MELBOURNE/BEIJING, Dec 18 (Reuters) - Copper prices fell on Tuesday as concerns that global trade ructions would cool economic growth were compounded by signs of rising supply, but low inventory levels limited losses. Growth concerns have been weighing on the industrial metals sector, including copper, ANZ analysts wrote in a note, adding that prices had been knocked by news that Vedanta Ltd was closer to being allowed to restart its 400,000 tonnes per year copper smelter in India. "The market is focused on an upcoming economic policy meeting in China, with expectations of further stimulus to domestic growth," the bank added, referring to the Central Economic Work Conference taking place in Beijing. China's refined copper output rose by 7.6 percent year-on- year to 768,000 tonnes in November, its highest level since June, according to the National Bureau of Statistics. FUNDAMENTALS * LME COPPER: Three-month copper on the London Metal Exchange slipped by 0.1 percent to $6,114.50 a tonne as of 0350 GMT. The most-traded February contract on the Shanghai Futures Exchange fell 0.4 percent to 48,930 yuan ($7,100.36) a tonne by the end of the morning session. * CHINA ECONOMY: China should lower next year's growth target to 6.0-6.5 percent as headwinds, including a trade dispute with the United States, increases risks for the economy, according to government advisers' recommendations to top leaders who will meet to map out the 2019 economic agenda. * TRADE: The United States has welcomed Chinese concessions since the two declared a trade war truce in early December, but trade experts and people familiar with negotiations say Beijing needs to do far more to meet U.S. demands for long-term change in how China does business. * COPPER STOCKS: Offering price support to copper, stocks MCUSTX-TOTAL on the LME are sitting at 121,800 tonnes, having last week dipped below 120,000 to the least in more than a decade, even as stricter regulation and costs have encouraged some owners of metal to hold their stocks off exchange. * LEAD PRODUCTION: China's lead output in November rose by 18.3 pct year on year to 484,000 tonnes, the highest monthly total in records going back to 1995. * NICKEL: The global nickel market deficit widened to 19,600 tonnes in October from the previous month's revised deficit of 9,000 tonnes, the International Nickel Study Group (INSG) said.