By Carla Mozee
Brazilian equities were pulled higher by commodity-related stocks Wednesday, while Mexican stocks edged lower with word from its largest trading partner that retail spending sputtered last month.
Brazil's Bovespa rose 1.5% to 55,326.35. The index is on track to break a four-session losing streak.
Among the strongest price performers of the session were mining giant Companhia Vale do Rio Doce (RIO) and state-run oil firm Petroleo Brasileiro ( PBR).
Vale was up 4.7%, its biggest jump in nearly two weeks. Petrobras shares gained 4.5%. Together, shares of Petrobras and Vale comprise about 24% of Bovespa.
Investment firm Bradespar, one of the controlling shareholders of Vale and the equity arm of Banco Bradesco (BBD), surged 4.5%. Bradespar's shares have declined about 14% since July 31.
The recent pullback in resource prices have weighed on the Brazilian market heavyweights. Vale shares had lost 5.9% over the previous three sessions, and Petrobras shares had lost 3.4% during the same period.
Also, shares of fuel distributor Ultrapar (UGP) picked up 2.6% and steelmaker Companhia Siderurgica Nacional (SID) rose 3.8%.
Resource stocks found their footing Wednesday as crude-oil rose for the first day in four, up around $115 a barrel after the U.S. government reported that supplies for crude, gasoline and distillates fell last week.
Meanwhile, prices for silver rose to above $14.51 an ounce, and copper futures climbed 1.6% to $3.28 a pound. Gold futures jumped nearly 2.1% to $831.50 an ounce in the wake of an 8-day losing streak.
The Reuters/Jefferies CRB Index, (CRB), a benchmark gauging the prices of major commodities, climbed 2%.
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