FTSE bounces off key support level as commods rally

* FTSE up 0.9 percent

* Miners, oils gain as commodities bounce

* MPC minutes show no sign of imminent interest rate rise

By David Brett

LONDON, May 18 (Reuters) - Rallying commodity stocks and bullish results from Land Securities helped a bruised FTSE 100 rebound on Wednesday, as the index found support around key technical levels. Landlord and developer Land Securities jumped 6.6 percent as the firm posts a double-digit rise in full-year net asset value, prompting Panmure Gordon to up its target price for the stock. [ID:nLDE74H05W]

Other real estate companies British Land , Hammerson and Capital Shopping Centres rose as much as 4.5 percent on the back of Land Securities' results.

The FTSE 100 <.FTSE> index was up 50.93 points, or 0.9 percent, at 5,911.93 by 1032 GMT, bouncing of key support levels after London's blue chip index was knocked on Tuesday by weak housing data in the United States.

"The FTSE 100 has yet again bounced from support levels of 5,860 to trade within the same 250-point trading range that has kept the UK index moving sideways for the entire year," Joshua Raymond, market strategist at City Index, said.

Raymond said the index survived the threat of a bearish break below support levels, boosted by overnight performance on the Asian markets, but warned resistance at 6,117, would limit any upside for the FTSE.

Miners <.FTNMX1770> and integrated oils <.FTNMX0530> enjoyed respite from their recent sell-off as oil and base metals rallied.

Investec fund manager George Cheveley, who co-manages Investec's 326.5 million pound ($531 million) Enhanced Natural Resources Fund, said the recent sell-off in natural resources markets is likely to prove a technical downswing.

"I look at the long-term fundamentals in China, southeast Asia and other BRIC countries, and I look at the need for infrastructure repair in the western world and new infrastructure to deal with climate change."

RESOURCEFUL

India-focused refiner and power generator Essar Energy rose 3.5 percent, with traders citing an upgrade from Morgan Stanley as a catalyst after Tuesday's results.

Gas and oil producer BG gained 1.4 percent as UBS upgraded its rating to "buy" from "neutral", imploring investors to buy on recent weakness, while reiterating its positive stance on BP , up 1.2 percent.

"The macro environment will continue to be supportive for the European oil and gas sector and as a result we remain positive on the sector as a whole," UBS analyst Jon Rigby said.

Among miners, Eurasian Natural Resources climbed 3.2 percent as Citigroup upgraded the firm to "buy" from "hold".

British oil services and engineering group AMEC rose 1.6 percent after buying U.S. engineer MACTEC for $280 million to boost its presence in North America in a deal that will be earnings enhancing this year. [ID:nLDE74H070]

Seymour Pierce said in a note it was not changing its forecasts but a price/earnings multiple of 17.5 times for AMEC did not appear excessive compared with its peer group average and John Wood Group on 24 times.

Results boosted interdealer broker ICAP , up 1.2 percent. [ID:nLDE74H07E]

Ex-dividend factors knocked 4.95 points off the FTSE 100 index on Wednesday, with Admiral , Carnival , HSBC and Sainsbury all losing their payout attractions.

BAE Systems shed 0.8 percent as Goldman Sachs repeated its "sell" rating following the defence contractor's U.S. investor day on Tuesday.

On the macro economic front, Britain's labour market continued to show modest signs of improvement in March, while minutes from The Bank of England monetary policy committee meeting revealed it was no closer to voting for a rise in interest rates in May. [ID:nLDE74H0T9] [ID:nLDE74H0RO]

Index futures pointed to a stronger opening for Wall Street on Wednesday. The publication of minutes from the last FOMC meeting is due after the London close at 1800 GMT, with investors looking for hints on the Federal Reserve's QE2 exit strategy. (Additional reporting by Sue Thomas; Editing by Jon Loades-Carter)