The competitive Fujimori-Sánchez runoff on June 7, with recent polls showing a narrow 39-35 or 38-38 split and substantial undecided voters, anchors trader expectations for turnout in the 70-80 percent range. First-round participation reached 73.81 percent amid polling-station delays in Lima that cut local turnout by an estimated 2.5-5 points, setting a baseline while highlighting institutional friction that could recur or be mitigated. The polarized right-left contest and mutual mobilization efforts typically lift runoff engagement above fragmented first-round levels, though lingering distrust from administrative shortfalls and Peru’s recent pattern of variable participation limit upside. Scheduled fixes ahead of June 7 and last-minute campaign intensity remain the main variables that could push outcomes toward the upper or lower brackets.