Santiago, Feb 28, 2026, 06:22 GMT-3 — Market closed.
The S&P/CLX IPSA index in Santiago dropped 1.47% Friday, closing at 10,887.71. That pullback pared its weekly advance to roughly 0.3%, following earlier gains.
The slide late in the week mirrored a move in global rate expectations, after U.S. producer prices climbed 0.5% in January—more than predicted. “We expect the Fed to remain on pause during its upcoming March meeting,” said Ben Ayers, senior economist at Nationwide, with economists now delaying their forecasts for the next U.S. rate cut. Reuters
Stocks in the U.S. lost ground Friday, with traders shying away from financials and tech while shifting capital toward defensives—a classic risk-off move that hits high-beta names hardest. “Adding to the day’s weakness was the hotter inflation data,” said Ryan Detrick, chief market strategist at Carson Group. Reuters
Commodities added to the picture. Copper, Chile’s top export, slipped off a two-week peak Thursday; three-month LME copper edged 0.1% lower to $13,304 a metric ton as warehouse inventories rose to 253,600 tons. “This year they have been back since Day 1,” SP Angel analyst John Meyer said, pointing to Chinese buyers’ swift return after Lunar New Year. Fidelity Fixed Income
Traders will have stock-specific headlines to digest once the market reopens. SQM, the lithium producer, posted a fourth-quarter net profit of $183.8 million, up 53% on the back of higher prices. CEO Ricardo Ramos pointed to “early signs of an improved supply-demand balance” emerging late last year, with energy storage demand gaining traction. The sector’s broader context included rival Albemarle, also referenced by peers. Reuters
Back in Chile, the rate outlook keeps investors on alert. The central bank left its benchmark at 4.5% in January and put the next rate decision on the calendar for March 24, with the policy statement set to hit at 18:00.
The risk is simple enough: should U.S. inflation hold up, forcing the Fed to maintain higher rates, the dollar likely pushes higher, draining flows from risk assets. Any weakness in copper prices just piles on—particularly if inventories keep climbing, which would stall the metal’s rally.
Chile’s central bank will release the IMACEC monthly activity index for January on March 2, a domestic event watched closely by traders. The data serves as a GDP stand-in and helps signal the pace of growth ahead of quarterly numbers.
