Chile’s peso rose to an eight-week high as the price of copper, the country’s main export, rallied on expanding industrial output in China.
The currency gained 0.3 percent to 475.6 per U.S. dollar at the close of trading in Santiago, the strongest level since Oct. 19. Copper for March delivery rose as much as 1.5 percent to $3.719 a pound.
Chinese industrial production expanded 10.1 percent last month, topping the 9.8 percent median forecast of economists in a Bloomberg survey. China is Chile’s biggest trade partner and the main market for its copper, which makes up more than half the Andean country’s exports.
“We’re breaking through a support level,” said Cristian Donoso, a currency trader at Banchile Corredores de Bolsa SA in Santiago. “Today’s a good day for commodities. Copper at $3.7 is great.”