* Copper climbs as high as 4.7 percent, eyes China rate cut * Equity markets march upwards to provide boost * Investors expecting rate cut from the U.S. Fed (Recasts, adds comments/details, changes dateline pvs SINGAPORE) By Michael Taylor LONDON, Oct 29 (Reuters) - A bounce in copper took other base metals higher on Wednesday, buoyed by rising global equity markets as investors eagerly awaited an expected interest rate cut from the U.S. Federal Reserve's later in the session. By 1125 GMT, copper for three month delivery on the London Metal Exchange rose to $4,280 from $4,130 at the close on Tuesday and compared with a session high at $4,325. Prices of the metal used in power and construction have however, fallen by more than 50 percent since a record high of $8,940 in July. "I'm not sure there is anything overly fundamental out there in terms of improved demand," said Andrew Keen, an analyst at Sanford C. Bernstein Research. "What you're seeing is a bit of a bounce off the bottom." "The metals complex and the equities are mostly trading on a global macro trade. Any incremental reasons for a bit of a relief rally are probably going to help both," he added. European shares surged more than 5 percent, while major rallies in the U.S. and Asian equity markets provided a boost to investors worried about the health of battered economies. RATE CUTS TO STIMULATE GROWTH Metal prices were underpinned by China's central bank, which cut banks' benchmark lending and deposit rates by 0.27 percentage point, the third cut in six weeks. "It was expected so should be factored into the market," said Robin Bhar, a metals analyst at Calyon in London. "There was clear evidence that growth in China was slowing both in data and officials saying that ... we'll see more moves to stimulate growth over the next six months or so - everywhere but specifically in China." The United States is expected to cut interest rates by at least half a point to 1 percent on Wednesday, a measure Japan, the European Central Bank and Britain are forecast to follow by the end of next week to bolster economies facing recession. In economic data, China's implied copper consumption rose 5.3 percent in September from the previous month, Reuters calculations using Chinese customs data show, but collapsing prices mean demand is softer than it appears. Aluminium hit $2,154.75 a tonne its highest in over one week and was last at $2,146 from $2,105. The metal used in transport and packaging has come under pressure in recent months, as a slowing economic climate pulled the price down from its all-time high of $3,380 in July 2008. Nickel rose as much as 6.9 percent at $12,800 but was last at $12,550 from $11,970 at the close on Tuesday. Lead was at $1,515 from $1,470, while zinc rose 7 percent to $1,230 before tracking back to $1,222 from $1,150. Tin rose 3.1 percent to $15,200 but was last at $15,000 from $14,750. Offering possible market direction ahead of the Fed rate decision, U.S. durable goods data for September is due at 1230 GMT, while U.S. crude stock data is due 1535 GMT. Metal Prices at 1132 GMT Metal Last Change Pct Move End 2007 Ytd Pct move LME Cu 4265.00 135.00 +3.27 6670.00 -36.06 SHFE Cu* 31820.00 20.00 +0.06 56880.00 -44.06 LME Alum 2135.00 30.00 +1.43 2403.00 -11.15 SHFE Alu* 14195.00 20.00 +0.14 18180.00 -21.92 COMEX Cu** 184.15 0.00 +0.00 303.05 -39.23 LME Zinc 1200.00 50.00 +4.35 2370.00 -49.37 SHFE Zinc* 9225.00 15.00 +0.16 18950.00 -51.32 LME Nick 12300.00 330.00 +2.76 26350.00 -53.32 LME Lead 1500.00 30.00 +2.04 2550.00 -41.18 LME Tin 14650.00 -100.00 -0.68 16400.00 -10.67 ** 1st contract month for COMEX copper * 3rd contact month for SHFE AL, CU and ZN SHFE ZN began trading on 26/3/07 (Editing by Karen Foster)

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