Commodity stocks support UK's FTSE 100 after U.S. jobs miss

* FTSE 100 up 0.1 percent

* Non-farm payroll miss sees index pare early gains

* Commodity-related stocks rebound after recent falls

(Recasts, adds detail, quotes)

By Alistair Smout

EDINBURGH, Nov 7 (Reuters) - Britain's top equity index

pared gains on Friday after U.S. jobs figures missed

expectations, but it outpaced mainland Europe as

commodity-linked stocks rose.

Traders said recent strong U.S. data had many investors

believing the jobs report would beat the Reuters consensus

estimate of 231,000. The figure came in at 214,000, wage growth

remained subdued, and Wall Street opened slightly lower.

However, the first major jobs report since the Federal

Reserve ended its bond-buying stimulus programme showed the

unemployment rate falling to a fresh six year low, and a Fed

official said the central bank should be "extraordinarily

patient" in raising rates.

"Anything above 200,000 jobs added represents above average

GDP growth. It won't bring forward the Fed's decision to hike

rates earlier, but I don't think they'll be especially dovish

after this," James Butterfill, global equity strategist at

Coutts, said.

The blue-chip FTSE 100 index was up 0.1 percent at

6,560.02 points at 1459 GMT.

Precious metal miners, among the biggest fallers in recent

weeks, rose, with Fresnillo (Other OTC: FNLPF - news) up 4.4 percent, the top

FTSE riser, as gold recovered from 4-1/2-year lows.

Oil firms were also given a boost even as the price of Brent

failed to rebound from $83 dollars, near a four-year low.

Royal Dutch Shell (Xetra: R6C1.DE - news) , the weightiest stock on the

index, rose 2.3 percent and contributed over 10 points to the

index's advance after Credit Suisse (NYSE: CS - news) raised its target price.

Analysts at the bank argued that lower prices could benefit

firms like Shell (LSE: RDSB.L - news) in the medium term.

"This environment could be good for the (oil) majors,

helping them drive cost efficiencies and accessing resources on

more favourable terms. Cyclical downturns can be used to build

and strengthen businesses," Credit Suisse said in a note.

The index's heavy weighting in commodity stocks saw it

outperform European peers, with France's CAC down 1.5

percent and Germany's DAX down 1.4 percent

Miners rose 2.4 percent but remain down over 16

percent since the end of July, while oil & gas firms

, down 11 percent over the same period, rose 2

percent.

The FTSE hit a peak of 6,904.86 points at the start of

September, its highest since early 2000. It then slumped to

15-month lows in October as weak European economic data knocked

back stock markets, but has since clawed back ground.

Berkeley Futures associate director Richard Griffiths

expected the FTSE to make further progress, but not to get to

earlier highs in the 6,900-point range by the end of 2014.

"I think it could push up a bit from here to 6,700 points,

but I don't see it running back up to the earlier year-highs.

I'd be looking to sell on any major rallies," he said.

(Additional reporting by Sudip Kar-Gupta, editing by John

Stonestreet)