* London copper gives up last week's gains * Weak fundamentals weigh on Shanghai copper * End to QEIII feared as U.S. jobs data improves (Updates prices; adds quotes, details) By Carrie Ho SHANGHAI, Oct 8 (Reuters) - London copper fell more than 1 percent on Monday, giving up last week's gains as worries about the world economy resurfaced, while investors awaited trade data from top consumer China later this week for clues on demand. Fears over the outlook for the global economy, struggling with a worrisome debt crisis in Spain and Greece and a fragile economic recovery in the United States, are blunting optimism over the measures major central banks rolled out last month to support fragile economies. The euro zone's largest economy, Germany, posted a drop in industrial orders in August, while a firm dollar after a surprise fall in the U.S. jobless rate also curbed metal prices. A stronger dollar makes commodities priced in the greenback more expensive for holders of other currencies. China is expected to announce export-import data for September on Saturday. Three-month copper on the London Metal Exchange fell 1.3 percent to $8,185.75 per tonne by 0700 GMT, weighed down by the dollar, which hovered near a two-week high. London copper is also pressured by high LME inventories, which have risen over 10,000 tonnes since early August, Friday's data showed, hinting at slower global demand for the metal. "There are further signs of copper flowing into New Orleans, which together with St. Louis, are the closest LME warehouses to South America. The inflow of copper there may reflect a shifting of inventories from South America to the LME," said Chinese state-backed commodities research firm Minmetals Futures in a client note. The data also showed copper on warrant in New Orleans and St. Louis making up over 40 percent of the LME's total copper stocks on warrant. MCUSTX-TOTAL CHINA FUNDAMENTALS EYED The most active January copper contract on the Shanghai Futures Exchange lost 1.4 percent to 58,930 yuan ($9,400) per tonne, as Chinese traders returned to the market from a week-long national holiday to find few signs of downstream demand improving. Risk appetite in metals was also partly dented by weaker equities in domestic markets, which reflected investor caution over the global outlook and upcoming corporate earnings reports. "Stock markets are weighing on base metals today," said Orient Futures Derivatives Director Andy Du. "Investors are also dismayed by sluggish downstream demand in China. In copper, spot prices are still trading at a large discount to prompt-month futures. If this continues, there may be more downside room to copper futures." Chinese prices of spot copper were trading at a discount of 150 yuan per tonne to the ShFE front-month October contract by the session close, pointing to still weak consumer demand. Spot aluminium, zinc and lead were also trading lower than their Shanghai front-month futures. Underlining the uncertain outlook for the global economy, the World Bank cut its growth forecasts for the East Asia and Pacific region on Monday and said there was a risk the slowdown in China could get worse and last longer than expected. China, which accounted for 40 percent of demand for refined copper last year and is a key commodities consumer, will release at the end of next week growth data for the third quarter, which analysts expect to be the weakest three months of the year. Base metals prices at 0700 GMT Metal Last Change Pct Move YTD pct chg LME Cu 8185.75 -109.25 -1.32 7.71 SHFE CU FUT JAN3 58930 -840 -1.41 5.93 LME Alum 2089.00 -21.00 -1.00 3.42 SHFE AL FUT JAN3 15705 -100 -0.63 -0.85 HG COPPER DEC2 373.25 -4.55 -1.20 8.63 LME Zinc 2048.00 -27.00 -1.30 11.00 SHFE ZN FUT JAN3 15520 -260 -1.65 4.90 LME Nickel 18139.00 -161.00 -0.88 -3.05 LME Lead 2260.00 -28.00 -1.22 11.06 SHFE PB FUT 16040 -180 -1.11 4.91 LME Tin 22250.00 -150.00 -0.67 15.89 LME/Shanghai arb 1268 Shanghai and COMEX contracts show most active months ^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE third month ($1 = 6.2849 Chinese yuan)

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