May 13 (Bloomberg) -- The U.K.'s FTSE 100 Index fell for the fourth day in five. Mining companies such as BHP Billiton and energy stocks such as BP Plc slid after metals prices dropped and crude-oil futures traded near a three-month low.

``Further upside is very limited'' in shares of commodities producers, said Bob Parker, deputy chairman of Credit Suisse Asset Management in London, which manages $335 billion.

Old Mutual Plc had its steepest decline in more than a year after the Financial Times said the insurer is talks to buy Skandia AB. Corus Group Plc retreated as rival ThyssenKrupp AG's quarterly profit missed analysts' estimates.

The FTSE 100 lost 20.70, or 0.4 percent, to 4872.70 as of 8:10 a.m. in London. The FTSE All-Share Index also fell 0.4 percent to 2472.

Shanghai copper futures had their biggest decline in a month, as supplies increase in China, the largest consumer, and world commodity prices slump.

BHP, the world's biggest miner, fell 11.5 pence, or 1.8 percent, to 632.5 pence. Rio Tinto Group, the No. 3, slid 16 pence, or 1 percent, to 1,592 pence. Antofagasta Plc, the owner of three Chilean copper mines, lost 17 pence, or 1.6 percent, to 1,068 pence.

Copper for July delivery on the Shanghai Futures Exchange dropped as much as 4 percent, or 1,290 yuan, to 30,910 yuan ($3,735) a metric ton, the biggest decline since April 14 and maximum daily amount allowed by the exchange. The metal is used for wires and cables in homes, autos and appliances.

Crude Oil

Crude oil traded close to a three-month low after the U.S. reported growing stockpiles of crude and the dollar surged against the euro and yen, making the fuel more expensive for European and Japanese buyers.

Crude oil for June delivery slipped as much as 25 cents, or 0.5 percent, to $48.29 a barrel on the New York Mercantile Exchange, the lowest since Feb. 18. It last traded at $48.68.

BP, Europe's biggest oil company, dropped 4.5 pence, or 0.8 percent, to 530.5 pence. Shell Transport & Trading Co., which owns 40 percent of the Royal Dutch/Shell group of companies, lost 6 pence, or 1.3 percent, to 462.5 pence.

Old Mutual, which sells one in three South African life insurance policies, dropped as much as 3.7 percent to 124.5 pence, the biggest drop since March last year after the FT reported it was looking to buy Skandia.

Shares of Skandia, the Nordic region's biggest insurer, were suspended from trading in Stockholm.

Corus Shares

Corus, the U.K.'s biggest steelmaker, slipped 1.25 pence, or 2.9 percent, to 41.25 pence. ThyssenKrupp, Europe's fourth-largest steelmaker, said net income in the three months through March rose to 1.045 billion euros ($1.32 billion), from 345 million euros in the same period a year earlier. That was less than analysts had expected.

British Airways Plc, Europe's third-largest airline, rose 4.5 pence, or 1.7 percent, to 258.25 pence. The company posted an unexpected fourth-quarter profit as Chief Executive Rod Eddington's cost cuts outweighed soaring fuel prices and declining fares.

Net income was 9 million pounds ($16.8 million), or 0.9 pence a share, for the three months through March, said Eddington on a conference call today. The London-based airline was expected to report a loss of 1 million pounds, according to the median estimate of analysts surveyed by Bloomberg News.

To contact the reporter on this story: Sophie Hares in London at shares@bloomberg.net.

Last Updated: May 13, 2005 04:25 EDT