Copper's fall should not put off a revisit of Chile and Peru equities

  • Copper price and Chile and Peru equities are back to late 2020 levels; both on big discounts to historic average P/B

  • Concerns reflected in valuation: low copper price (wide twin deficits), disrupted copper output, policy under leftists

  • Return to pre-Covid copper output alone drives growth, anti-investor policy constrained by opposition-led legislatures
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