- USD/CLP is up 0.28% on the day.
- Copper fell 1.49% to three-day lows amid concerns over demand for the metal in China.
The USD/CLP marked a session low at 907.23, finding aggressive buyers who pushed the pair to a daily high at 911.31. Currently, the US dollar is valued at 909.97 against the Chilean Peso, up 0.28% today.
BHP Group cuts Chinese copper demand forecast
BHP Group, the Australian copper mining company that operates the world’s largest copper mines, has adjusted its forecast for Chinese demand this year, highlighting global supply surpluses until the end of 2025. These adjustments are largely due to China’s low economic growth and its prolonged real estate crisis.
In a report to investors, BHP Group forecast copper consumption growth to be between 1% and 2% from an initial forecast of 6%.
Confirmation of an oversupply of the metal in the short term has driven copper prices down 1.49%, with copper trading at $4.18 at the time of writing, reaching lows not seen since August 23.
Technical levels in the USD/CLP
USD/CLP formed resistance at 941.25, given by the August 16 high that converges with the 50% Fibonacci retracement. The closest support is at 904.90, the July 15 pivot point that converges with the 23.6% Fibonacci retracement. The next key support is at 881.85, the May 20 low.
Chilean Peso Daily Chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
