The sharp rally is fueled by reports that U.S. President Donald Trump will impose tariffs on metal imports in the coming weeks.

In local trading, the dollar has lost strength against the Chilean peso.

This Wednesday, the greenback opened with bearish pressure once again, fluctuating between $916.22 and $918.45 in its first few sessions. Yesterday, it averaged $919.45.

Copper, meanwhile, climbed to a record high of US$5.29 per pound, up 0.96%.

The sharp rally is fueled by reports that U.S. President Donald Trump will impose tariffs on metal imports in the coming weeks.

Felipe Sepúlveda, chief analyst at Admirals, commented that the news has triggered a surge in U.S. copper imports, with recent shipments of 500,000 tons, well above the monthly average of 70,000 tons, as traders try to secure supplies before the tariffs are implemented.

In response, U.S. companies are looking for alternatives in South America to mitigate the impact, he added.

"Added to this is the temporary suspension of copper shipments from the Altonorte smelter in Chile due to problems with its furnace, which is putting added upward pressure on the metal's price," the expert explained.

Despite global uncertainty, the Chilean peso has bucked the trend.

“Copper’s strength remains a favorable factor for the currency, and if these levels hold, the exchange rate could head toward $913,” projected Ignacio Mieres, head of analysis at XTB Latam.

Meanwhile, the dollar index showed a slight increase following the release of weaker-than-expected inflation (CPI) data in the United Kingdom, which has weakened the pound sterling.

"This figure added to a string of negative data on the British economy, providing a temporary boost to the index, pending further analysis throughout the day," said Maximiliano Saldaña, research analyst at Capitaria.

Finally, he noted that today the market will be focused on durable goods orders in the US, the leading CB index in China, and the possible release of the annual budget in the United Kingdom.