Americas markets wrap: Chinese iron ore imports lift Brazilian miners

Latin American stocks followed global markets higher on Monday as traders breathed a sigh of relief over the situation in Egypt and commodity prices surged on the drop in China’s trade surplus.

In Brazil, the Bovespa added 1.2 per cent as iron ore miners rallied on soaring Chinese imports, with MMX gaining 2 per cent and Vale putting on 1.9 per cent. ALL, the railway operator, surged 5.9 per cent, the most since January 2010.

Chile’s blue-chip IPSA index gained 0.7 per cent as Chilean banks rallied on upbeat preliminary profit reports. Banco de Credito e Inversiones added 2.5 per cent while Corpbanco was up 1.7 per cent.

Mexico’s IPC was little changed in choppy training, closing down 0.03 per cent as gains for copper miner Grupo Mexico were outweighed by dalling shares of Walmart de Mexico, the country’s largest retailer.’

Most currencies softened against the US dollar, but Chile’s peso rose to its strongest level since January 3 as copper prices rose over 2 per cent and the central bank said its priority was fighting inflation rather than cooling off the currency’s strong appreciation.

Equities
Brazil: Bovespa up 1.22% at 66,558
Mexico: IPC down 0.03% at 36,999
Chile: IPSA up 0.66% at 4,608
US: DJIA down 0.04% at 12,268
US: S&P 500 up 0.24% at 1,332

Currencies
Brazilian real weaker at 1.67 (from 1.66) to the dollar
Mexican peso weaker at 12.05 (from 12.01) to the dollar
Colombian peso weaker at 1,897 (from 1,886) to the dollar
Chilean peso stronger at 469.50 (from 472.20) to the dollar

Commodities
Brent Crude (ICE) up 2.15% at $103.11 a barrel
Light Crude (Nymex) down 0.82% at $84.88 a barrel
100oz gold (Comex) up 0.13% at $1,362 per troy ounce
Copper (Comex) up 2.07% at $462.50 a pound