* Chile's peso hit highest since Jan. 21
* Oil prices hit 13-month high; Colombia's peso extends
gains
* Mexico's peso slips; MXN not cheap any more - JPM
By Susan Mathew
Feb 15 (Reuters) - Chile's peso scaled a near one-month peak
on Monday as copper prices soared, while rising oil prices saw
crude exporter Colombia's peso extend gains to a fourth straight
session.
Copper prices jumped to their highest since 2012 as
investors continued their buying spree on concerns over rising
inflation and stronger than expected demand in top metals
consumer China.
The world's top producer of the red metal saw its currency
rise 0.6% against a weaker dollar, after logging its best
week since December.
Colombia's peso rose 0.2%. Oil prices hit 13-month
highs as vaccine roll outs spurred hopes of strong demand in a
post-coronavirus world.
Colombia's first COVID-19 vaccines - 50,000 from Pfizer -
will arrive in the Andean country on Monday afternoon, President
Ivan Duque said. The government plans to administer its first
dose on Saturday.
Hopes of more stimulus in the United States also
strengthened the case for a global economic recovery and keeping
appetite for risk alive. U.S. President Joe Biden is pressing
Congress to pass a $1.9 trillion aid package.
Mexico's peso slipped 0.2%.
"In short term models, the currency has now moved back to
fair value from being cheap, reducing the risk reward for large
MXN "over-weight" positions, said strategists at JP Morgan.
While they think the Mexican peso may benefit from a
constructive environment for EM FX for a little while, they
point to reviews by rating agencies due in the second quarter,
potentially reminding investors about issues around indebted
state oil firm Pemex, business confidence and oil investment.
COVID-19 cases continued to rise in the country with the
total number of cases rising to nearly 2 million as of Sunday,
while deaths were at 174,207. But the health ministry said real
number of cases and deaths is likely significantly higher than
the official count.
With markets in Brazil, Argentina as well as the United
States 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 Franklin
Paul)
