Indonesia and Chile began negotiations over trade services between the two countries. If completed, Indonesia could have new market access to Chile for transportation, financial, construction and professional services. The two countries also agreed to start the negotiations as part of the Indonesia-Chile Comprehensive Economic Partnership Agreement (IC-CEPA). A joint document was agreed upon, namely the Joint Statement on the Launch of Services Trade Negotiation of the IC-CEPA.
Peru-based Unión Andina de Cementos (Unacem) has signed a $23 million contract with Cementos La Unión, Aridos Jativa & Chile’s Inversiones Mel 20 Ltda for the purchase of the full stake of shares of Cementos La Unión in Chile and 100% of the social rights of Inversiones Mel 20. The contract is subject awaits approval by the Chilean National Economic Prosecutor's Office. Subject to approval, Unacem will own the 0.3Mta San Antonio plant.
At Stock Options Channel, a put and a call contract for Sociedad Quimica y Minera de Chile (SQM) have been identified. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $40.00 but will also collect the premium, putting the cost basis of the shares at $39.10 (before broker commissions). To an investor already interested in purchasing shares of SQM, that could represent an attractive alternative to paying $47.01/share today. For the call contract, if an investor was to purchase shares of SQM stock at the current price level of $47.01/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $48.00.
Chile’s mining industry employed 201,000 people in September, down 15% from last year and the lowest in at least a decade, according to the country’s Mining Council. Meanwhile, production has risen slightly and the council has lowered by 12% its projection for the number of mining jobs needed over the next decade.
Banco De Chile has 9 analysts covering the stock. The analyst consensus points to a rating of ‘Hold’. The range between the high target price and low target price is between 23 and 16.9 with a mean TP of 20.16. Given that the stocks previous close was at 19.53 this indicates there is a potential upside of 3.2%. The company has a market cap of $10,164 million.