NEW YORK, Oct 29 (Reuters) - The price of copper bounced to a one-week high above $2 a lb in New York futures trade early Wednesday, fueled by a weaker dollar and an extended rally in global equities ahead of U.S. interest rate decision later in the day. For the latest detailed report, click on [MET/L] * Copper for December delivery HGZ8 rallied 13.90 cents, or 7.5 percent, to $1.9975 a lb by 10:06 a.m. EDT (1406 GMT) on the New York Mercantile Exchange's COMEX division. * The morning range from $1.8495 to $2.0125 -- its highest level since Oct. 22. * The benchmark December contract is up nearly 24 percent since Monday's slide to $1.6265, which marked the lowest level for a third-month position dating back to September 2005, based on a continuation basis. * COMEX estimated futures volume at 5,927 lots by 9 a.m. * Overall direction likely to be heavily influenced by the direction of equities and the dollar - BaseMetals.com analyst William Adams. * U.S. stocks fell at the open on Wednesday as investors locked in profits after Tuesday's near-900-point rally and ahead of a key U.S. interest rate decision due later in the day. [.N] * The U.S. Federal Reserve is widely expected to cut rates by at least half a point to 1 percent, the lowest level since June 2004. [ID:nN26190956] * China cut interest rates by 0.27 percentage point to 6.66 percent -- its third time in six weeks. [ID:nPEK197058] * Falling risk aversion weakened the value of the U.S. dollar Wednesday as stock prices around the world headed higher. [USD] * New orders for long-lasting manufactured goods rose unexpectedly in September by 0.8 percent, led by surging demand for defense goods and transportation equipment - Commerce Department. [ID:nN28405560] * Chile state copper commission Cochilco said Wednesday it saw copper output this year at 5.45 million tonnes, rising to 5.8 million tonnes in 2009, and that lower world prices would not affect production levels. [ID:nN29465073] * Copper consumption in China may be flat next year as global financial turmoil and a weak domestic property market erode demand for Chinese products, a top executive at Jiangxi Copper Company said. [ID:nSP358502] * 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. [ID:nSP345513] * Poland's state controlled copper miner KGHM wants to explore for copper in Laos and is looking for partners to buy an open-pit mine in Chile and Peru. [ID:nLT327950] * London Metal Exchange copper warehouse stocks increased by 1,750 tonnes to 217,300 tonnes on Wednesday. * COMEX copper stocks stood even at 9,892 short tons as of Tuesday. * LME copper for three months delivery rose to $4,415 a tonne from $4,130 at the close on Tuesday and compared with a session peak at $4,455. (Reporting by Chris Kelly; Editing by Marguerita Choy)

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