METALS-Copper slips on caution over supply and demand outlook

* GRAPHIC-2018 asset returns: http://tmsnrt.rs/2jvdmXl

* LME/ShFE arb: http://bit.ly/2wZSAEz (Releads, adds comment, updates with official prices)

LONDON, Feb 7 (Reuters) - Copper eased on Wednesday as concerns that fundamentals do not justify current price levels weighed on prices, though a recovery in stock markets after their recent plunge supported the broader base metals complex.

Copper, chiefly used in construction, has struggled to make much headway this year after rallying to a near four-year high late last year on expectations that global growth would drive demand higher.

"Instead of just focusing on the global growth outlook, which is positive, you should keep an eye on what we call China's old economy - the property market, the infrastructure segment," Julius Baer analyst Carsten Menke said. "That's where we expect a slowdown some time this year."

"China's property sector consumes more copper than the U.S. alone," he said.

The recovery in stock markets on Wednesday should be broadly supportive of metals, Societe Generale analyst Robin Bhar said, though lead is falling as some holders cash in gains after the metal rallied to a 6-1/2 year high late last week.

"Lead was the outlier last week - everything was steady, but lead was gaining a lot," he said. "If you are looking to liquidate ahead of Chinese New Year, you will liquidate where you have made a profit, and that would be... lead."

* LME COPPER: Three-month copper on the London Metal Exchange was down 0.4 percent in official midday trading at $7,050 a tonne. It fell 1.3 percent on Tuesday.

* FINANCIAL MARKETS: World stocks clawed their way back from two-month lows on Wednesday, though momentum was weak and U.S. futures suggested Wall Street could lapse back into losses after rebounding from the biggest sell-off in six years.

* ALUMINIUM: LME aluminium was up 0.4 percent at $2,178.50 a tonne in official trading. It earlier matched the previous session's three-week low of $2,170 a tonne.

* ALUMINIUM SPREAD: The premium for cash aluminium over three-month aluminium <CMAL0-3> rose to $2.75 a tonne, its highest since August, from a discount of $12.50 a tonne at the start of the year. Tightness was seen in the spread between the February and March contracts, traders said.

* LEAD PRICES: LME lead bucked the broader trend across the base metals to fall for a third day. It was untraded in official rings, but was last bid down 1.2 percent at $2,590 a tonne. It hit its highest since July 2011 last week at $2,885.

* LEAD STOCKS: Stocks of lead held in LME-registered warehouses fell another 1,375 tonnes to their lowest since late 2015, exchange data showed.

* OTHER METALS: LME tin was up 0.5 percent at $21,835 in official trading. Zinc and nickel, both untraded in official rings, were last bid up 0.5 percent at $3,476 a tonne and 0.8 percent higher at $13,490 a tonne respectively.

(Additional reporting by Tom Daly in Beijing; editing by Louise Heavens and Jason Neely)