Copper prices are also down as are most global commodities and concerns are being expressed in regard to the effect on the Chilean government’s budget and the costly reforms being implemented.
Government owned CODELCO is a large part of their revenues and with copper getting close to its production cost level there will not be much in the way of profits for the government.
And to pile-on even more; with the peso lower, exports are cheaper and more competitive (except for copper which is priced in dollars),and Chilean salmon is now on the outs at Costco due to too many antibiotics.