The Colombian peso sold off for a second consecutive day on Tuesday as oil prices fell further, although other Latin American currencies moved up as markets recovered part of recent losses.

In Brazil, shares of mining and steel companies drove the benchmark Bovespa index higher while the real erased early losses to gain 0.4 percent, in a move largely seen by analysts as a technical rebound.

The real and the Mexican peso are "correcting from previous weakness," analysts with 4Cast consultancy wrote in a note to clients.

"Sustained gains will depend on U.S. ADP data tomorrow," they added, referring to private-sector jobs data that could help U.S. policymakers determine the future of U.S. interest rates.

Mexico's peso rose 0.5 percent. Both the Mexican and the Brazilian currencies had weakened around 0.5 percent in the previous session.

The Colombian peso plunged more than 1 percent, however, as investors expect the local economy to suffer with falling prices of oil, the country's main export product.

Global oil prices slid for a fourth consecutive session on Tuesday but iron ore prices recovered in China as bad weather in Australia, the world's biggest producing nation, threatened to disrupt shipments.

Shares of Brazilian miners and steel makers rose as a result. Vale SA, the world's largest iron ore producer, jumped 3 percent while steel maker Gerdau SA gained 2.8 percent.

Key Latin American stock indexes and currencies at 1720 GMT:

Stock indexes                              daily %                  YTD %

                                                   change                 change    

                             Latest

MSCI Emerging             932.58           -0.86                    -1.63

Markets

MSCI LatAm 2              565.21            0.31                   -6.25

Brazil Bovespa            47508.6           -0.02                   -5.00

Mexico IPC                 40903.24          -0.48                  -5.20

Chile IPSA                   3786.49          -0.3                   -1.67

Chile IGPA                 18608.45         -0.25                  -1.39

Argentina MerVal           8007.53         -1.43                 -6.66

Colombia IGBC           10823.19          -0.35                 -6.97

Peru IGRA                 14635.97            0.65                -1.07

Venezuela IBC              3980.76           1.13                  3.16

Currencies                                   daily % change         YTD % change

                              Latest

Brazil real                     2.6984            0.36                 -1.52

Mexico peso                   14.877           0.50                  -0.89

Chile peso                    616.25            0.08                  -1.60

Colombia peso              2455.09           -1.05                -2.73

Peru sol                         2.984             0.10                -0.17

Argentina peso               8.5700            -0.06                -0.23

(interbank)

Argentina peso                  13.7             0.36                 2.19

(parallel)