* China aluminium smelters losing $145/T -Commerzbank
* China zinc production 'very weak' -Deutsche Bank
* Stocks slump on IMF growth forecasts, China data (Adds closing prices, detail)By Maytaal AngelLONDON, Jan 22 (Reuters) - Aluminium prices hit theirhighest in nearly a month on Tuesday as investors brushed offweaker economic growth in China to focus on signs of fallingproduction.Trading volumes were thin ahead of the Lunar New Yearholiday, when China, the world's largest producer of aluminium,will shut for a week."We're heading into softer seasonal flows (but) nearly 3million tonnes of (Chinese aluminium) smelting capacity hasclosed and inventories are drawing on a counter-seasonal basis,"Deutsche Bank metals strategist Nick Snowdon said.But the wider outlook for metals is one of price stagnation,he said, because of a standoff between poor macroeconomic dataand upside policy risk such as further stimulus in China.China's economy cooled in the fourth quarter, hit byfaltering domestic demand and bruising U.S. tariffs, draggingannual growth to its lowest level in nearly three decades in2018 and pressuring Beijing for more stimulus.
* ALUMINIUM: Three-month aluminium on the London MetalExchange closed up 1.7 percent at $1,883 a tonne, havinghit its strongest since late December.
* CHINA ALUMINIUM: "The question is how long China canmaintain (its) recent record-high production rate, given Chinesesmelters are currently chalking up average losses equating to$145 per tonne," Commerzbank said in a note, citing data fromShanghai Metals Market.
* COPPER: Bellwether copper ended down 0.8 percentat $5,935 as global equities slumped after the InternationalMonetary Fund on Monday warned of a darkening growth outlook.
* CHILE COPPER: The union of supervisors at Chilean stateminer Codelco's Gabriela Mistral mine has rejected the company'sfinal offer for a new collective labour agreement, raising thespectre of a strike in the coming days.
* U.S.-CHINA: The United States will proceed with the formalextradition from Canada of Huawei executive Meng Wanzhou in amove certain to ratchet up tensions with China.
* BHP: Global miner BHP Groupraised its2019 copper production forecast to between 1.6 million and 1.7million tonnes.
* NICKEL DEFICIT: The global nickel market deficit narrowedto 4,900 tonnes last November from the previous month's deficitof 10,600 tonnes.
* OTHER METALS: Lead ended up 0.5 percent at $2,021a tonne, tin ended down 1.1 percent at $20,425, nickel closed down 1.9 percent at $11,580 while zinc ended down 0.5 percent at $2,576, having hit its highest sincemid-December.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^Top base and precious metals analysis - GFMS ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Additional reporting by Tom Daly; Editing by Dale Hudson/DavidGoodman/Alexander Smith)