The closely contested runoff between Keiko Fujimori and Roberto Sánchez, confirmed after a fragmented first round and extended voting in some areas, anchors trader expectations for second-round turnout near the April level of 73.81%. Recent polls showing the candidates essentially tied have prompted both camps to ramp up mobilization in urban centers and rural highlands, supporting the market's heavy weighting on 70-80% participation. Persistent voter fatigue after months of delays, fraud claims, and institutional friction, alongside Peru's history of moderate runoff engagement in polarized races, limits upside while the short three-week campaign window reduces scope for major shifts. Intensified get-out-the-vote efforts or late endorsements could nudge figures within this band before the June 7 vote.