FTSE rebounds from 15-month low as China data boosts miners

* Blue-chip FTSE 100 index up 0.4 percent

* Miners rally following Chinese trade data

* Charts signal further weakness in short term

By Atul Prakash

LONDON, Oct 13 (Reuters) - Britain's top share index rose

from a 15-month low on Monday, led by a sharp rally in mining

stocks following better than expected trade data from China.

The mining index surged 3 percent, the biggest

sectoral gainer, after Chinese exports rose 15 percent in

September and copper imports rose nearly as much, encouraging

investors over demand in the world's top metals consumer.

Anglo American (LSE: AAL.L - news) , Randgold Resources, Rio

Tinto, Fresnillo (Other OTC: FNLPF - news) and BHP Billiton (NYSE: BBL - news) , up

2.7 to 4.2 percent, were among the top gainers.

Anglo American was also helped by more reports of potential

asset sales in Chile, while Rio Tinto (Xetra: 855018 - news) got some strength from a

report saying its stock could rise as much as 20 percent in the

next year.

Fund managers and analysts advised caution, saying investors

were taking advantage of an 18 percent drop in the UK mining

index in the past two months on global growth concerns and a

firmer dollar.

"The reason for the mining shares being up today is better

trade data from China. We are seeing some cheap buying because

they have been badly hit over the last few weeks," John B Smith,

senior fund manager at Brown Shipley, said.

"But the message still is to stay underweight. We still

haven't have enough confirmation that the global growth

prospects are attractive and that China is completely out of the

woods. And we are not seeing any sustained recovery in commodity

and metals prices."

Weak European economic data and the winding down of the

Federal Reserve's monetary stimulus programme have hit global

equities over the past week. The IMF's member countries said on

Saturday bold action was needed to bolster the global recovery.

Underscoring the fragile nature of the European economy, S&P

on Friday lowered its ratings outlook on France.

At 1108 GMT, Britain's benchmark blue-chip FTSE 100 index

was up 0.4 percent at 6,363.76 points after falling

earlier to 6,294.54, its lowest level in 15 months. It has

fallen more than 8 percent in three weeks.

Charts pointed to further weakness and showed the FTSE's

next support was 6,023 points, its June 2013 low, after the

index broke out of an ascending trend started last year.

Airlines were supported by a further fall in Brent crude oil

prices, which dipped below $88 a barrel to their lowest in

almost four years after Middle East producers signalled they

would keep output high.

IAG, which owns British Airways and Iberia, and

easyJet rose 2.9 percent and 1.1 percent respectively.

Concerns about global growth hit chipmakers, with ARM

Holdings extending its previous session's fall, down 2

percent following a sales warning by Microchip Technology (NasdaqGS: MCHP - news)

last week.

(Additional reporting by Francesco Canepa, editing by John

Stonestreet)