hour chart, RSI eased from around 80 and MACD rolls lower, pointing to short-term digestion toward 8,600–8,550 support without breaking the uptrend.

Santiago Equities Hold Ground Amid Liquidity Pullback

On the USD/CLP daily chart, RSI hovers in the mid-50s and MACD is slightly negative, consistent with a sideways 950–970 peso range that leaves equity multiples driven more by earnings and copper than by foreign exchange.

The yellow line on the chart, labeled Global Liquidity Index NDQ, rose into early August and turned down this week. This downturn reflects a near-term check on risk appetite rather than a trend reversal. The price trend remains decisive.

The index fell 1.02 percent Tuesday as traders locked gains near record highs and rebalanced positions around high-liquidity constituents.

A stable peso and firm copper limited downside, while today’s open shows selective buying in LATAM Airlines and continued focus on liquidity and carry rather than multiple expansion.

The Merval’s 4.83 percent slide underscores the relative resilience of Santiago’s tape yesterday. Copper’s $9,600–$9,800 per ton range and USD/CLP’s 950–970 band remain the most relevant signals.

On the IPSA, 8,600–8,550 is the tactical support zone; sustained closes above 8,800 would restore upside momentum. Lacking ETF flow prints, ECH shares outstanding remain the cleanest gauge of foreign demand.

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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