EMERGING MARKETS-Peruvian stocks hit record high as commodities cushion regional weakness

Dec 22 (Reuters) - Peru's stock benchmark gained on Monday, buoyed by record highs in the prices of gold and copper that helped it defy weakness across the region.

The Lima stock exchange .MXNUAMPESCPGPE rose 1.4% to a record high, while the Peru sol PEN= rose 0.1% against the dollar, on track for its fourth straight day of gains.

Copper and gold are two of Peru's top exports.

The moves underscore how commodity demand, especially for safe-haven gold, can cushion local assets even as regional weakness persists.

"Peru is one of the stars in the region. Rates are already at a neutral level. However, the elections next year remain a risk," said Debora Reyna Garcia, LatAm economist at Oxford Economics.

General elections in Peru are scheduled for April 12. Former President Dina Boluarte was removed from office in October.

BRAZILIAN EQUITIES CONFINED WITHIN RANGE

Brazil's Bovespa index .BVSP fell 0.7%, unable to break out of the narrow range it has been trading in since the central bank signaled last week that it may hold interest rates for a prolonged period to ensure inflation converges to its target.

The real BRL= was steady, after four consecutive days of losses.

The country's oil regulator authorized state-owned Petrobras PETR4.SA to start production at a unit in the Santos Basin. Shares of the company climbed 1%.

In Mexico, stocks .MXX fell 0.4% after two days of gains, while the peso MXN= rose 0.2%.

Data on Monday showed the economy expanded in October, rebounding from a contraction the previous month, but prospects remain challenging.

Argentine stocks .MERV rose 1.2%, clawing back the losses in the last session. The peso ARS=RASL was 0.2% weaker.

Soybean shipments from Argentina to China rose more than seven-fold in November, data from last week showed.

Overall, the MSCI index that tracks Latin American equities .MILA00000PUS dropped 0.5%, while a gauge of currencies .MILA00000CUS slipped 0.3%.

Regional assets, however, remain attractive compared to their U.S. peers, especially due to more benign valuations and expectations of a weakening in the U.S. dollar.

Interest rate cuts by the Federal Reserve generally reduce the cost of capital for emerging market companies and boost the appeal of local currencies, as investors search for high-yielding alternatives to the dollar.

Key Latin American stock indexes and currencies: