How long this commodity rally can last is anyone's guess but everyone should know that it will not last forever. Chileâs Ipsa Stock Index Climbs to Record as Copper Advances By James Attwood Dec. 21 (Bloomberg) -- Chileâs benchmark Ipsa stock index climbed to a record as gains in the price of copper, the countryâs biggest export, pointed to increased income for South Americaâs fifth-biggest economy. The Ipsa index climbed 0.6 percent to 3,518.57, the highest closing level since at least January 1989, according to Bloomberg data. Enersis SA, the Latin American unit of Spanish power company Endesa SA, and pulp maker Empresas Copec SA led gains. The gauge has rallied 48 percent this year, erasing last yearâs 22 percent decline, as the price of the metal used in homes, cars and appliances more than doubled. Copper exports are equivalent to a quarter of Chileâs economy. Copper rose for a second day on speculation that demand will increase from China, the worldâs biggest metals user. âCopper had a nice day today compared to the other commodities, and that helps Chile,â said Greg Lesko, who helps oversee $750 million at Deltec Asset Management in New York, including Latin American shares. âItâs an indirect benefit through the economy.â Chilean stocks have gained 2.4 percent in the six days since billionaire investor Sebastian Pinera won a first-round presidential election. Citigroup Inc. upgraded its rating of Chilean stocks to âoverweightâ from âunderweightâ on Nov. 23, citing a likely victory by Pinera. Chileâs economy is emerging from its deepest recession in a decade on rebounding commodity prices, record-low interest rates and government stimulus. It expanded 1.1 percent in the third quarter from the previous three months, while continuing to contract year-on-year, the central bank said on Nov. 18. Chileâs gross domestic product is forecast to expand 4 percent next year, according to the median estimate of economists in a Bloomberg survey. Chileâs peso is the worldâs third best-performing currency this year, having climbed 27 percent against the dollar. Copper futures for March delivery rose or 0.6 percent to $3.1585 a pound on the New York Mercantile Exchangeâs Comex unit. The price gained 0.2 percent last week.