EMERGING MARKETS-Latin American FX, stocks set for weekly losses as commodities stall

* Brazil's Vale advances after Q4 results * Mexico's Femsa falls after Q4 profit drop * Stocks down 1.2%, FX eases 0.7% By Shashwat Chauhan Feb 23 (Reuters) - Stocks and currencies in resource-rich Latin America slipped on Friday amid a global commodity price fall, setting them up for weekly losses, with currencies of copper producers worst hit. MSCI's Latin American currencies gauge was down 0.7% at 10:13 a.m. ET (1513 GMT), a weekly fall of 0.4%. Brazil's real lagged and was down 0.7% to 4.9925 per dollar, touching over two-week lows. Dipping copper prices weighed on currencies of top producers, with Chile's peso down 0.3%, while the Peruvian sol eased 0.6%. The Mexican peso extended losses from the previous session and was down 0.2%. Data on Thursday showed Mexico's inflation easing, lifting expectations that its central bank was on track to cut interest rates soon, reinforced by minutes from its last meeting. However, strategists at Macquarie said that the minutes "don't point to a hike that soon". "Although inflation may decline again, there's no urgency to ease in view of the economy's strength in Q1 and the uncertainty posed by the US and Mexico elections." Oil-exporter Colombia's peso fell 0.4% against the dollar as crude oil prices slipped, eying an over 1% fall for the week. A gauge of EM stocks also fell 1.2%, with heavyweight Brazil's main stock exchange losing 0.4% amid weakness in financial and energy shares. Brazilian miner Vale's shares gained 1.6%, despite reporting a 35% drop in fourth quarter profit. Stocks in Mexico were down 0.7%, with bottler and retailer Femsa's stock off 7.4% after it posted a 17.7% year-on-year fall in fourth-quarter net profit. Shares in Argentina lost 2.4%, while Colombia's main stock index dipped 0.5%. Latin American assets have see-sawed between gains and losses this week as investors tempered their interest rate cut expectations from the U.S. Federal Reserve amid signs of economic resilience in the world's biggest economy. HIGHLIGHTS ** Poland to get up to 137 bln euros in funds, says EU chief ** Egypt to announce new investment to boost forex, bonds up Key Latin American stock indexes and currencies: Stock indexes Latest Daily % change MSCI Emerging Markets 1028.55 -0.09 MSCI LatAm 2537.85 -1.25 Brazil Bovespa 129820.75 -0.32 Mexico IPC 56766.18 -0.67 Chile IPSA 6240.78 0.05 Argentina MerVal 1052429.30 -2.193 Colombia COLCAP 1272.34 -0.53 Currencies Latest Daily % change Brazil real 4.9942 -0.85 Mexico peso 17.1264 -0.17 Chile peso 983.5 -0.51 Colombia peso 3948.71 -0.47 Peru sol 3.7947 -0.51 Argentina peso 838.9000 -0.06 (interbank) Argentina peso 1065 1.88 (parallel) (Reporting by Shashwat Chauhan in Bengaluru; Editing by Alexander Smith)