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Chile Peso Posts Longest Losing Streak Since May as Copper Falls

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Feb. 20 (Bloomberg) -- Chile’s peso dropped for a fifth day, its longest losing streak in nine months, as a decline in the price of copper dimmed the outlook for export revenue.

The currency depreciated 0.2 percent to 473.11 per U.S. dollar at the close in Santiago, its weakest level since Jan. 16. The peso pared its gain this year to 1.3 percent.

“It’s moving in line with weaker copper prices,” Jose Giraz, an analyst at XDirect Chile Ltda., said in a telephone interview from Santiago.

Copper, Chile’s main export, retreated as much as 1.2 percent in New York amid speculation that a commodity fund is selling positions in metals.

To contact the reporter on this story: Eduardo Thomson in Santiago at ethomson1@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net