* Mexican, Peruvian currencies up on silver strength * Latam stocks surge * Chilean peso falls on copper weakness By Ambar Warrick Feb 2 (Reuters) - Brazil"s real rose on Tuesday on a report of more planned stimulus measures in the country, while Mexico"s peso extended gains to a second session as relatively higher silver prices continued to benefit the currency. The real rose 1.3% in early trade, supported by a report that the economy ministry is planning new stimulus with limited fiscal impact. The measures will likely include the bringing forward of end-of-year payments to retirees, easing access to credit and allowing workers to make early withdrawals from pension funds, the report said. A second wave of COVID-19 cases in Latin America"s largest economy had damaged economic activity towards the end of the year, and seen the government mark a record budget deficit in 2020. Data showed industrial output marked its worst annual decline in 2020 since 2016 due to the virus, but expanded in December as an economic recovery was sustained. "The industrial sector forward momentum decelerated towards the end of Q4 from the exceptional 3Q pace, as expected, but overall business conditions in the manufacturing sector remain fair," Goldman Sachs analysts wrote in a note. "The fact that the COVID-19 viral picture is still far from being brought under control, the reduction in fiscal stimulus, and lingering fiscal risk premia may generate some headwinds to (manufacturing) activity and slow the recovery forward momentum." Mexico"s peso rose 0.9% to the dollar, taking support from elevated silver prices. While prices of the precious metal fell about 5% from a retail trading-driven spike, they were still trading well above last week"s levels. Mexico is the world"s largest producer of silver. Peru, the world"s second-largest producer of the metal, saw its sol rise about 0.1%. Broader risk appetite improved as investors awaited negotiations in the United States over a fresh COVID stimulus package. Still, most Latam stocks and currencies are trading lower this year as a second wave of COVID-19 infections in the region saw widespread selling of risk-driven assets. Chile"s peso fell 0.3% as the prices of copper- the country"s top export- headed towards a six-week low on concerns over demand. Latam stocks rose more than 2.5% in early trade, bouncing further off a two-month low hit last week. Elsewhere, Sri Lankan stocks marked their worst day in nearly four months as they retreated from recent record highs. But they have widely outperformed most of their global peers this year, trading about 18% higher. Key Latin American stock indexes and currencies: Latest Daily % change MSCI Emerging Markets 1382.38 1.56 MSCI LatAm 2370.42 2.49 Brazil Bovespa 119188.67 1.42 Mexico IPC 0.00 0 Chile IPSA 4421.42 0.92 Argentina MerVal - - Colombia COLCAP 1357.16 - Currencies Latest Daily % change Brazil real 5.3788 1.25 Mexico peso 20.1862 0.89 Chile peso 737.3 -0.33 Colombia peso 3536.22 0.99 Peru sol 3.6377 0.05 Argentina peso 87.7000 -0.09 (interbank) (Reporting by Ambar Warrick in Bengaluru