MUMBAI, Oct 29 (Reuters) - Indian copper futures jumped 5 percent on Wednesday tracking a bounceback in Asian equity markets, but gains were capped as investors eyed a possible U.S. rate cut later in the day, analysts said. Firm equity markets indicate a strong economy and subsequent demand for industrial metals. At 6 p.m., the benchmark November copper MCCX8 on the Multi Commodity Exchange of India (MCX) was up 4.82 percent at 223 rupees per kg. "The bounceback in equities is helping the complex but it's the rate cut decision traders are waiting for," said Debjyoti Chatterjee, associate vice-president, MAPE Admisi Commodities Pvt Ltd. The U.S. Federal Reserve's rate verdict is expected later on Wednesday with the futures markets pricing in a large probability of at least a 50 basis point rate-cut from the current 1.5 percent FEDWATCH. Prices were also underpinned by China's central bank, which cut banks' benchmark lending and deposit rates by 0.27 percent, the third cut in six weeks.[BJC000218] Resistance for November copper is pegged at 226 rupees and support seen at 207.4 rupees, said Dharmesh Bhatia, senior technical analyst, Kotak Commodity Services Ltd. Lead futures surged to more than 7 percent as support from rising equities offset pressure from slowing demand, analysts said. At 6 p.m., the benchmark lead for October delivery MLDV8 on the MCX was up 8.99 percent at 75.75 rupees per kg. Nickel futures also jumped more than 7 percent. At 6 p.m., the benchmark October nickel MNKV8 was up 7.75 percent at 621.4 rupees. October zinc MZIV8 on the MCX was up 6.87 percent at 59.9 rupees a kg . (Reporting by Nandita Bose; Editing by Prem Udayabhanu)

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