* Markets mostly higher, but off recent highs * US, China, India data supports, but profit taking tempts By Nick Trevethan SINGAPORE, May 5 (Reuters) - Commodity markets were mostly firmer on Tuesday, supported by positive data from China and the United States, but off their highs as worries that recent gains are unsustainable persisted. A series of positive economic indicators from the U.S. and India, together with a bullish survey of Chinese manufacturing, helped keep oil near its highest for this year and lifted industrial metals to two-week peaks. The Reuters-Jefferies CRB index, a global commodities benchmark, settled at a near four-month high on Monday amid greater investor appetite for risk. Hints that the U.S. economy may have bottomed out came on Monday as U.S. construction spending rose 0.3 percent in March in the first increase since September, while pending U.S. existing home sales rose unexpectedly in March. China and India, Asia's two giant economies, also showed signs of recovery, with a Chinese manufacturing index rising to a nine-month high of 50.1 in April from 44.8 in March and the first expansion in Indian factory activity in five months. "The economic data looks less bad, but hardly numbers to get too excited about," senior commodities analyst at ANZ, Mark Pervan, said. "The market mood will be tested later in the week, with key U.S. employment data on Thursday, which has surprised on the negative side for the past eight months in a row." U.S. light crude for June delivery fell 38 cents to $54.09 a barrel at 0540 GMT, after earlier coming within 10 cents of its highest for the year hit on March 26. "It is optimism that we have "hit bottom" and the resulting financial flows into the commodity sector that continue to buoy the market," said Jonathan Kornafel, Asia director of U.S.-based Hudson Capital Energy in his daily note. "However, look for profit-taking on the recent run-up as June WTI is now trading around resistance at $54.50 as well as the top of the long-term $44-55 range," he added. Copper for delivery in three months on the London Metal Exchange rose $73 to $4,673, after earlier touching $4,750, its strongest since mid-April, as the temptation to take profits from copper's 50 percent rally this year warred with the chance of further price rises. "Base metals look toppy, but the tailwind of falling LME supply, for copper at least, looks likely to continue for the time being," ANZ's Pervan said. Spot gold rose $1.35 to $903.70 an ounce from New York's notional close. Bullion jumped almost 2 percent on Monday in a rally also driven by demand from jewellers in main consumer India and pent-up buying ahead of closely watched results of stress tests on U.S. banks. "I would say that the very much weaker dollar has supported gold a bit. But I don't think we are out of the woods yet," said Adrian Koh, analyst at Phillip Futures in Singapore. "I think today or the next will be key for gold as we are hovering near key downtrend resistance around $910-$915." The dollar dropped against major currencies on Tuesday, with its index languishing at five-week lows, after hopes the worst in the global economy may have passed spurred a rally in stocks. Chicago Board of Trade soybeans for May delivery rose nearly 1 percent to $11.25-¼ per bushel by 0400 GMT, after rising to as high of $11.33-¼ on Monday. Analysts said the soybean market, which has risen for five straight sessions and hit a seven-month high on Monday, is being boosted by shrinking global supplies and steady Chinese demand. Corn and wheat also strengthened, tracking soy and on concerns over weather delaying planting. CBOT corn for May delivery rose 0.5 percent to $4 a bushel and May wheat gained 0.3 percent to $5.40 a bushel. (Editing by Michael Urquhart)

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