StanChart Bullish on COP

Standard Chartered has raised its short-term recommendation for the COP to neutral from underweight. “Even taking into account the recovery in commodity prices, the COP is stronger than in 2008. USD-COP trading below 1,800 is triggering fresh attention from policy makers,” it says. The shop expects COP/USD to be valued at COP1,835 in Q4 and to appreciate to COP1,800 in Q1 2011. It closed at COP1,810 Wednesday.