By Karen Foster
LONDON, Nov 6 (Reuters) - Commodity markets mostly fell on Thursday, extending losses on worries about weak U.S. economic data and as the dollar gained after rate cuts in Europe.
The European Central Bank cut rates by half a percentage point, the Bank of England cut by 150 basis points and the Swiss by half a percentage point.
Gold bucked the trend, jumping to a session high of $758.40 an ounce after the rate cuts. Gold was up $13.55 at $753.30, from $739.45 an ounce late in New York on Wednesday.
Weak jobless claims data in the United States that bodes ill for Friday's non-farm payrolls report, steep house price declines and a manufacturing retreat in Britain all underscored the global economic gloom.
U.S. light sweet crude for December delivery fell $1.98, or 3.06 percent, to $63.30 a barrel by 1411 GMT, extending a 7 percent drop in the previous session, as heightened fears of a demand-crushing global recession weighed on sentiment.
"Stock markets are taking a bit of a belting and oil's being dragged down by a broader equity and commodity sell-off," MF Global analyst Robert Laughlin said.
European share prices fell, tracking a sharp decline in U.S. and Asian stocks. The FTSEurofirst 300 <.FTEU3> index of leading European shares was down 3.42 percent at 920.68 by 1412 GMT.
"Despite the rate cuts many participants may remain sidelined until tomorrow's U.S. non-farm payroll data is released," said Standard Bank analyst Walter de Wet.
Copper prices tumbled more than 5 percent on Thursday, as persistent demand worries and rising stocks dragged down metal prices, traders said.
London three-month copper had fallen to $3,940 a tonne from $4,070 at the close on Wednesday, as persistent demand worries and rising stocks dragged down prices.
"The demand situation is going to remain extremely soft for the next few months," said analyst Adam Rowley at Macquarie Bank.
Chicago Board of Trade corn for December delivery fell 1.35 percent, or 5-1/4 cents, to $3.85 per bushel at 1152 GMT and December wheat slipped 0.76 percent, or 4-1/4 cents, to $5.33-1/4 per bushel. Bucking the trend, November soybeans rose 0.42 percent, or 3-1/4 cents, to $8.98-1/49 per bushel.
London January robustas were down $32, or 1.8 percent, to $1,768 per tonne in modest turnover of 1,972 lots at 1255 GMT. (Additional reporting by Lewa Pardomuan, Naveen Thukral and Nick Trevethan in Singapore; Jan Harvey, Anna Stablum and Dave Sheppard in London; Editing by Michael Urquhart)
