The Chilean peso headed for its longest losing streak in nine months as a decline in the price of copper dimmed the outlook for export revenue.
The peso weakened 0.1 percent to 472.45 at 10:04 a.m. in Santiago for its fifth day of losses. The currency has depreciated every day after closing at a three-week high of 470.65 per dollar on Feb. 13.
“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, the country’s main export product, retreated as much as 0.5 percent in New York amid speculation of higher inventory levels of the metal and lower physical demand from China following the Lunar New Year holiday last week. The metal has dropped 2.7 percent in the past five days.
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