Peru’s Stock Market Surges as Commodities and Geopolitical Shifts Converge
While global markets navigate a landscape of heightened uncertainty, Peru’s equity market has distinguished itself with remarkable performance. The S&P Peru Total Index has soared 23% in 2026 and is up more than 75% over the past 12 months. This surge not only outpaces the S&P 500—which is down 2% year-to-date—but also significantly outperforms the broader MSCI Emerging Markets index, which has gained 4% for the year and 30% over the last 12 months. For investors, the iShares MSCI Peru and Global Exposure ETF (EPU) has risen more than 13% in 2026, offering a direct vehicle to tap into this Andean nation’s rally.
The Commodity Engine: Copper and Gold Drive Growth
The foundation of Peru’s market success lies in its world-class mining sector, particularly its abundant reserves of copper and gold. According to portfolio manager Ola El-Shawarby of VanEck’s Emerging Markets Fund, demand for copper is being supercharged by the artificial intelligence boom. “AI is a big driver structurally going forward, and you need for that an investment in the power grid,” El-Shawarby told CNBC. She explained that data centers, which are proliferating globally—with 3,226 expected to be built over the next decade, per ABI Research—rely on copper for efficient power distribution. This demand is occurring against a backdrop of constrained supply; as El-Shawarby noted, “The supply of copper is quite constrained, and the ability to bring on new supply is more difficult than previous cycles.” This structural imbalance benefits major copper exporters like Peru and Chile.
Copper prices have reflected this dynamic, rising 20% over the past year and more than 2% in 2026. Simultaneously, Peru’s significant precious metals holdings—3.9% of the world’s gold reserves and 21.8% of its silver, according to an EY report citing U.S. Geological Survey data—are fueling gains. Gold is up roughly 81% over the past year, while silver has surged 176%. El-Shawarby highlighted that gold’s rally is increasingly structural, driven by central banks diversifying away from the U.S. dollar. “Gold is no longer being positioned just as an uncertainty hedge or inflation hedge,” she said.
Political Stability and Trade Tailwinds
Beyond commodities, Peru’s market is being buoyed by improving political expectations. The country is poised to welcome a more pro-business government in April 2026, a development analysts link to potential upward revisions in GDP forecasts and business confidence. “If you do get an outcome where political stability improves, that is … grounds for upward revision of GDP [and] an increase in business confidence,” El-Shawarby stated. This optimism is already translating into tangible trade benefits. From January to October 2025, Peru’s exports reached
