By Bruno Federowski
SAO PAULO, Feb 13 Latin American stocks rose on
Monday as China-listed iron ore futures surged, lifting shares
of miners and steelmakers.
The most-active iron ore contract on the Dalian Commodity
Exchange climbed as much as 5.8 percent to the highest
since December 2013 as investors bet on strong demand for
Steel prices also rose, stretching last week's gains.
Traders said the uptrend could continue in the short term.
Shares of miner Vale SA were among the
biggest gainers on Brazil's benchmark Bovespa index,
outranked only by key shareholder Bradespar.
Speculation that Murilo Ferreira could remain as chief
executive officer also helped boost demand for the stock
following a local media report.
Still, the Brazilian real slipped 0.2 percent as
traders speculated the central bank could intervene to weaken
the currency as it neared a four-month peak.
The central bank has yet to begin rolling over the roughly
$7 billion worth of currency swaps maturing next month. Some
traders bet it could refrain from doing so as the currency rally
allows it to reduce foreign exchange exposure.
Earlier in the day, higher oil prices and a lack of
protectionist remarks by U.S. President Donald Trump over the
weekend had lifted demand for emerging market assets, boosting
the Russia rouble to 19-month highs.
Key Latin American stock indexes and currencies at 1430 GMT:
Stock indexes daily % YTD %
MSCI Emerging Markets 934.90 0.51 7.87
MSCI LatAm 2610.59 0.43 11.06
Brazil Bovespa 66584.20 0.7 10.55
Chile IPSA 4315.50 0.08 3.95
Chile IGPA 21549.83 0.15 3.93
Argentina MerVal 19710.76 1.06 16.51
Colombia IGBC 10055.41 0 -0.72
Venezuela IBC 32493.45 -1.2 2.49
Currencies daily % YTD %
Brazil real 3.1165 -0.26 4.26
Mexico peso 20.3100 0.10 2.14
Chile peso 642 -0.40 4.47
Colombia peso 2873.9 -0.85 4.44
Peru sol 3.267 -0.46 4.50
Argentina peso (interbank) 15.5300 0.03 2.22
Argentina peso (parallel) 16.38 0.31 2.69
(Reporting by Bruno Federowski; Editing by Andrea Ricci)