Bloomberg reported that Chile’s peso was little changed recovering from an earlier loss, as optimism that Greek policy makers will agree on budget cuts needed to secure bailout funds offset prospects of slowing Chinese demand for copper.

Copper slumped as much as 1.8% in New York after China said that industrial output is likely to slow this quarter. The euro rallied against the dollar after a Greek official said authorities are working on the final draft of the document listing the budget and structural measures required to receive international funding.

Mr Cristian Donoso a trader at Banchile Corredores de Bolsa SA in Santiago said that “Copper’s falling because of the Chinese trade data. The forecasts are very bad and that’s hitting commodities. Meanwhile the rest of the market is waiting for Greece. Everything’s in a holding pattern.”

Mr Lucas Papademos PM of Greek plans to convene the nation’s political leaders to seek consensus on the cuts required for a bailout as European leaders pressed for answers.

(Sourced from Bloomberg.net)