WSJ:Chile Peso Strengthens 1.4% To One-Week High On Copper Gains
SANTIAGO (Dow Jones)--The Chilean peso was trading 1.4% stronger versus the dollar Tuesday morning, as international copper prices shot higher and global equities rose amid optimism European officials will implement measures to tame the euro-zone's debt crisis.
The peso was recently at CLP504.80 to the dollar, versus Monday's close of CLP511.90.
Since Chile is the world's largest copper producer and exporter, accounting for a third of global supply, currency-market participants usually keep an eye on New York and London copper prices to gauge export revenue inflows and the general health of the Chilean economy.
Three-month copper on the London Metal Exchange was recently up 3.3% at $7,505 a metric ton.
"Improved market sentiment, as futures in New York, stock markets in Europe and copper prices jump higher, is lending support to the peso," said a local currency trader.
(Peso quote provided by Valor Futuro newswire)
-By Anthony Esposito, Dow Jones Newswires; 56-2-715-8929; anthony.esposito@dowjones.com
