LatAm Pre-Open — Tuesday, August 11, 2026

Silver prices surged overnight, climbing over three and a half percent to open the pre-market trading in Latin America. This significant move caught the attention of traders in the region, as several major miners of the white metal are listed firms. The impact of the silver rally extended to London and early Asian trade, prompting regional materials stocks to rally at the open, despite US equity futures showing little movement.

However, the Brazilian market faced a critical test as the July IPCA consumer inflation index was released. This was the first official price reading since the Central Bank of Brazil adjusted the Selic, the benchmark interest rate, to 14.00 percent the previous week. Economic analysts expect the monthly inflation rate to decline sharply, with the consensus forecasting a slowdown from the previous 0.16 percent.

The Brazilian real weakened to 5.11 per dollar, and any discrepancy between the actual inflation number and the consensus could negatively impact the currency. Traders will closely examine the Copom meeting minutes, released simultaneously with the IPCA, for insights into whether the quarter-point rate cut was an easy decision or a more contentious one.

Despite the focus on Brazil, other Latin American markets also experienced movement. Argentina's Merval stock index gained more than one percent, while Colombia's COLCAP rose nearly as much. Mexico's IPC, the country's main index, trailed with a nearly three-quarters percent decline, likely due to pre-market anticipation of industrial production data released later in the day. In contrast, Mexico's IPC (Mex) dropped nearly three-quarters of a percent.