EMERGING MARKETS-Chilean, Colombian FX supported by strong commodity prices

    * Chilean, Colombian pesos hit highest since late Jan. 
    * Oil prices hit 13-month high, copper prices at 8-year peak
    * Mexico's peso slips; MXN not cheap any more -JPM

 (Adds details, updates prices)
    By Susan Mathew and Ambar Warrick
    Feb 15 (Reuters) - The Chilean and Colombian currencies were
near one-month highs on Monday as copper and oil prices gained
on bets that a global economic recovery this year would bolster
demand for commodities. 
    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 currency of the world's top producer of the red metal
 rose 0.4% against a weaker dollar, after logging its best
week since December.
    A central bank poll of traders also said Chile's benchmark
interest rate is expected to creep slightly higher in the next
12 months, implying some optimism over economic conditions.

    Colombia's peso rose 0.2%, bolstered by oil prices
hitting a 13-month high 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.
    But data showed the Colombian economy shrank 6.8% in 2020,
due to the pandemic.
    Hopes of more stimulus in the United States and the rollout
of COVID-19 vaccines across the globe have bolstered
expectations for a steady economic recovery this year and
spurred buying of risk-driven assets.
    Still, Latam assets have lagged their broader peers due to
concerns over fiscal health in the region, as well as delays in
vaccine programs.
    Emerging market stocks hit a record high on the
reflation trade optimism, while Latam stocks have yet to reach
pre-COVID-19 levels. 
    Mexico's peso slipped 0.1% as COVID-19 infections and
deaths continued to mount in the country. The total number of
cases rose 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 to be significantly higher than the
official count.
    "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 emerging market currencies 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.
    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:
                              Latest      Daily % change
 MSCI Emerging Markets         1437.50                 0.6
 MSCI LatAm                    2419.41                 0.1
 Mexico IPC                   44223.73                0.05
 Chile IPSA                    4619.05                0.43
 Colombia COLCAP               1368.02                0.15 Currencies             Latest      Daily % change
 Mexico peso                   19.9504               -0.10
 Chile peso                      718.8                0.43
 Colombia peso                    3489                0.16
 Peru sol                       3.6437                0.00
 (Reporting by Susan Mathew in Bengaluru; Editing by Franklin
Paul and Dan Grebler)