Peru's Presidential Runoff Hangs on a Razor-Thin Count

Peru's presidential runoff remained undecided two days after voting, with the result depending on a margin of fractions of a percentage point. The leftist candidate Roberto Sánchez, a member of congress and former government minister, moved ahead in the count, MercoPress reported, holding around 50.1 percent against 49.9 percent for the conservative Keiko Fujimori, with about 95 percent of tally sheets processed by the National Office of Electoral Processes. Overseas ballots had not yet been fully counted.

The closeness has produced conflicting results. Al Jazeera reported a slim lead for Sánchez, while some counts at earlier stages had shown Fujimori, a former first lady and daughter of the late president Alberto Fujimori, ahead. The prolonged process has reduced confidence in the system, and the head of the electoral office resigned over frustration about the pace of the count, while denying any wrongdoing.

For markets, the contest matters because of copper. Peru is one of the world's largest producers of the metal, and the outcome will influence the rules governing mining investment and the Chinese-built port at Chancay, which has expanded China's commercial presence on South America's Pacific coast. A leftist government would likely take a more assertive position on resource revenue, while a Fujimori victory would favor continuity for foreign investors.

The result also affects a broader contest. Washington has been working to reduce Chinese influence in the Western Hemisphere, and Peru's copper and its deepwater port at Chancay are central to that competition, which gives an unusually close national vote consequences well beyond the country's borders.