Exchange traded funds tracking Chile’s stock market and the Chilean peso are ramping higher along with copper prices. The country is a major exporter of the industrial metal and is benefiting from the improved outlook on the global economy.

The Chilean peso hit a two-month high against the U.S. dollar on higher global copper prices, reports Carolina Pica for The WSJ. [ETF Trends’ Guide to Currency ETFs]

Chile produces one third of the world’s copper and copper sales and taxes from private miners are a significant source of government revenue, reports Pica. The peso saw its strongest close since November 4, reports Sebastian Boyd for Bloomberg Businessweek.

The rally in copper prices has highlighted Chile’s outlook for its market. [The Falling Dollar and Currency ETFs]

Higher copper “supports two things in Chile,” Juan Pablo Castro, an economist at Banco Santander Chile in Santiago said. “One is the peso, and copper is the principal factor behind today’s appreciation, “he said. “The other is the overall economy. Macroeconomic fundamentals are better and that may induce the central bank to be a bit more cautious,” he said on Bloomberg Businessweek.