As the globe's top producer and shipper of the industrial metal, Chile and the well-being of its economy is reflected by prices of copper and export revenues. The South American nation accounts for roughly 33 percent of the world's supply of the reddish metal, and the ongoing sovereign debt crisis in the euro zone is tempering the monetary unit's advance.
"The peso has been tracking copper's rise and fall very closely in recent sessions, but concerns about Europe's debt crisis are still the focus of much attention," trader Flavio Magnasco with Banco Falabella told Dow Jones Newswires.
At 8:13 a.m. on Wednesday, copper futures gained 0.46 percent, a .02 cent climb to $4.4115 per pound.
The Business Standard reports the industrial metal's climb is due to strengthening global demand. That demand largely derives from China, which released economic data indicating second quarter performances were stronger than anticipated. Spot markets in India also bolstered prices of and demand for the industrial metal.
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