Japan's surprise move not to widen stimulus rocks markets
* Oil down as much as 1 pct, copper hits early May lows
* Nickel falls to July 2009 level, gold near 3-week low
* Corn, soy rise on speculative buying before US crop report

NEW YORK, June 11 (Reuters) -

 Oil fell as much as 1 percent and copper hit a one-month low as commodities fell for a second straight day on Tuesday on fears other central banks will reduce their monetary easing after the Bank of Japan's surprise move not to enlarge its stimulus plan. Gold slid too, touching a near three-week low, after the Bank of Japan (BOJ) decided not to add to a $1.4 trillion stimulus program announced in April. The BOJ action sparked a reversal of bets on stocks, emerging-market debt and other assets bolstered by accommodative monetary policies. Investors have become more nervous in recent weeks about when the U.S. Federal Reserve may slow its own stimulus. "The Bank of Japan put a little damper on the idea that stimulus measures are going to continue to drive us," said Gene McGillian, an analyst with Tradition Energy in Stamford, Connecticut. Bearish supply and demand factors also drove some commodities lower, with dry weather enhancing the output potential in raw sugar, which already faced bloated inventories.

Corn and soybeans were among the few agricultural commodities that rose, lifted by tight supply concerns and positioning ahead of a U.S. government crop report due on Wednesday. The gains in corn and soy, as well as silver and cotton , helped limit the downside on the 19-commodity Thomson Reuters-Jefferies CRB index. One of the world's most closely watched financial indexes and a bellwether for commodities, the CRB shed half a percent, extending Monday's 0.4 percent loss. Oil's benchmark Brent crude out of Europe's North Sea closed down nearly 1 percent at $102.96 per barrel. New York-traded U.S. crude settled down 0.4 percent at $95.38 a barrel. Crude prices also fell after the U.S. government nearly doubled the estimate of its shale oil supplies.

The Energy Information Administration revised its estimate on U.S. shale oil reserves to 58 billion barrels, up from 32 billion in 2011, as new drilling techniques unlocked deposits. In copper, the benchmark three-month contract in London ended at $7,065, down from Monday's close of $7,230. It earlier touched an early May low of $7,032 a tonne. Other metals also fell sharply, with three-month nickel dropping to $14,475 a tonne, its lowest level since July 2009. Aside from the BOJ move, copper was weighed down by concerns over the demand outlook for metals from top consumer China. Data at the weekend from China, which accounts for 40 percent of global copper consumption, showed unexpected weakness in May trade and struggling domestic activity.

Prices at 4:52 p.m. EDT (2052 GMT)
LAST/ NET PCT YTD CLOSE CHG CHG CHG US crude 94.92 -0.85 -0.9% 3.4% Brent crude 102.52 -1.43 -1.4% -7.7% Natural gas 3.724 -0.076 -2.0% 11.1% US gold 1377.00 -9.00 -0.6% -17.8% Gold 1377.41 -8.99 -0.6% -17.7% US Copper 3.20 -0.05 -1.4% -12.5% LME Copper 7065.00 -97.00 -1.4% -10.9% Dollar 81.090 -0.556 -0.7% 5.6% CRB 285.006 -1.492 -0.5% -3.4% US corn 659.50 9.50 1.5% -5.5% US soybeans 1540.50 28.75 1.9% 8.6% US wheat 696.75 7.00 1.0% -10.4% US Coffee 127.70 -1.05 -0.8% -11.2% US Cocoa 2355.00 -5.00 -0.2% 5.3% US Sugar 16.29 -0.09 -0.5% -16.5% US silver 21.646 21.427 1.5% -28.4% US platinum 1479.90 -27.00 0.0% -3.8% US palladium 750.75 -16.90 -2.2% 6.7%