Mexico and Andean Stocks: IPC, IPSA, COLCAP, BVL — 2026-10-25
Mexico’s IPC closed slightly lower on October 23 as the peso gained ground, marking a volatile week where nearshoring hopes clashed with tariff tensions. Meanwhile, Chile’s IPSA slid 1.88% on Thursday due to copper price declines, though a key mine approval and lithium price stabilization offered some counter-narratives. Regional markets faced pressure from a broader LatAm tech sell-off and rising oil prices, with investors eyeing imminent central bank decisions and election outcomes in Brazil.
Mexico and Andean Stocks: IPC, IPSA, COLCAP, BVL — 2026-10-25
Top developments
Mexico’s IPC Edges Lower as Peso Strengthens
On Friday, October 23, Mexico’s S&P/BMV IPC index fell 0.30% to close at 69,678, while the peso appreciated 0.33% to trade at 18.65 per dollar. This slight dip follows a week where the IPC had attempted to recover the 69,000-unit level, with the index gaining 0.12% earlier in the week on October 19. Despite the Friday slip, the IPC accumulated weekly gains of 1.38%, ending at 69,879.62 units, supported by positive August activity data showing 3.3% year-on-year growth.
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Chile’s IPSA Drops as Copper Slides
Chile’s IPSA index fell 1.88% on Thursday, October 22, closing at 10,780, driven by a decline in copper prices and a weakening peso at 986.2 per dollar. The pressure continued into Friday, October 23, with the IPSA falling another 0.31% and the peso weakening to 994.76, its weakest close since early October. Copper itself fell 1.23% to US$6.54 a pound for the week ending October 23, partly due to the end of a strike at the Centinela mine, which removed some supply-risk premium.
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Tariff Tensions and Nearshoring Signals
President Trump stated on October 23 that a tariff deal with Mexico was "very close," a sentiment echoed by Mexican President Sheinbaum, though 50% steel and 25% car tariffs remain in effect. This political uncertainty weighed on Mexican equities, even as nearshoring winners like Grupo Mexico announced they would press ahead with major US copper projects despite output dips.
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Copper Mine Approval Boosts Chilean Sector
In a positive development for the Andean mining sector, Chile’s Antofagasta commission unanimously approved the US$870 million Tovaku copper mine, a joint venture between Pucobre and Codelco, on October 23. This approval, granted after a 450-day review, signals regulatory stability for mining investments in the region, potentially offsetting some of the negative sentiment from falling copper prices.
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Local view
Expansión notes that while the Mexican peso "took a breath" on October 23, closing at 18.67, it is still on track for a seventh consecutive week of losses against the dollar. El CEO highlights that the IPC’s weekly performance was positive, contrasting with mixed results on Wall Street, suggesting localized resilience in Mexican equities. In Chile, Diario Financiero reports that intermediaries favor Latam Airlines, SQM-B, Falabella, and Banco Santander for the final quarter of 2026, indicating confidence in specific sector leaders despite broader index weakness.
Context & numbers
- Mexico IPC Close (Oct 23): 69,678 (-0.30%)
- Mexico USD/MXN: 18.65 (Peso +0.33%)
- Chile IPSA Close (Oct 23): Down 0.31%
- Chile USD/CLP: 994.76 (Peso -0.87%)
- Copper Price: US$6.54/lb (-1.23% weekly)
- Chile Producer Prices: Rose 24.8% year-on-year in September
- Lithium Price (Chile): US$16,050/tonne, lowest since January
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On the radar
- Chile Central Bank Decision: The Banco Central de Chile is scheduled to decide on interest rates on October 27, with consensus expecting a hold at 4.5%.
- Brazil Elections: Brazil holds its runoff vote on Sunday, October 25, with polls indicating a technical tie, which could cause regional currency and equity volatility.
- US Tariff Changes: New US tariff shifts affecting Canadian plywood and carpets take effect October 30, potentially signaling broader trade policy adjustments affecting North American supply chains.
- Pension Fund Flows: Analysis suggests Colombian pension reform could reduce monthly flows into local equities and TES bonds, impacting market liquidity.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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