⛏Chilean Peso Detached From Copper Futures: Cable FX Macro

• Looking at the short-term correlation between copper and the Chilean peso, we note the relationship has recently broken

• Copper 3-mo contracts have seen losses of 3.2% over the last month, the Chilean peso trimmed the decline and now posts a 2.3% loss to the dollar

• Bottom panel shows a rolling 25-day correlation of CLP to copper futures