* FTSE falls a day after touching highest level for 2009
* Commodity stocks under pressure as metals, crude retreat
* Standard Chartered falls on $1.7 bln fundraising plan
By Tricia Wright
LONDON, Aug 4 (Reuters) - Britain's top share index dropped in midday trade on Tuesday, after hitting a high for 2009 the previous session, dragged lower by falling commodity stocks, and with Standard Chartered weaker after announcing a fundraising.
By 1056 GMT, the FTSE 100 was 40.93 points, or 0.9 percent lower, at 4,641.53, after ending at 4,682.46 on Monday, its highest closing level since the collapse of Lehman Brothers in early October 2008.
The index also rose to an intraday high for 2009 of 4,710.23 on Monday, and has gained over 34 percent since hitting a six-year trough in March.
"I think this is just daily volatility rather than anything more fundamental than that," said Darren Winder, head of macro and strategy research at Cazenove.
"Strategically I'd still be very positive about the outlook for the market, because I do think that the profits picture is improving and the recovery signs will continue to come through, through the second half of the year," he added.
Mining stocks were the biggest drag on the blue-chip index, as metals prices fell back after Monday's rally.
Rio Tinto, BHP Billiton, Antofagasta and Kazakhmys shed between 1.7 and 3.6 percent.
Xstrata dropped 2.8 percent as the Anglo-Swiss miner warned hopes of a quick recovery may be premature after first-half profit dropped sharply, and as it rebuffed calls by shareholders of proposed merger partner Anglo American to pay a premium.
Anglo American shares were 3.2 percent weaker.
It was a similar story with energy stocks, under pressure as crude prices fell to below $71 per barrel, paring three days of gains, as expectations of a rise in U.S. crude inventories offset optimism from positive U.S. and Chinese manufacturing data.
Oil majors BG Group, BP and Royal Dutch Shell dropped 0.6-1.3 percent.
Explorer Tullow Oil, however, put on 1 percent after striking oil in Uganda's Ngara-1 well.
BANKS MIXED, INSURERS DOWN
It was a mixed picture among banking stocks. Standard Chartered fell 4.6 percent after the lender announced a surprise 1 billion pounds equity fundraising, though it posted a better-than-expected 10 percent increase in its first-half profit.
HSBC fell 1.6 percent as investors booked profits after strong gains following results on Monday, but Barclays rose 2.2 percent to 329.2 pence as Deutsche Bank upped its target to 400 pence from 369 following its results on Monday.
Ahead of numbers later in the week, Royal Bank of Scotland added 0.9 percent, while Lloyds Banking Group fell 2 percent.
Insurers were lower. Legal & General was the heaviest blue-chip faller, down 6.7 percent, after it halved its interim dividend to conserve cash while it posted a 12 percent rise in first-half profits.
Selected defensives were supported as risk appetite ebbed and flowed. British American Tobacco rose 1.4 percent while Imperial Tobacco added 1.8 percent.
On the economic front, a survey showed on Tuesday that the rate of decline in Britain's construction sector eased to its slowest in 16 months in July, as new orders fell at their slowest rate in 17 months.
Eyes now will be on this week's two-day Bank of England Monetary Policy meeting, which is due to start on Wednesday.
Investors will also watch June U.S. personal income and consumption data, a preferred inflationary measure for the Federal Reserve, to be released at 1230 GMT, as well as June U.S. pending home sales, due at 1400 GMT. (Editing by Hans Peters)