The Ibovespa rose 1.6% to close at a fresh record of 185,674 on Tuesday, as optimism around the start of Brazil’s easing cycle and strong commodity performance outweighed late-session volatility. Minutes from the Copom reinforced expectations for a 0.5pp rate cut in March, with policymakers signaling greater confidence in the transmission of tight monetary policy, easing inflation risks, and improved anchoring, even as a still-tight labor market warrants caution. Heavyweights led the advance, with Vale jumping 4.9% on stronger iron ore prices and renewed investment optimism in Brazil’s mining sector, while Petrobras gained 1.4% alongside firmer oil prices. Banks were mixed but broadly supported by the prospect of lower funding costs, while utilities and domestic cyclicals advanced on rate-sensitive demand expectations.