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EMERGING MARKETS-LatAm stocks rise as iron ore rally lifts miners, steelmakers
February 13, 2017 / 2:50 PM / 10 months ago

EMERGING MARKETS-LatAm stocks rise as iron ore rally lifts miners, steelmakers

By Bruno Federowski
    SAO PAULO, Feb 13 (Reuters) - 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
building materials.
    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 %
                                               change   change
                                   Latest              
 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 %
                                               change   change
                                      Latest           
 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)

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