By Li Xiaowei Oct. 20 (Bloomberg) -- Copper was little changed in London, after rising from a 33-month low last week, as industrial output from China rose less than expected amid slowing global growth. September factory production in China, the world's largest user of industrial metals, rose 11.4 percent from a year earlier, after a 12.8 percent advance in August. Economists had expected growth of 13.4 percent. Housing starts in the U.S., the largest copper consumer after China, also dropped last month more than economists forecast. ``Copper hasn't yet factored in all the impact of the credit crisis on the real economy,'' Chen Yonglin, an analyst at Citic Futures Co., said from Shanghai. ``Any rebound at this moment is set to be short-lived.'' Copper for three-month delivery was at $4,850 a metric ton on the London Metal Exchange, up 0.8 percent, at 11:15 a.m. in Shanghai, after falling as much as 0.2 percent earlier. Futures fell to as low as $4,545 last week, the lowest intra-day level since January 2006. Copper for January delivery rose 1.8 percent to 38,370 yuan ($5,618) a ton in Shanghai. It dropped to 37,610 yuan, on Oct. 17, the lowest for the front-month contract since 2005. China's economic expansion cooled in the third quarter, underscoring concern that the global financial crisis may be threatening threatens the biggest contributor to global growth. Gross domestic product expanded 9 percent from a year ago, the slowest pace in five years, and down from 10.1 percent growth the previous thee months. ``Chinese demand isn't going to stay intact against the global backdrop,'' Citic's Chen said. Among other LME-traded metals, aluminum gained 0.7 percent to $2,200 a ton, zinc rose 4 percent to $1,279, lead rose 0.7 percent to $1,450, and nickel was down 0.5 percent to $10,750. To contact the reporter for this story: Li Xiaowei in Shanghai at Xli12@bloomberg.net

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