What if blockades shut Peru's biggest copper mines?
Community blockades shutting Las Bambas and Antamina slash Peru's fiscal revenue and pressure the sol and PERU bonds; the supply hit tightens copper modestly while Freeport proxies the miner. Rhymes with the recurring 2022-23 Las Bambas blockades that repeatedly halted shipments. China owns/buys the bulk of Peruvian copper (MMG/Chinalco), so the transmission runs straight to Chinese smelters; the novel angle is social-license risk as a persistent supply tax rather than a one-off outage.
how we built this number — every step
The class rate is measured from our dated, sourced event library (decade-normalized Poisson — the full table is public at base_rates.json). The variant’s share within its class is the analyst’s editorial call, published so you can audit it. A wider range means thinner precedent. Full recipe: methodology · scored at Reality Check.
The butterfly cascade
How this trigger trickles across markets, left → right — the root shock, its first‑order moves, then the ripple effects. Drag any node; tap a market for its real price history.
Resolution timeline — how this probability is moving
Our model's odds (gold) over time vs the crowd's (Polymarket, blue), from the past toward the 0–6 months horizon. Each dot is a real macro event that nudged the probability — green pushed it up, red pushed it down. Tap a dot for the source. The gold path is an illustrative reconstruction anchored to today's estimate — real dated events, not a live re-estimate history.
What it would mean
If this plays out, it is a risk-off shock. Community blockades shut Las Bambas and Antamina, slashing Peru's fiscal revenue and pressuring the sol and PERU bonds. The trigger decomposes into signed root‑shocks — Credit spreads ▲ · Industrial demand ▼ — which propagate through our causal graph to the markets below.
If it happens — the markets it would move
Biggest moves first. Projected moves are cascade-model priors; hist A–B% = what comparable past events actually did (measured abnormal returns), and model prior · unmeasured marks markets with no analogue backing yet. Tap any market for its price history.
| Market | Class | Projected move | |
|---|---|---|---|
| 1 | Freeport (copper) FCX 📈 chart | Equity | ▼ -0.6% hist -4.59–+0.75% · other way +11.6% (n=10) |
| 2 | High-yield credit HYG 📈 chart | Rate | ▼ -0.4% hist -0.81–+0.05% · other way +1.37% (n=8) |
| 3 | Financials XLF 📈 chart | Equity | ▼ -0.3% hist -0.93–+0.2% · other way -1.92% (n=10) |
| 4 | Copper XCUon Hyperliquid 📈 chart | Commodity | ▼ -0.2% hist -3.57–+0.71% · other way +1.34% (n=10) |
| 5 | MicroStrategy MSTRon Hyperliquid 📈 chart | Equity | ▼ -0.3% hist -4.03–+1.34% · other way +21.34% (n=10) |
| 6 | JPMorgan JPM 📈 chart | Equity | ▼ -0.2% hist -1.33–+0.23% · other way +0.13% (n=10) |
| 7 | Volatility (VIX) VIXon Hyperliquid 📈 chart | Vol | ▲ +0.2% hist -2.84–+9.23% · other way -9.6% (n=10) |
| 8 | S&P 500 SPXon Hyperliquid 📈 chart | Index | ▼ -0.1% hist -0.34–+0.07% · other way +0.65% (n=12) |
| 9 | Bitcoin BTCon Hyperliquid 📈 chart | Crypto | ▼ -0.1% hist -4.8–+2.49% · other way +11.22% (n=4) |
| 10 | Platinum XPTon Hyperliquid 📈 chart | Commodity | ▼ -0.1% hist -5.13–+1.6% · other way +5.52% (n=10) |
| 11 | Palladium XPDon Hyperliquid 📈 chart | Commodity | ▼ -0.1% hist -5.68–+2.1% · other way +3.41% (n=10) |
Probable recommendation
Why we may diverge from history
Trust the cascade short; MSTR's +6.4% is BTC-bull regime (+63% Signature) lightly offset by a gold squeeze — a Peruvian copper-revenue halt has no transmission into a BTC treasury proxy.
Historical precedent — what analogous events actually did
Across 40 analogous events (overlap‑weighted), as abnormal returns — market beta stripped, so it's the event's own effect, not the market backdrop. Shown at 20 days (persistent) and 5 days (immediate); ↺ fades = the two horizons disagree. Confidence = consistency × sample × significance.
| Asset | History says | Abnormal (20d · 5d) | Hit | n | Confidence | vs cascade |
|---|---|---|---|---|---|---|
| Bitcoin BTC | SHORT | -4.7% · 5d -1.2% | 71% | 11 | 0.37 | ✓ matches cascade |
| FCX FCX | SHORT | -3.7% · 5d -1.5% | 69% | 30 | 0.34 | ✓ matches cascade |
| XCU XCU | SHORT | -3.0% · 5d -1.3% | 68% | 30 | 0.32 | ✓ matches cascade |
| JPM JPM | SHORT | -1.1% · 5d -1.8% | 68% | 36 | 0.30 | ✓ matches cascade |
| High-yield credit HYG | SHORT | -0.6% · 5d -0.1% | 67% | 28 | 0.29 | ✓ matches cascade |
| Volatility VIX | LONG | +8.3% · 5d +2.1% | 62% | 32 | 0.21 | ✓ matches cascade |
| XPT XPT | SHORT | -4.6% · 5d -2.4% | 61% | 30 | 0.21 | ✓ matches cascade |
| XLF XLF | SHORT | -0.7% · 5d -1.1% | 59% | 30 | 0.16 | ✓ matches cascade |
| MSTR MSTR | SHORT | -3.6% · 5d -3.5% | 59% | 30 | 0.14 | ✓ matches cascade |
| XPD XPD | SHORT | -5.2% · 5d -2.6% | 58% | 30 | 0.14 | ✓ matches cascade |
| Gold XAU | LONG | +0.3% · 5d +0.3% | 56% | 30 | 0.11 | · |
| 10y yield DGS10 | SHORT | -10bp · 5d -5bp | 56% | 40 | 0.11 | · |
| SPX SPX | SHORT | -0.2% · 5d +0.3% ↺ fades | 43% | 40 | 0.00 | ✓ matches cascade |
| US dollar DXY | LONG | +0.3% · 5d +0.2% | 49% | 40 | 0.00 | · |
Why this probability
Peru mine blockades are a frequent, well-precedented pattern; simultaneous Bambas+Antamina halt is the stretch. A base‑rate‑anchored prior, continuously scored against what actually happens — not a forecast.