By Peter Blackburn LONDON, Dec 9 (Reuters) - Oil steadied on Tuesday as the market looked forward to output cuts at next week's OPEC meeting and gold pared early losses, but copper led industrial metals down on concern about the global economic downturn. Oil was littled changed just below $44 after crude broke six straight sessions of losses on Monday, jumping 7 percent with a rally in equity markets and after signs key supplier Saudi Arabia would cut supplies to customers. [O/R U.S. crude was up 14 cents at $43.85 a barrel at 1309 GMT. On Monday, prices had gained $2.90 as they recovered from last week's 25 percent drop, which marked the biggest weekly fall in 18 years. The Organization of the Petroleum Exporting Countries (OPEC) meets on Dec. 17 in Algeria and is widely expected to reduce overall production by 1-1.5 million barrels per day (bpd) as it steps up efforts to halt the steep slide in prices. "Oil is on a countdown to OPEC now and everyone is expecting them to come up with something big -- probably a cut of 1-1.5 million bpd," said Rob Laughlin, senior oil analyst at brokers MF Global in London. Oil has fallen more than $100 a barrel from a record peak above $147 in July, as the credit crisis hurts the wider economy and shrinks demand for fuel. Although gold pared early losses in Europe, tracking moves in the equity markets, a firmer dollar versus the euro limited gains in the precious metal. Spot gold was quoted at $767.10/768.30 an ounce at 1323 GMT, up from $771.30 late in New York on Monday. Earlier it touched a session low of $766.30. "Gold is getting caught up in equity-related news and economic news," said Simon Weeks, director of precious metals at the Bank of Nova Scotia. The dollar rose versus the euro as risk appetite ebbed. Investors are cautious over the outlook for the equity markets and fear weakness in the global economy could be sustained. Copper dropped more than 6 percent on Tuesday after the previous session's rally and lead shed 5.4 percent as concerns about sluggish global demand for industrial metals. Japan sank further into recession in the third quarter and Europe produced horrific economic indicators that showed a global downturn was deepening. A newspaper said Japan was considering $216 billion in new stimulus spending, around 3.6 percent of gross domestic product (GDP), to boost its economy. EU countries have announced economic measures totalling 200 billion euros ($260 billion), but data suggested more action might be needed. "We are seeing a bit of profit-taking," said analyst Robin Bhar at Calyon, an investment banking arm of French bank Credit Agricole. "Prices may well be trying to bottom out but I think there will be scope for more losses." Three-month copper on the London Metal Exchange fell 6.4 percent to a low of $3,102 a tonne in early trade compared with $3,315 at the close on Monday, when it rose as much as 10.8 percent. By 1323 GMT it was trading at 3,185 per tonne. In agricultural markets, U.S. corn and soybean futures dipped in profit-taking in anticipation of a report by the U.S. Department of Agriculture later this week, which is seen raising year-end stocks estimates, traders said. Chicago Board of Trade corn for December delivery lost 1.03 percent to $3.11 per bushel by 1200 GMT while soybeans for January delivery eased 0.79 percent to $8.14 per bushel. (Additional reporting by Christopher Johnson, Anna Stablum and Jan Harvey in London, Nick Trevethan in Singapore, Valerie Parent in Paris, and Bruce Hextall in Sydney; editing by Karen Foster)

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