FTSE slips early on weak commodities; BA rises

* FTSE 100 falls 0.3 pct

* Weak metal, oil prices weigh on commodity stocks

* BA soars on lower crude prices

* Housebuilders rise on UK housing plan

By Dominic Lau

LONDON, Sept 2 (Reuters) - Britain's leading share index edged down early on Tuesday as weak metal and crude oil prices weighed on commodity stocks, though banks gained on a UK government plan to bolster the slumping housing market.

By 0733 GMT, the commodity-heavy FTSE 100 was down 15.7 points, or 0.3 percent, at 5,587.1, after falling 0.6 percent on Monday to snap a three-day winning run. The UK benchmark is down 13 percent so far this year.

Energy stocks fell as crude prices CLc1 extended Monday's $4 plunge by more than $1 to below $109 a barrel amid early signs that the weakened Hurricane Gustav had spared major Gulf oil facilities.

BP (BP.L), Royal Dutch Shell (RDSa.L), gas producer BG Group (BG.L), Cairn Energy (CNE.L) and Tullow Oil (TLW.L) were off between 1.1 and 3.9 percent.

Weaker metal prices also weighed on mining stocks, with BHP Billiton (BLT.L), Rio Tinto (RIO.L), Xstrata (XTA.L), Anglo American (AAL.L), Antofagasta (ANTO.L), Vedanta Resources (VED.L) and Eurasian Natural Resources (ENRC.L) down 1.4 to 3.3 percent.

Lonmin (LMI.L) added 0.3 percent after it said it continued to believe that Xstrata's unsolicited, pre-conditional proposed offer undervalued the company's assets and reserves and would continue to oppose it.

Falling oil prices lifted British Airways (BAY.L), which soared 5.1 percent to top the FTSE 100 gainers.

Prime Minister Gordon Brown will unveil plans later on Tuesday to boost the country's slumping housing market as he launches a fightback after nearly a year trailing in the opinion polls.

"It's more of a cosmetic initiative. It's not really going to have a huge amount of effect on the market place. It shows willing socially and I think that's correct," said David Buik, strategist at BGC Partners.

Midcap housebuilders Persimmon (PSN.L), Taylor Wimpey (TW.L), Barratt Developments (BDEV.L), Bovis Homes (BVS.L) and Bellway (BWY.L) rose 3.9 to 8.9 percent. Building materials distributor Wolseley (WOS.L) advanced 3.1 percent.

Banks were also firmer, with Royal Bank of Scotland (RBS.L), Barclays (BARC.L), HSBC (HSBA.L), HBOS HBOS.L and Lloyds TSB (LLOY.L) putting on between 0.1 and 1.6 percent.

Investors will likely keep an eye on the U.S. ISM survey due at 1400 GMT for further clues on the state of the world's largest economy.

Mid-cap Informa (INF.L) put on 0.7 percent after the Times said private equity firms bidding for the publishing and events group were believed to be close to securing financing for the 3 billion pound acquisition.

Pubs group Greene King (GNK.L) said it would meet its expectations for the current financial year, despite tough trading and a lacklustre outlook for the UK economy. The mid-cap firm was up 1.4 percent.

Within the pub sector, Enterprise Inns (ETI.L), Whitbread (WTB.L), Punch Taverns (PUB.L) and Mitchells & Butlers (MAB.L) dipped between 0.7 and 1.7 percent.

(Editing by Erica Billingham)