Chile’s peso weakened the most in more than two weeks as a decline in the price of copper signaled a diminished trade surplus for the metal’s top producing nation.

Copper, which accounts for half of Chile’s exports, fell as much as 1.7% in New York as a larger than forecast drop in German industrial production fueled concern the euro region’s sovereign debt crisis is weighing on local economies. US stocks were little changed as German and French leaders met in Berlin to discuss the European debt crisis.

Mr Matias Madrid an economist at Banco Penta said that “The peso should continue to move in line with international markets.”

According to data released by the central bank, Chilean copper exports fell to USD 3.2 billion in December from USD 3.7 billion in November and USD 4.6 billion a year ago. The metal’s price slumped 21% last year.

(Sourced from Bloomberg)