Britain's FTSE lifted by oil and mining companies

* FTSE 100 up 0.7 pct

* Oil and mining stocks gain ground

* Burberry extends previous day's slide

By Kit Rees

LONDON, Oct (HKSE: 3366-OL.HK - news) 16 (Reuters) - Britain's top share index rose on Friday as investors stepped in to buy up commodity stocks after oil and metals prices climbed on cuts to global supply.

The blue-chip FTSE 100 index was up by 0.7 percent at 6,384.93 points going into the middle of the trading session.

Oil companies BP and Royal Dutch Shell (Xetra: R6C1.DE - news) both advanced more than 2 percent, as oil prices bounced up partly on expectations of a decline in U.S (Other OTC: UBGXF - news) . shale output.

Mining companies also gained ground, with Glencore (Amsterdam: GX8.AS - news) the top FTSE stock as it rose 2.9 percent after copper prices climbed close to a one-month peak on cuts to mine supply and a revival in Chinese demand.

"These stocks have had a major hammering (in) the last number of months," David Madden, market analyst at IG (LSE: IGG.L - news) , said. He added that investors could be seeing the relatively cheap mining stocks as a bargain-hunting opportunity.

Burberry was the biggest loser on the FTSE, falling 2.4 percent to extend the previous session's slide, as a profit warning late on Thursday from German peer Hugo Boss (Xetra: BOSA.DE - news) hit Burberry and other luxury goods companies.

Hugo Boss cut its 2015 sales and profit outlook, while price target cuts from brokers on Burberry's shares added further pressure to the British company on Friday, whose shares had already slumped 8.3 percent on Thursday on weak sales growth. (Editing by Toby Chopra)