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EMERGING MARKETS-Buoyant copper prices lifts Chile's peso

Susan Mathew
·2 min read
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* Chile's peso hit highest since Jan. 21 * Oil prices hit 13-month high; Colombia's peso extendsgains * Mexico's peso slips; MXN not cheap any more - JPM By Susan Mathew Feb 15 (Reuters) - Chile's peso scaled a near one-month peakon Monday as copper prices soared, while rising oil prices sawcrude exporter Colombia's peso extend gains to a fourth straightsession. Copper prices jumped to their highest since 2012 asinvestors continued their buying spree on concerns over risinginflation and stronger than expected demand in top metalsconsumer China. The world's top producer of the red metal saw its currency rise 0.6% against a weaker dollar, after logging its bestweek since December. Colombia's peso rose 0.2%. Oil prices hit 13-monthhighs as vaccine roll outs spurred hopes of strong demand in apost-coronavirus world. Colombia's first COVID-19 vaccines - 50,000 from Pfizer -will arrive in the Andean country on Monday afternoon, PresidentIvan Duque said. The government plans to administer its firstdose on Saturday. Hopes of more stimulus in the United States alsostrengthened the case for a global economic recovery and keepingappetite for risk alive. U.S. President Joe Biden is pressingCongress to pass a $1.9 trillion aid package. Mexico's peso slipped 0.2%. "In short term models, the currency has now moved back tofair value from being cheap, reducing the risk reward for largeMXN "over-weight" positions, said strategists at JP Morgan. While they think the Mexican peso may benefit from aconstructive environment for EM FX for a little while, theypoint to reviews by rating agencies due in the second quarter,potentially reminding investors about issues around indebtedstate oil firm Pemex, business confidence and oil investment. COVID-19 cases continued to rise in the country with thetotal number of cases rising to nearly 2 million as of Sunday,while deaths were at 174,207. But the health ministry said realnumber of cases and deaths is likely significantly higher thanthe official count. With markets in Brazil, Argentina as well as the UnitedStates closed for local holidays, volumes were thin. Key Latin American stock indexes and currencies at 1424 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 1437.06 0.57 MSCI LatAm 2417.54 0.03 Mexico IPC - - Chile IPSA 4597.45 -0.04 Colombia COLCAP 1365.95 0 Currencies Latest Daily % change Mexico peso 19.9520 -0.11 Chile peso 717.7 0.59 Colombia peso 3488 0.19 Peru sol 3.6427 0.03 (Reporting by Susan Mathew in Bengaluru; Editing by FranklinPaul)