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Chile stocks see highest rise in two years on copper prices

Chile stocks see highest rise in two years on copper prices

12 December 2017
Chilean stocks rose more than 2 percent on Monday, their highest daily rise in almost two years, driven by foreign buyers in large stocks and higher prices for copper, the country's main export. The IPSA index rose 2.69 percent to 5,018.67 points, its best performance since January 2016. The copper reference price on the London Metals Exchange rose 1.5 percent, its largest daily rise in almost two months. Shares in industrial giant Empresas Copec rose 6.25 percent. Traders said that the rise was also partly a lag from a national holiday on Friday, a day which was positive for markets around the world. Brazilian stocks closed nearly flat ahead of a crucial week for the government's plans to streamline the social security system and curb public debt. Investors widely see the unpopular bill as crucial to regaining an investment grade rating, meeting budget laws and avoiding a fiscal crisis. But lawmakers have shown strong resistance to the constitutional amendment, raising the threat that a lower house vote is delayed to early 2018. Trading in most Latin American markets was muted as investors avoided making big bets ahead of central bank meetings across the region. Central banks in Mexico, Colombia, Chile and Peru will meet throughout the week to set benchmark interest rates. Also helping to foster caution, the Federal Reserve is scheduled to release its monetary policy statement on Wednesday. The Fed is widely expected to raise interest rates, and is seen possibly tightening two or three times in 2018. But still-sluggish inflation and wage growth has clouded next year's policy outlook.