Chile's Codelco sees falling copper prices next year Chile stocks slide 3.4% Brazil stocks see rebounding in 2022 -- Reuters poll Argentine stock prices were up almost 6% on Wednesday despite the fact that most Latin American currencies fell 1.3% against a steady dollar. Chile's currency moved back towards seven-month lows while the Santiago stocks index fell 3.4%, extending losses to a seventh straight session. Chile's state-owned Codelco, the world's largest copper producer, said on Wednesday that the price of copper will fall to between $3.80 and $3.90 per pound, down from prices currently below $4.30 per pound. The London Metals Exchange gave up a 0.3% gain after Codelco's estimate. Economic activity in Chile jumped 15% in October from a year ago, but missed analysts estimates, according to the data released on Wednesday. "We doubt that Chile's economy will continue to operate above its potential as several challenges to growth are emerging," said Nikhil Sanghani, EM economist Nikhil Sanghani, with Capital Economics, who said the slowing growth in China, the Pandemic, and a hawkish monetary policy. The Pan American Health Organization said on Wednesday that the new Omicron variant of the coronaviruses is likely to spread to other countries in North and South America after being detected in Canada and Brazil. The market is trying to ascertain how negative a shock Omicron may be, but volatility is likely to stay high, with a negative bias for risky assets, economists at Citi wrote in a client note. Omicron should give another boost to EMFX weakness, because we have been negative on EMFX going into this. Brazil's real fell 0.4% to one month lows. Most other Latam currencies rose, with rising oil prices helping Mexico's peso extend gains to a third straight session, while Colombia's peso was further away from 19 month lows. The region's main index lost 1%, while the Argentine stock market surged almost 6% - on track for their best session in 16 months. Argentina's government said that a team from the economy ministry and central bank would travel to Washington this weekend to meet with International Monetary Fund staff and push forward talks over a new deal. Brazilian Economy Minister Paulo Guedes said the country should privatize state-owned Petrobras before it loses value. The shares were up between 0.7% and 1%. A Reuters poll showed that Brazil's stocks are likely to rebound in 2022 from the year's steep decline, as investors look for bargains but political uncertainty in the run-up to the country's 2022 presidential election.