Copper prices have soared so far this year. After years of poor performance copper prices started goin gup late last year and have continued that upward trend this year. Prices shot up to $7,000 a metric ton this year. The following chart shows the solid growth in copper prices:

Click to enlarge

Source: Chart of the week: red metal is red hot, MoneyWeek

Yesterday prices closed at just over $6,640 a metric ton.

Rising copper prices are a boon to copper producing and exporting countries. As the world’s copper producing country Chile is reaping the benefits of higher prices. Chilean stocks have already shown the positive impact of copper prices. For example, Banco Santander-Chile (BSAC) is up by over 41% year-to-date and Banco de Chile (BCH) has increased by over 35%. The iShares MSCI Chile ETF (ECH) has also shot up over 35% YTD.

Disclosure: Long BCH