EMERGING MARKETS-Latam markets gain on commodities prices

miércoles 10 de junio de 2015 11:00 GYT
 

By Asher Levine
    SAO PAULO, June 10 (Reuters) - Latin American currencies
extended gains against the dollar into a third session on
Wednesday as commodities prices advanced, while local stock
markets followed suit.
    The Colombian and Chilean pesos  led currency
gains in the region as the MSCI Latin American stock index
 touched its highest level in two weeks.
    The Colombian peso has gained about 4 percent this week,
helping roll back part of May's 6.3 percent loss. Traders
attributed most of the currency's recent advance to higher
prices for oil, Colombia's primary export.
    Oil prices rose for the second straight day on
Wednesday on expectations U.S. government data will confirm a
weekly drawdown in crude inventories and on signs that U.S. oil
production growth was leveling off. 
    Commodities prices also drove gains in Chile's peso led by
higher prices for copper, Chile's top export.
    The Brazilian real  strengthened slightly less
than its regional peers as investors digested Wednesday data
that showed inflation in Brazil rose to an 11-year high of 8.47
percent in the 12 months through May. 
    Yields on Brazilian interest rate futures <0#DIJ:> rose
across the curve on investor bets that the central bank will
respond with additional interest rate hikes.
    The real is up nearly 3 percent over the last two weeks
after investors pulled back from a recent dollar rally supported
by the outlook for higher U.S. interest rates.
    "My fear is that there will be a very sharp reversal the
next time we see positive (economic) data from the U.S.," said
Pedro Tuesta, an economist with 4Cast in Washington, D.C.
    In equities markets, Brazil's Bovespa stock index 
erased the previous three sessions' losses, led by an over 4
percent gain in preferred shares of iron-ore producer Vale SA
.
    Iron-ore prices rose on Wednesday as stocks of the
steelmaking commodity at China's ports dropped for the eighth
consecutive week, data showed. 
    Vale's chief executive said on Wednesday that he expected
Chinese production of higher grade iron ore to fall below 200
million tonnes this year. China is the top export destination
for Vale's iron ore.
    
    Key Latin American stock indexes and currencies at 1646 GMT:

 Stock indexes                           daily %     YTD %
                             Latest       change    change
 MSCI Emerging Markets          977.47      0.66      1.55
                                                  
 MSCI LatAm                    2554.33      1.76     -7.97
                                                  
 Brazil Bovespa               53813.22      1.89      7.61
                                                  
 Mexico IPC                   44674.68      0.35      3.54
                                                  
 Chile IPSA                     3951.8      1.16      2.62
                                                  
 Chile IGPA                   19256.04      1.01      2.04
                                                  
 Argentina MerVal            11521.329      1.22     34.30
                                                  
 Colombia IGBC                10338.24      0.61    -11.14
                                                  
 Peru IGRA                 -            -            -
                                                  
 Venezuela IBC                13746.36      2.65    256.24
                                                  
                                                          
 Currencies                              daily %     YTD %
                                          change    change
                                Latest            
 Brazil real                    3.0924      0.24    -14.06
                                                  
 Mexico peso                    15.471      0.69     -4.70
                                                  
 Chile peso                      624.8      0.12     -2.94
                                                  
 Colombia peso                    2523      1.27     -5.35
 Peru sol                       3.1541      0.00     -5.55
                                                  
 Argentina peso                 9.0225      0.03     -5.24
 (interbank)                                      
                                                  
 Argentina peso                  12.57      0.40     11.38
 (parallel)                                       
                                                  
 
 (Additional reporting by Bruno Federowski; Editing by Andrew
Hay)