FTSE retreats after strong gains, miners down

* Blue (OTC BB: BUES - news) -chip FTSE 100 index down 0.5 pct

* Set for first daily loss in 9 sessions

* Miners under pressure after last week's rally

* Rolls-Royce falls on negative media reports (Adds detail, updates prices and adds quote)

By Kit Rees and Atul Prakash

LONDON, Oct (HKSE: 3366-OL.HK - news) 12 (Reuters) - Britain's top share index fell on Monday after posting its biggest weekly gain since 2011 in the previous session.

Rolls-Royce shares fell 4.5 percent, the top decliner in the blue-chip FTSE 100 index, after weekend media reports of a European regulatory probe into whether airlines were being forced to enter anti-competitive contracts.

On the positive side, British Airways owner International Consolidated Airlines Group rose 1.4 percent after Goldman Sachs (NYSE: GS-PB - news) started its coverage on the stock with a "buy" rating.

The benchmark FTSE 100 index was down 0.4 percent at 6,390.70 points by 1035 GMT, set for its first daily loss in 9 sessions, having risen for the previous 8 days in a row.

The index gained 4.7 percent last week, its biggest weekly percentage rise since late 2011, but is still down nearly 3 percent so far this year.

"The FTSE 100 is seeing some profit taking after a strong run last week. The recent gainers are witnessing some pullback, with miners leading the index lower," Jawaid Afsar, senior trader at Securequity, said.

"The market is looking for a strong catalyst to maintain its upward march. Until then we will continue to see choppy moves."

Mining and trading company Glencore (Xetra: A1JAGV - news) fell 3.2 percent. Its shares rose earlier in the session on its plans to sell copper mines in Australia and Chile with a view to reducing a debt burden, but analysts said that the move was unlikely to make a big difference.

"Glencore is selling its wholly-owned Cobar copper mine in Australia and Lomas Bayas copper mine in Chile, in response to receiving a number of unsolicited expressions of interest for these mines from various potential buyers ... It (Other OTC: ITGL - news) looks unlikely to move the needle much in terms of net debt reduction," Numis said in a note.

The UK mining index was down 1 percent after surging 19 percent last week to record its best weekly performance in nearly 7 years.

Standard Chartered (HKSE: 2888.HK - news) shares fell 2.2 percent, with traders saying that a rating cut by Investec (LSE: INVP.L - news) to "hold" from "buy" was weighing on the stock.

"Despite "catch-up" downgrades elsewhere, it appears that we continue to model a far worse outcome for the income statement than existing consensus assumptions," analysts at Investec wrote in a note, adding that they thought revenue and earnings forecasts remained too high. (Reporting by Atul Prakash; Editing by Tom Heneghan)