* LME/ShFE arb: http://bit.ly/2wZSAEz (Updates throughout, moves dateline from Melbourne)
LONDON, Oct 11 (Reuters) - Copper slipped on Wednesday from a one-month high and most other industrial metals fell as investors looked ahead to the minutes of a U.S. Federal Reserve meeting later in the day and a party congress in top metals consumer China due to begin next week.
"We are seeing some sort of correction after some positive data and moves higher last week," said ING analyst Warren Patterson.
He said prices were likely to consolidate around current levels because demand for most metals was forecast to exceed supply in the fourth quarter and into next year.
"We have to continue to espouse buying the dips," said brokers Marex Spectron in a note.
COPPER: Benchmark copper on the London Metal Exchange was down 0.4 percent at $6,730.50 a tonne at 1004 GMT after earlier touching $6,762, the highest since Sept. 11.
CHINA: Copper and other metals have been driven higher by expectations of solid demand and a crackdown on polluting mines and smelters in China, the world's biggest producer and consumer.
CHINA SUMMIT: Investors were looking for signals of China's economic and environmental policy direction during a five-yearly party congress starting on Oct. 18.
SPECULATORS: Investors increased bets that metals prices will rise, with the net long position in LME copper seeing the first weekly rise since August in the week to Oct. 6 <LME-CA-MNET>. Net longs in zinc, nickel, aluminium and tin also rose.
GLOBAL GROWTH: A broad-based global economic upswing will likely be sustained this year and next, the International Monetary Fund said on Tuesday.
JAPAN FACTORIES: Japan's core machinery orders rose for a second straight month in August, beating market expectations.
FED/DOLLAR: The U.S. Federal Reserve will publish the minutes from its September meeting later on Wednesday. A hawkish tone on interest rate rises could boost the dollar, making metals more expensive for holders of other currencies.
ALUMINIUM PREMIUMS: Japanese aluminium buyers will pay up to 21 percent less in import premiums in the October-December quarter to reflect a slide in spot premiums.
ZINC STOCKS: On-warrant stocks of zinc available to the market in LME-registered warehouses rose by 7,025 tonnes to 132,500, taking the increase this month to 17 percent. <MZNSTX-TOTAL>
SPREAD: But the premium of cash zinc over the three-month contract was near ten-year highs at $70 a tonne, indicating shortages in immediately available supply. <MZN0-3>
PRICES: Zinc was down 1.4 percent at $3,233 a tonne, aluminium was 0.9 percent lower at $2,143, nickel lost 0.8 percent to $10,970, lead was down 1.6 percent at $2,518 and tin was up 0.2 percent at $20,765.
(Additional reporting by Melanie Burton; Editing by Mark Potter)