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EMERGING MARKETS-Chile's peso leads Latam gains after positive China data

    * Trading volumes subdued due to Brazil, Mexico holidays
    * Latam stocks rise after steep weekly losses
    * Oil-linked currencies fall

    By Ambar Warrick
    Nov 2 (Reuters) - Chile's peso led gains across Latin
American currencies on Monday as positive Chinese manufacturing
data supported copper prices, although sentiment remained
subdued in the lead-up to the U.S. presidential election.
    Activity in China's factory sector accelerated at the
fastest pace in nearly a decade in October, supporting copper
prices, given that China is the world's largest consumer of the
    Chile's peso rose 0.6% to the dollar on the rise in
prices of copper, Chile's largest export.
    Chile's economic activity fell 5.3% in September
year-on-year but grew 5.1% from the previous month, the central
bank said on Monday, as the country emerged from the worst
period of the coronavirus pandemic.
    Other Latam currencies moved in a flat-to-low range, as
anticipation of the U.S. election and holidays in Brazil and
Mexico - the region's largest economies - kept trading volumes
    Mexico's peso fell 0.6%, while Colombia's peso
shed 0.2% as oil prices plunged in the face of laggard demand
due to new coronavirus-driven lockdowns across Europe.
    "France, Germany, the UK and Belgium have announced that
they will be going back into lockdown... If we look at
pre-COVID-19 demand numbers, these four countries consumed the
equivalent of a little over 6% of global consumption," analysts
at ING wrote in a note.
    "Another key uncertainty for the market is the U.S.
presidential election - A Biden victory could see the U.S.
taking a less hawkish stance with Iran, and so raising the
possibility that we see oil sanctions against Iran removed." 
    Weakness in commodity markets, coupled with jitters over the
U.S. election, have weighed on Latam assets in recent weeks. 
    Latam equities recovered slightly from their worst week in
six months, with the MSCI's index of regional stocks
 gaining 0.4%.
    Colombian markets were also closed for a holiday.
    Key Latin American stock indexes and currencies:
    Stock indexes             Latest      Daily % change
 MSCI Emerging Markets         1112.43                 0.81
 MSCI LatAm                    1812.44                 0.33
 Chile IPSA                    3581.02                 1.16
 Argentina MerVal                    -                    - Currencies             Latest      Daily % change
 Mexico peso                   21.3027                -0.62
 Chile peso                      769.3                 0.55
 Colombia peso                 3876.68                -0.20
 Peru sol                       3.6147                 0.00
 Argentina peso                78.6500                -0.41

 (Reporting by Ambar Warrick in Bengaluru; Editing by Susan