* FTSE 100 falls 0.8 percent * Weaker commodity prices dent miners, energy stocks * Technical indicators point to further weakness By Simon Falush LONDON, May 12 (Reuters) - A slide in commodity prices pummelled miners and energy stocks on Thursday, which led a broad-based fall for Britain's top share index. A drop of more than 5 percent in oil prices on Wednesday dragged U.S. stocks sharply lower, and Asian and European equities have followed suit as worries about the demand outlook makes investors cautious on equities that are exposed to global growth. Silver miner Fresnillo (FRES.L) was the top faller, off 3.5 percent, hurt by a sharply lower silver price XAG=. Miners .FTNMX1770 were the biggest drag on the index. Energy stocks were also weaker, reflecting the sharp falls in crude overnight. BP (BP.L) fell 1 percent. "We're seeing a big drop in commodity prices today. Copper's taken a big hit, as has silver... money seems to be coming out of commodities, out of equities, and people seem to be quite willing to hold cash and sit on the sidelines for the time being," Manoj Ladwa, senior trader at ETX Capital, said. TRAVEL BOOST But weaker energy prices supported airlines and travel companies. International Consolidated Airlines Group IAG.L added 1.9 percent while Tui Travel added 0.6 percent By 0800 GMT the FTSE 100 was down 43.79 points or 0.7 percent at 5,932.21 after it fell 0.7 percent to close at 5,976.00 on Wednesday. 3I group (III.L) was the standout gainer, jumping 5.8 percent after private the equity firm said asset value rose some 6 percent in the six months to 351 pence. AstraZeneca (AZN.L) was also a strong performer, as UBS lifted its rating on the drug maker to "buy" ahead of a ruling on its heart drug Brilinta by U.S. health regulators. Other defensive stocks such as utilities were also buoyant and analysts said this outperformance would likely last. "In the recent bond market rally defensives have outperformed," Shore Capital said in a note. "We suggest that this is likely to continue in the next few months as we expect economic data to continue to indicate slightly lower rates of growth than enjoyed in the 2010, as a result of higher oil prices and monetary tightening especially in the US." Technical indicators also painted a fairly bleak picture. The index fell below a 23.6 percent Fibonacci retracement of its November low to the April high and below its 50-day moving average. Recent price action suggests support levels will be tested, analysts said. "Even though the move through last week's low at 5871.57 failed to trigger an acceleration to the downside, it did weaken support, suggesting that traders will eventually pressure the market through this price level," said Enis Mehmet, analyst at Autochartist. "Based on the short-term range of 5509.00 to 6103.73, expectations are for the market to eventually test the retracement zone of this range at 5806.36 to 5736.19." (Additional reporting by Tricia Wright. Editing by Jane Merriman)

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