*

Santander Brasil's net profit up 44% in Q2, beating

forecasts

*

Fitch: Mexico's proposed judicial reform may hit

investments

Mexico's consumer prices overshoot all estimates in mid-July

*

Latam stocks down 1.8%, FX off 1.4%

(Updated at 3:20 p.m. ET/1920 GMT)

By Johann M Cherian and Shashwat Chauhan

July 24 (Reuters) - Currencies of resources-rich Latin

American economies fell to multi-week lows on Wednesday,

tracking weak commodity prices including iron ore and copper,

while investors monitored quarterly earnings reports from top

corporates in the region.

Brazil's real fell 1.3% and hit a three week low, as

prices of iron ore, the country's biggest export item, fell for

the fourth consecutive session, weighed down by a weakening

steel market and lingering concerns about demand in top consumer

China.

MSCI's index tracking currencies in Latin America

dropped 1.4% to levels seen earlier in the

month.

The world's largest copper producer Chile's peso

slipped for the second-straight day, down 0.2% as copper prices

fell to their lowest in three-and-a-half months, weakened by

rising inventory and selling by commodity trading funds.

Mexico's peso depreciated 1.2% to hit a three-week

low. Investors assessed data that showed consumer prices in the

region's second largest economy rose more than expected during

the first half of July, driving 12-month inflation further from

the central bank's 3% target.

"In the immediate term, the core numbers suggest that

Banxico will be able to cut the main interest rate by 25 bps to

10.75% in August," said Andres Abadia, chief LatAm economist

at Pantheon Macroeconomics.

"Maintaining unnecessarily high rates in reaction to

supply shocks will prove ineffective if it results in an

extended period of subpar economic activity."

Concerns lingered about the repercussions on trade and

immigration between U.S. and Mexico in the event of a second

Donald Trump presidency.

Separately, ratings agency Fitch said Mexico's proposed

judicial reforms may dampen the corporate investment climate.

The local left leaning government has supported the election of

judges by popular vote.

The peso had notched its biggest quarterly loss since the

pandemic in the second quarter.

Oil exporter Colombia's peso fell 0.8%, touching

more than two-week lows during the day. Crude prices were

marginally higher but were still close to their lowest level in

six weeks.

On the equity front, MSCI's index tracking regional bourses

slid 1.8% to a three-week low.

Brazil's Bovespa dipped 1.5%, with the fall limited

by a 1.1% rise in Santander Brasil after the lender

posted upbeat second-quarter recurring net profit helped by

higher lending and fees.

Mexico's benchmark index fell 1%, with Alsea

shedding 5.6% after the fast-food chain operator

posted a 68.4% fall in its second-quarter net profit, weighed

down by higher financial costs and exchange rate effects.

Grupo Financiero Banorte slid 2.6%. The

lender posted a 7% climb in second-quarter net profit, citing

double-digit growth in its loan book.

Key Latin American stock indexes and currencies:

Latest Daily % change

MSCI Emerging Markets 1082.81 -0.38

MSCI LatAm 2195.85 -1.79

Brazil Bovespa 126395.80 -0.15

Mexico IPC 53164.61 -1.01

Chile IPSA 6515.64 -0.55

Argentina MerVal 1585437.44 -3.071

Colombia COLCAP 1356.31 -0.31

Currencies Latest Daily % change

Brazil real 5.6569 -1.24

Mexico peso 18.3620 -1.21

Chile peso 947.9 -0.22

Colombia peso 4047.4 -0.80

Peru sol 3.7368 0.48

Argentina peso 927.5000 -0.11

(interbank)

Argentina peso 1430 1.05

(parallel)