A long-forecast rally in copper is beginning to drag up the beleaguered Chilean peso in its wake, just as the currency’s peers tumble on the prospect of higher US rates for longer. The peso is up 3.4% in April, the only currency to have risen against the dollar in the month. In the first quarter, it was the world’s worst performing currency, dropping 10% against the greenback. A quick look at Chile’s terms of trade indicate the peso’s rally may have further to run. Copper, which accounts for just over half of the nation’s exports, is up about 20% since Feb. 9, while the peso has gained a mere 2.2%. Oil, of which ... (full story)