* Brazilian consumer inflation jumps first time in four years * Mexican peso drops most in one month By Shashank Nayar April 27 (Reuters) - Most Latin American currencies fell on Tuesday on worries of rising coronavirus infections and ahead of a U.S. Federal Reserve meeting, while the Chilean peso jumped as copper prices rose near to levels seen a decade ago. The currency of the world"s top copper producer, Chile , gained 0.7% to 700 and was trading nearly 1% away from its highest point this year. Copper prices climbed on Tuesday towards the record above $10,000 a tonne seen a decade ago, as worries about supply disruptions in Chile due to strikes and robust demand reinforced expectations of shortages this year. Investors held off large bets ahead of a Federal Reserve policy decision on Wednesday, where the bank is widely expected to maintain its dovish stance and downplay talks of tightening policy. The real reversed early gains to trade nearly flat as risks arising from rising coronavirus infections and vaccination worries outweighed a rising inflation outlook and sufficient banking system liquidity. Brazilian consumer inflation rose above 6% in the month to mid-April for the first time in more than four years, statistics agency IBGE said, once again driven by rising transportation costs. The Brazilian health regulator Anvisa rejected importing the Russian-made Sputnik V COVID-19 vaccine requested by state governors battling a deadly second wave of the virus that is battering Latin America"s largest nation. "Weakness in the BRL is led by fear that if the current spike in virus infections would be sustained for longer, in addition the vaccination drive is not helping much as Brazil has been struggling to procure vaccines for a faster vaccination program which is the need,” said Mauricio Une, senior economist at Rabobank. A rising second wave of coronavirus infections and an acute shortfall of vaccinations has kept sentiment subdued towards Latin American currencies and stocks, amid rising death tolls and increased hospitalizations. Mexico"s peso dropped 0.8% and was set for its biggest single-day drop in a month. The currency extended losses from the previous session after data showed the country"s economy shrank more than expected in February, mainly driven by weakness in the manufacturing and service sectors. Most other Latin American currencies including the Argentine and Colombian peso dropped 0.1% and 0.3%, while the Peruvian sol traded flat. MSCI"s index of Latin American stocks gained 0.1%, while currencies dropped 0.1%. Key Latin American stock indexes and currencies: Latest Daily % change MSCI Emerging Markets 1362.00 0.1 MSCI LatAm 2432.69 0.12 Brazil Bovespa 120411.83 -0.15 Mexico IPC 49286.22 0.74 Chile IPSA 4849.50 -0.32 Argentina MerVal 48520.98 1.23 Colombia COLCAP 1291.63 0.39 Currencies Latest Daily % change Brazil real 5.4432 0.08 Mexico peso 19.9610 -0.56 Chile peso 700 0.67 Colombia peso 3705.68 -0.34 Peru sol 3.8377 0.00 Argentina peso 93.3300 -0.05 (interbank) (Reporting by Shashank Nayar in Bengaluru Editing by Alistair Bell)