EMERGING MARKETS-Higher commodities boost Latam FX, except real

* US data, higher commodities boost most Latam currencies

* Brazilian real drops as gov't comfortable with FX weakness

* Trading volumes thin ahead of European summit

By Walter Brandimarte

RIO DE JANEIRO, June 27 (Reuters) - Most Latin American
currencies gained on Wednesday as higher commodity prices
bolstered prospects for the region's exports, but the real
weakened as a government official said Brazil was comfortable
with the recent currency weakness.

The Mexican peso gained 1 percent to 13.62 per
dollar, crossing its 50-day moving average, after some
encouraging economic data in the United States, Mexico's main
trading partner.

A rise in commodity prices also boosted the Chilean peso
and the Colombian peso, which gained about 0.4
percent and 0.6 percent, respectively.

Prices for copper, Chile's main export, rose nearly 1
percent on the London Metal Exchange after U.S. data showed
demand for manufactured goods rose sharply more than expected.

But the Brazilian real slid more than 0.6 percent as Finance
Minister Guido Mantega said the government will continue to
resort to lower interest rates and a weak currency to support
exports and ensure economic growth of more than 2.5 percent this
year.

Brazil's government on Wednesday unveiled a package of
government purchases in its latest attempt to stimulate the
economy. But a series of disappointing economic reports have
sapped investor enthusiasm about Brazil, leading banks to revise
lower their forecasts for the country's gross domestic product
and currency.

In the latest sign of foreign investors' disappointment with
Brazil, shares of oil company OGX plunged nearly 30
percent after the company lowered its output target for its only
productive field. OGX had largely benefited from market
enthusiasm about Brazil's promising oil sector.

Foreign investors were reportedly big sellers of OGX's
shares on Wednesday, and any dollar outflows from Brazil could
have significant impact on the exchange rate due to short market
liquidity, traders said.

Trading volumes in general have been thin as investors
cautiously await a summit of European leaders on Thursday and
Friday. Hopes that the summit would result in an effective plan
to stop the spreading of the region's debt crisis have dimmed as
Germany opposes the launch of common euro-zone bonds.

The real's decline on Wednesday came even as the central
bank sold all of the 60,000 currency swaps in an auction aimed
at rolling over expiring contracts.

Latin American FX prices from Reuters at 17:55 GMT:

Currencies daily % YTD %

change change

Latest
Brazil real 2.0877 -0.76 -10.50

Mexico peso 13.6200 0.99 2.57

Argentina peso* 5.9300 0.17 -20.24

Chile peso 506.7000 0.36 2.49

Colombia peso 1,792.3500 0.59 8.15

Peru sol 2.6660 -0.19 1.16

* Argentine peso's rate between
brokerages

(Reporting by Walter Brandimarte in Rio de Janeiro, Moises
Avila in Santiago; Editing by Andrea Ricci)