* Copper falls to lowest since Nov '10 * Lead stocks hit record high of 374,825 * China copper concentrate imports jump in August By Melanie Burton LONDON, Sept 21 (Reuters) - Copper sagged to new low for the year on Wednesday, pressured by uncertainty about the impact of a debt crisis in the euro zone on the global economy and its implications on demand for raw materials. Three-month copper on the London Metal Exchange fell to $8,274 a tonne at 1407 GMT, down from Tuesday's close of $8,309. The metal used in power and construction earlier slipped to a new low since November 2010 at $8,234.75 a tonne. Lingering concerns about sovereign debt in the euro zone curbed appetite for assets perceived as risky, as the market looked to developments in Greece where the cabinet is expected to outline major public sector layoffs, more spending cuts and tax increases to secure a bailout instalment crucial to avoid running out of money next month. Greece is the front line in a euro zone sovereign debt crisis that also engulfed Ireland and Portugal and now threatens Italy, Spain and some of Europe's biggest banks, risking plunging the West back into recession. Analysts said base metals markets are likely to stay in rangebound trade until further clarity was reached on the debt situation in Europe and global growth prospects. "We're cautious about advising our clients to be long base metals due to the potential negative developments (in the economy). It's a good strategy to sit back and be careful on base metals for a little while," said Bjarne Schieldrop, chief analyst at SEB. "It's too early to take on more broad-based long base metal positions. If it turns more sour in the global environment you would move lower on the metals that have the most plentiful supply situation." The outcome of a two-day U.S. Federal Reserve meeting is expected to be in focus later in session. The Fed is expected to announce at 1815 GMT plans to rebalance its portfolio in favour of longer-dated bonds and so push long-term interest rates -- already near historic lows -- even lower in a move known as Operation Twist. Meanwhile, floor traders at the LME said that business was slim due to the uncertain economic outlook. "People are too nervous to play at the moment," said one. "Our customers have all de-risked and now they're sitting on piles of cash -- but they don't know what to do with it." European equities slipped, along with world stocks ahead of the Fed meeting outcome. Adding pressure to base metals was a rise in the dollar against a basket of currencies, which makes commodities priced in the U.S. unit more expensive for holders of other currencies. INDONESIAN STRIKE Falls in copper prices have been limited by strike action in the world's biggest copper mines in recent weeks. Freeport-McMoRan Copper & Gold Inc said the strike at its vast Grasberg mine in Indonesia has hurt production and it is unlikely to meet third-quarter gold and copper sales estimates. The strike, which started Sept. 15, has limited mining, milling and concentrate shipping activities. But about half of the 8,000-member work force, primarily contractors and non-union staff employees, have reported to work, the company said. In a further positive development for copper, China data for metals trade showed a 21 percent jump in copper imports on the month in August, although they were still down by nearly 12 percent from the same month a year ago. China's imports of refined copper reached their highest level since January as improved arbitrage spurred spot buying from the world's top consumer of the metal. "We believe that this may be the beginning of a rebound in Chinese apparent consumption with the August trade data released today showing that growth in apparent consumption rebounded further," Barcap analysts said in a note. The data also showed imports of copper ores and concentrate jumped by 42 percent in August to 675,928 tonnes, the second-highest concentrate import figure on record, noted analyst David Thurtell of Citi. "The Chinese seem to be wanting to make more and more of their own metal rather than import the refined product," he said. "This suggests that the LME/SHFE arb on refined metal could look favourable to importing but not induce as much as might otherwise be expected." The price differential between London Metal Exchange and Shanghai Futures Exchange prices has been mostly favourable for copper imports since the start of August. Also, the world copper market stood in a 130,000-tonne deficit in the first half of this year compared with a deficit of 286,000 tonnes in the first six months of 2010, an industry report showed Tuesday. In other metals, stockpiles of lead in warehouses registered with the LME jumped to a record, data showed on Wednesday, drawn in by a premium for spot material as compared to futures. LME lead stockpiles MPB-STOCKS rose by 29,400 tonnes to 374,825 tonnes on Tuesday, eclipsing highs from October 1995. Battery material lead fell to $2,246 a tonne, from $2,320 and aluminium slipped to $2,298.25 from $2,327. Nickel fell to $20,750 from $21,220, while tin slipped to $22,300 from $22,650. Zinc , used in galvanizing was at $2,070 from $2,082 on Tuesday's close. Metal Prices at 1410 GMT Comex copper in cents/lb, LME prices in $/T and SHFE prices in yuan/T Metal Last Change Pct Move End 2010 Ytd Pct move COMEX Cu 373.50 1.85 +0.50 444.70 -16.01 LME Alum 2296.25 -30.75 -1.32 2470.00 -7.03 LME Cu 8275.25 -33.75 -0.41 9600.00 -13.80 LME Lead 2244.00 -76.00 -3.28 2550.00 -12.00 LME Nickel 20726.00 -494.00 -2.33 24750.00 -16.26 LME Tin 22270.00 -380.00 -1.68 26900.00 -17.21 LME Zinc 2069.25 -12.75 -0.61 2454.00 -15.68 SHFE Alu 17160.00 105.00 +0.62 16840.00 1.90 SHFE Cu* 62940.00 -20.00 -0.03 71850.00 -12.40 SHFE Zin 16455.00 75.00 +0.46 19475.00 -15.51 ** Benchmark month for COMEX copper * 3rd contract month for SHFE AL, CU and ZN SHFE ZN began trading on 26/3/07 (Additional reporting by Harpreet Bhal; Editing by Alison Birrane)

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