* Commodities slide turns around, but growth worries linger * Fresh central bank, government pledges lift sentiment * Deutsche cuts oil forecast 35 pct, copper 37 pct on economy By Nick Trevethan SINGAPORE, Oct 20 (Reuters) - Commodity prices pushed higher on Monday, with oil extending gains and base metals and gold up more than 2 percent, but the likely impact of slowing growth on demand kept investors on the edge of their seats. Markets, jarred by last week's volatile trading, found some relief following weekend comments by the head of the European Central Bank who pledged to do whatever it takes to restore confidence to markets, while South Korean and Dutch governments promised measures to shore up their economies and growth. NYMEX crude for November delivery rose $1.36 to $73.21 a barrel by 0724 GMT. The contract settled $2 higher on Friday at $71.85. Prices, which hit a record high of over $147 a barrel in July, touched a 16-month low of $68.57 last week amid fears that a possible U.S. recession would slow demand further. Markets are looking for OPEC to cut output at an emergency meeting on Oct. 24, but worries about weakening oil demand from the United States to China would limit the upside. A fall in China's growth to 9.0 percent in the third quarter from 10.1 percent in the second quarter, and a drop in factory output to a six-year low, suggested demand was slowing. "The OPEC news over the weekend was supportive but I think the market is still cautious given the barrage of bearish developments last week," said Toby Hassall, chief analyst from Commodity Warrants Australia. Deutsche Bank has cut its crude oil price outlook for 2009 by 35 percent and said prices could fall to $50 a barrel. "According to the nine indicators we examined, we estimated fair value for crude oil was around $60. However, given the tendency of markets to overshoot to the upside and downside it would imply crude oil prices trading towards $50 in 2009." The bank slashed its 2009 copper forecast almost 40 percent to an average $4,161, down 16 percent from current prices. London Metal Exchange copper rose $119 to $4,925 a tonne, building on Friday's 3 percent rise. But prices are still down nearly 30 percent in the past three weeks. "We are seeing an upward correction in the market after weeks of volatile price movements following more announcements of further measures to fight the global crisis," said a Shanghai-based LME trader. "But, this is still just a correction, as fundamentals, especially the demand outlook in China, do not support any further price rises," he said. Gold jumped more than 3 percent, recovering after a 9-percent fall last week, spurring gains in platinum which leapt 7.6 percent and palladium , which rose 6.5 percent. Gold rose $25 to $806.50. Gold has lost about 23 percent from its lifetime high of $1,030.80 struck in March. "Gold prices certainly look much lower now, as compared to a week ago. I am not convinced that the selling is over. That's more from a technical view," said Adrian Koh, analyst at Phillip Futures. "From what I noticed in the open interest, it seems like it is steadily moving lower from the peaks around the middle of the year, and with prices heading towards the downside, it simply means that funds and investors are moving money out of the markets." Across the 15 major U.S.-listed commodities, open interest declined 0.2 percent on the week to 5.86 million lots, while the net long position fell 14.2 percent to just over 200,000 lots, and is down by around 80 percent from the start of the year. [ID:nSP163426] Grains rose, led by soy, which rallied almost 4 percent, but wheat lagged other markets as northern hemisphere harvests have given supplies a lift. "There's still some uncertainty with soy and corn as harvests haven't finished while wheat has more knowns," said Michael Pitts, a commodities trader with National Australia Bank. (Editing by Michael Urquhart)

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