UK's FTSE drops away after touching new record high

* FTSE 100 hits new record high before trading lower

* Tullow Oil (LSE: TLW.L - news) slumps, set for FTSE 100 exit

* Intertek up after profits and dividend rise (Adds detail, quote)

By Alistair Smout

LONDON, March 2 (Reuters) - Britain's top equity index briefly touched a new record high on Monday before turning negative as commodity stocks weakened.

The blue-chip FTSE 100 equity index rose as much as 0.3 percent to a record intraday high of 6,974.26 points. The index is up around 6 percent since the start of 2015.

Early gains were propelled by mining stocks after China, the world's biggest consumer of metals, cut interest rates over the weekend.

The miners tracked copper lower following their initial rise, although Glencore (Xetra: A1JAGV - news) remained in positive territory after Credit Suisse (LSE: 0QP5.L - news) raised its rating on the stock to "outperform" from "neutral".

The reversal in the mining sector saw the FTSE 100 turn negative after the new high. It was down 13.20 points, or 0.2 percent, at 6,932.46 by 1207 GMT.

The top faller was Tullow Oil, which extended losses in heavy volumes after updating on a dispute over the maritime border between Ghana and Ivory Coast.

While Tullow Oil said a project in the disputed region remained on schedule, it said Ivorian authorities have applied for measures that could mean Ghana is asked to suspend exploration there.

Tullow was down 7 percent in trading volume of 100 percent of its 90 day average. At current prices, its relegation from the FTSE 100 is set to be confirmed later this week, FTSE said.

"There's news that they're going to be falling out of the FTSE, so there'll be index sellers moving their shares in Tullow," said Zeg Choudhry, managing director of LONTRAD.

Intertek rose 3.6 percent, the best-performing FTSE 100 stock in percentage terms, after the product-testing company posted higher profits and revenues and raised its dividend.

It hit a 3-1/2 month high, marking a recovery of more than 20 percent since its December low.

"Intertek shares are top of the FTSE this morning ... as investors react favourably to full-year results which include a 6.7 percent hike in dividend and what is being taken as a positive outlook," Mike van Dulken, head of research at Accendo Markets, said in a note. (Editing by Catherine Evans)