Chilean Peso Rises Before European Summit as Copper Advances

Bloomberg reports Chile’s peso rose as copper prices and European stocks rallied.

The market news is quoted as saying,

Copper, which accounts for half of Chile’s exports, surged 1.8 percent to $4.47 per pound on the New York Mercantile Exchange, hitting a three-month high.

Chile’s central bank paid an average of 462 pesos per U.S. dollar for $50 million as part of a $12 billion effort to limit the peso’s gains, according to data posted on the bank’s website.

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